Global Flooring Market: Key Highlights
- The global demand for flooring stood nearly US$ 274 Bn in 2018 and is projected to reach over US$ 473 Bn by 2027. Economic gains in developing regions such as Asia Pacific, Latin America, and the Middle East have driven the need for urbanization. Increase in population and growth in urbanization are expected to boost the demand for housing. This is anticipated to pave the way for extensive commercial construction activities such as hotels, offices, and shopping plazas. This is one of the key drivers of the flooring industry.
- Floor covering is a term used to describe any layer of finish material applied over a floor structure to provide permanent covering. Common flooring materials are vinyl sheet & tiles, carpets & rugs, laminates, natural stone, wood, ceramic tiles, and rubber. Resilient, non-resilient, and soft cover types of flooring materials are used based on the type of the application.
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- The building remodeling industry is one of the major end-users of flooring products. Increase in remodeling activities in mature economies in North America and Europe is likely to drive flooring market in the next few years.
- However, toxic chemicals are used for the manufacture of carpets in the textile industry. Volatile residues have been found in vinyl flooring products. This may lead to several health issues. Increase in concern about the environmental impact of flooring products among consumers is one of the key factors projected to hamper the flooring market during the forecast period.
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Global Flooring Market: Segmental Insights
- Demand for luxury vinyl tiles has been rising at a faster rate vis-à-vis that for hardwood or engineered wood products owing to its added value attributes such as scratch and slip resistance, waterproof, and eco-friendliness.
- Ceramic tile accounted for more than 40% share in global flooring market in 2018. These tiles are known for durability, water resistance, stain resistance, esthetic design, and flexibility. China, Brazil, and India are the major countries in terms of consumption of tiles.
- Carpets & rugs is also a prominent form of flooring in various parts of North America and Europe. Carpets and rugs offer easy installation, easy maintenance, and are available in various design patterns.
- Wood flooring is generally more expensive; however, it offers advantages such as durability, wide esthetic appeal, and environmental sustainability. Wood flooring is environmentally sustainable, as wood is a renewable resource.
- Non-resilent flooring is anticipated to grow at a decent pace due to the constant growth of LVT and its sub category WPC/rigid core. Decline in demand for laminate flooring due to water and noise issues has boosted WPC and rigid core products.
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Global Flooring Market: Regional Insights
- Asia Pacific dominated the global flooring market in 2018 with more than 45% market share in terms of volume. The real estate industry in this region is expanding rapidly due to shift in government focus toward infrastructure development. Beneficial regulations along with rising population are making the region highly attractive for the flooring market.
- Europe is likely to be an attractive region of the flooring market, despite strict regulations on products such as PVC and other laminated flooring coverings that cause VOC emissions
- The flooring market in Middle East & Africa is expected to expand at a rapid pace during the forecast period, owing to increasing demand for flooring from several large-sized construction projects
- Demand for flooring with the appearance of wood is high in North America. Hence, manufacturers of vinyl flooring and tiles have developed products that mimic the design and appearance of wood. Demand for these products is rapidly increasing in the flooring market in North America.
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