Commercial Applications to Dominate Global Flooring Market
The Flooring Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
Flooring plays an important role in defining the aesthetics of a landscape. Appropriate flooring helps in improving the aesthetic appeal of a property along with improving functionality. Rapid expansion of real estate across the emerging and prominent countries across the globe has contributed towards increased investment in development of advanced, affordable, and appealing flooring solutions. The demand for flooring has increased significantly during past decade with rapid urbanization and industrialization across the globe. Increasing disposable spending and availability of wide range of flooring solutions at affordable prices has increased the demand for flooring solutions Rise in home renovation, upgradation and expansion activities has played a vital role in the proliferation of flooring solutions. Expansion of industrial facilities across the globe has resulted in increased demand for robust, safe, and durable floorings to withstand the hazardous industrial environment. Increasing number of flooring manufacturers has intensified the competition in the market, which is anticipated to offer cost and quality benefits to the consumers due to high bargaining power. However, the flooring market is anticipated to witness slack in demand due to COVID-19 across the leading production and consumption bases of flooring solutions. Impediments in the construction industry amidst the COVID-19 is anticipated to impact the growth of flooring market during forecast period.
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Ceramics flooring solutions to dominate volume consumption throughout the forecast period
The global flooring market is segmented based on product type, sales channel, end use, and geography. Based on product type, the global flooring market is segmented into resilient flooring, non-resilient flooring, soft coverings, seamless flooring, and others. The resilient flooring is sub-segmented into vinyl flooring, and others. The non-resilient flooring is sub-segmented into ceramic tiles, wood, laminate, stone, and others. The non-resilient flooring segment contributed a dominating share to the global flooring market in 2019 in terms of revenue and is anticipated to be a dominating segment throughout the forecast period owing to strong demand from commercial and residential applications. Non-resilient floorings are durable, water resistant, high reliability and requires low maintenance, thus finds applications across commercial complexes, corporate and government offices, and residential buildings as well. The ceramic tiles contributed the largest volume share to the global flooring market in 2019 owing to strong demand from residential buildings fueled by high durability, water resistivity, eco-friendly nature, and affordability.
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Based on end use, the global flooring market is segmented into residential, commercial, and industrial. The commercial applications of flooring contributed a prominent share to the global flooring market in terms of revenue and volume in 2019 owing to increased demand from expanding commercial infrastructures across the globe. Residential applications contributed a dominating share to the global flooring market and is anticipated to grow significantly during forecast period owing to increasing number of residential buildings across emerging countries.
Based on geography, the global flooring market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific contributed the largest share to the global flooring market in 2019 and is expected to be the fastest growing region during the forecast period owing to strong demand from residential construction. Expansion of industrial and construction infrastructure across the emerging counties in Asia Pacific is anticipated to drive the growth of Asia Pacific flooring market during forecast period. North America is anticipated to grow at a steady CAGR during the forecast period.