The global flooring market is highly dynamic and versatile. Equipped with a wide-ranging portfolio of products, this market is among the most important building material markets. The substantial rise in the construction industry and the increasing trend of home improvement and renovation project activities is likely to boost this market substantially over the forthcoming years.
The rising number of residential constructions in various emerging nations and the reconstruction activities in mature economies, especially those in North America and Europe, are also expected to accelerate the growth rate of this market in the near future. On the other hand, the market may face severe challenges from the surging concerns over the harmful effect of certain chemicals used in the manufacturing of flooring products in the years to come. In 2016, the market was valued at US$247.56 bn. Expanding at a CAGR of 6.40% between 2017 and 2025, the
opportunity in this market is anticipated to rise to US$429.25 bn by the end of 2025.
Asia Pacific to Report Continued Dominance
Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America have emerged as the main regional markets for flooring components across the world. Compared to other regional markets, Asia Pacific has been reporting a higher demand for these components and accounted for more than 42% of the overall market in
2016. With a significant expansion in the construction industry in various Asian nations,thanks to the high economic growth, the Asia Pacific flooring market is anticipated to continue on the top over the next few years.
In Asia Pacific, China has surfaced as the key consumer of flooring products and is expected to remain so over the forthcoming years. Japan, South Korea, and Australia are other important consumers of flooring products in this region. India also demonstrates a significant potential for the growth in its flooring market as a considerable
portion of flooring is currently constructed from non-standard materials here.
Europe is another prominent regional market for flooring components. Although the flooring market in Europe is comparatively mature, innovation and new technological developments in flooring products, such as tiles, woods, and carpets and rugs, are expected to boost this market considerably in the years to come.
Demand for Tiles to Remain Strong Carpets and rugs, wood, resilient, tiles, laminate, and stone are the key products available in the global flooring market. Tiles, among these, have been witnessing a greater demand than other products. With the rise in building and construction activities and increasing interest of people in interior decoration, this trend is likely to remain so over the forthcoming years. Carpets and rugs are also expected to register a healthy rise in their demand in the near future due to their extensive usage in households.
The demand for resilient flooring is likely to expand at a higher pace than other products, with luxury vinyl tile (LVT) and wood-polymer composites (WPC) exhibiting double digit growth rates. Stone flooring, such as marble and granite flooring, will witness a moderate demand due to their high costs and complex installation.
Gerflor Group, Shaw Industries group Inc., Tarkett Group, Mannington Mills Inc., Mohawk Industries Inc., Avant Holding GmbH, Armstrong World Industries Inc., and Boral Ltd. are the key players operating in the global flooring market.
Technavio’s research analyst predicts the global flooring market to grow steadily at a CAGR of approximately 6% during the forecast period. The growing construction sector is the primary growth driver for this market. The demand for efficient and aesthetically appealing products is growing globally. In most of the developing and emerging economies such as APAC and Latin America, the demand for such products is increasing due to rapid urbanization
The effective disposal of flooring waste is expected to pose challenges to the market growth during the forecast period. Flooring waste is generated by both new installations and replacement procedures. As flooring is
measured in linear dimensions, flooring in structural designs such as circular sections, trims, and transition pieces generates a considerable amount of waste leading to monetary losses for the consumers.
Product segmentation and analysis of the flooring market
- Soft covering
The soft covering segment dominated the market during 2015, accounting for a market share of around 48%. The ease of their installation and their varied nature are the key drivers for their popularity in both the commercial and residential sectors. Moreover, as they help in noise absorption, they are a practical choice in apartments,
aiding in restricting the travel of sound between floors.
The Americas accounted for a market share of around 40% during 2015 and is expected to grow at a rate of approximately 6% during the forecast period. The flooring market in the Americas is primarily driven by the rise in investment in the residential construction sector and the growing demand from the remodelling and new
constructions sector. For instance, during 2014, the total spending in the residential construction sector in the
US was valued at around US $354 billion.
Competitive landscape and key vendors The global flooring market is highly fragmented with the presence of well-established and unorganized players in various segments of flooring. Flooring manufacturers are investing in new product development, which in turn is leading to intense competition among the vendors. In terms of marketing, large vendors are focusing on creating a brand identity and manufacturing products affordable by all
classes. The leading vendors in the market are –
- Mannington Mills
The other prominent vendors in the market include Anderson Hardwood Floors, Asian Granito, Fired Earth, Forbo,
Interface Global, Karndean, and Milliken.