The Global Flooring Market is estimated to reach USD 343.6 Billion by 2024 at a CAGR of 5.2%
Flooring represents an important part of any infrastructure. It can be termed as the covering over the floor, which provides cleaner, smoother, and durable surface. Flooring not only impart protection to the surface through covering, but can also give better aesthetic appeal of the room or the area of use. Various types of flooring can be done over a surface depending upon the purposes such as wood flooring, vinyl flooring, stone and marble flooring, tile flooring, asphalt flooring, and mud flooring Due to various advantages and wide range of flooring available, it is extensively used in residential, commercial and industrial sector.
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Flooring Market: Drivers & Restraints
Ongoing Construction Activities Across Residential and Non Residential Sector
The flooring market is mainly driven in past few years owing to the rising count of the construction projects for development and boosting the infrastructural growth across both developing and developed economies. As per the report published by Oxford Economics, the global construction volume is likely to grow by 85% at the end of the year 2030. Globally, with the rising need for better and more sustainable infrastructure, there exist the higher requirement for the new construction, which gives further opportunities for new construction projects. Also, the continuous renovation and refurbishment activities by the potential customers is also expected to increase the demand for flooring during forecast period.
Growing Global Population, Rise in Per Capita Income Along with Betterment in Living Standard
With the growing global population at the alarming rate, the demand for construction is on peak. The growing population worldwide in combination with the rise in disposable income of the potential customer is fueling the demand for flooring uphill. To drag this further, the increase in the standard of living owing to high per capita income, has created higher demand for different types of flooring. Also, increasing migration of the population from the rural and sub-urban areas to the urban regions has also created higher demand for more residential apartments in the urban areas, which is expected to push the demand for flooring.
High Raw Material Prices
The growth of the global flooring market is mainly hampered by the high prices of the raw materials. With the volatile raw material cost, higher pressure is exhibited in the tariffs and margins for flooring materials and ultimately impacts the market demand. Also, the hike in the polymer cost along with the oil prices affects the manufacturers along with the suppliers, leading to the cost increase on the year on year basis.
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Flooring Market: Key Segments
This market research report offers a comprehensive analysis of key market trends in the global flooring market. It includes detailed discussion on historical market trends, current market dynamics, consumer landscape, growth opportunities and challenges backed by tactful feedbacks.
· On the basis of type, the market is segmented into: Tiles Flooring, Wood and Laminate Flooring, Mosaic Flooring, Stone Flooring, Carpet Flooring, and Others
· By application, the market is segmented into: Residential, Commercial, Industrial, and Others
· On the basis of geography, the market is segmented into: North America, Europe, Asia-Pacific, Middle East & Africa, and South America with individual country-level analysis.
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Flooring Market: Report Segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Flooring Market, by Type
· Tiles Flooring
· Wood and Laminate Flooring
· Mosaic Flooring
· Stone Flooring
· Carpet Flooring
Flooring Market, by Application
Flooring Market, by Region
· South Korea
· Rest of Asia-Pacific
· The Netherlands
· Rest of Europe
Middle East and Africa
· Saudi Arabia
· Rest of Middle East & Africa
· Rest of South America
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