The flooring market is projected to attain USD 326.38 billion by 2020. Trendy innovations and novel designs will drive the market. Consumers have deviated from traditional flooring solutions to eco-friendly options like cork, bamboo, Polyester (P.E.T.) Berber, reclaimed hardwood, and rubber. Changing preference of consumers and demand for insulation are key drivers of the market.
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Innovative construction solutions requiring low maintenance and lifelong durability will positively impact the flooring market. Consumer awareness and willingness to use the product will determine market success. But complexity and expensive nature of flooring solutions can deter market growth. Environmental concerns can affect the textile flooring market. For instance, carpets treated with toxic chemicals to repel moths can cause health issues. The flooring market demand expects to reach 240.1 billion square feet by 2020, at a 5.9% CAGR from 2014 to 2020 (forecast phase).
Soft coverings, resilient, non-resilient, and seamless floorings are products encompassing the flooring market. Soft coverings dominated the market accounting over 50% market share in 2013. They comprise rugs and carpets providing benefits of noise-reduction and dust-binding. Non-resilient flooring comprises clay tile, ceramic tile, concrete tile, brick, and terrazzo stone. They require only mopping and dusting. Resilient flooring includes wood, vinyl, rubber, asphalt, cork, and linoleum. Demand for antibacterial and antimicrobial flooring will result in increased demand for this product over the next 6 years.
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Flooring solutions are used for residential, commercial, and industrial applications. Residential was the largest application, accounting for above 50% market volume in 2013. This is due to demand from the construction industry and home renovation projects. Commercial applications are corporate, hospitality and leisure, healthcare, sports, and education. Industrial applications include manufacturing plants, refineries, aviation hangars, and automotive industry.
Asia Pacific accounted for over 45% market demand in 2013 and will dominate throughout the forecast phase. This can be attributed to the surging construction industry and need for residential complexes by the population in the region. Europe will experience substantial growth over the forecast phase on account of easy installation techniques and innovative construction solutions.
Reputed companies of the flooring market comprise Mohawk, Armstrong, Mannington Mills Inc., Shaw Floors, and Congoleum. Developing a vertically integrated infrastructure seems to be the deciding factor for gaining market share. This is not possible without manufacturers, distributors, and raw material suppliers.
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