The worldwide flooring market is projected to attain above USD 330 billion in revenue by 2024. Flooring with a durable nature will attract huge sales for the market over the forecast period (2016-2024). Demand for insulation will give it a much needed boost. The market is expected to achieve a sales volume of 240 billion square feet, at a nearly 6% CAGR during the forecast period. It was reported to accumulate a demand of 161 billion sq ft in 2015.
Consumers have moved on from traditional flooring solutions to eco-friendly solutions like glass, cork, bamboo, linoleum, rubber, and polyester terephthalate (PET) berber. Changing consumer preferences in accordance of their lifestyle as well as demand for insulation will be the future drivers of the market.
The market is split by products, applications, and regions. Seamless flooring, soft coverings, resilient, and non-resilient floorings are products of the flooring market. Soft coverings comprising of rugs and carpets are also called as textile coverings. This segment had occupied almost half the market, dominating the market with over 35% demand shares in 2015.
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Resilient flooring encompasses a mixture of fillers and binders. They are waterproof coverings available in vinyl, wood, rubber, cork, and linoleum. Non-resilient flooring is available in terrazzo stone, ceramic tile, brick, clay tile, and concrete tile. These floorings are low maintenance in nature and require only mopping and dusting.
Applications of the market involve commercial, industrial, and residential. Residential accounted for 50% market demand. This made it the largest application of the flooring market in 2015. This major share can be attributed to renovation and construction projects. Industrial applications encompass aviation hangars, automotive industry, refineries, and manufacturing plants. Education, sports, retail, healthcare, hospitality & leisure, and corporations constitute as commercial market applications.
Regions covered under the market are Europe, North America, Asia Pacific, and RoW (Rest of the World). Asia Pacific will lead the flooring market over the next six years owing to residential and non-residential construction projects. It accumulated over 45% market demand in 2015. Europe will enjoy a stable demand on account of providing innovative flooring solutions.
Reputed participants involved in the flooring market include Shaw Floors, Mannington Mills Inc., Gerflor, Armstrong, and Mohawk. The market is highly competitive in nature and driven by technological innovation.
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