Flooring Market Is Forecasted To Grow At A CAGR of 5.9% By 2020: Hexa Reports

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Global flooring market demand was estimated at 161.19 billion square feet in 2013, and is expected to reach 240.10 billion square feet by 2020.

The Global Flooring Market is expected to reach USD 326.38 billion by 2020. Growing focus on innovative flooring that is durable in nature is expected to drive market growth through the forecast period. Increased insulation demand is also expected to give impetus to the market over the next six years.

The market is characterized by changing customer preferences, with considerable rise in home improvement and renovation projects. Development of hassle-free installation techniques and coupled with growing demand for environmentally sustainable products is also expected to contribute to industry growth. Environmental and health-related concerns regarding various flooring solutions may pose a challenge to industry participants.

Further key findings from the study suggest:

Soft coverings dominated flooring demand and accounted for over 35% of the overall market volume in 2013. Resilient flooring market is expected to witness substantial growth over the next six years, since it offers benefits such as cost effectiveness, easy installation and low maintenance. Increased demand for antimicrobial and antibacterial flooring is expected to favorably impact resilient flooring demand.

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Residential segment was the largest application area in 2013 and accounted for over 50% of the market volume. Owing to growing demand across the construction industry and increased home improvement and renovation projects, the market for flooring products in residential applications is expected to witness growth over the forecast period.

Asia Pacific accounted for over 45% of the global demand in 2013, and is expected to continue dominating the market over the next six years. This can be attributed to increased demand for residential and non-residential building spaces due to population growth and urbanization.

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Key industry participants include Shaw Industries, Mohawk Industries, Interface, Inc., Mannington Mills, Armstrong, etc. Developing a vertically integrated infrastructure is expected to be a critical success factor for gaining market share. As a result, mergers and acquisitions, coupled with meeting consumer preferences through product differentiation have been among the key strategies adopted.

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Hexa Reports is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

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