The increase in infrastructure expenditure, remodelling & renovation activities with rapid urbanization and growth in investments in the construction industry are driving the demand for the market.
New York City, United States – May 26, 2020 /MarketersMedia/ —
The Flooring Market is forecast to reach USD 536.52 billion by 2027, according to the new report by Reports and Data. Rapid urbanization has created a trend of remodelling and renovation activities, boosting the flooring market demand. Along with the increasing investments in the construction industry, the increase in infrastructure to keep up with changes in the lifestyle leads to raising the requirements. Product innovation and customization are a few parameters that drive the growth of the market and increases demand in public. But with the upgraded lifestyle, the importance of health and environment has risen, damping the market’s demand.
The COVID-19 Impact:
The pandemic has shed light on the importance of healthy anti-bacterial flooring, increasing the market for Resilient flooring. Over the weeks, the market has been facing a trough, which might be continuing for the following months. But the demand for resilient flooring will pick up after this crisis. Asia Pacific region has been impacted the most by this pandemic, with China being the centre of the cause. Many projects in various countries have come to a temporary stop affected by the disease.
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Leading Flooring manufacturers/companies operating at both regional and global levels:
Mohawk Industries, Inc., Tarkett S.A., AFI Licencing, Burke Flooring Products Inc., Forbo Flooring, Shaw Industries, Inc., Interface Inc., Gerflor, Polyflor, Mannington Mills, Inc.
For the purpose of this report, Reports and Data have segmented into the Flooring Market based on the product, application, distribution channel, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
• Soft Covering Flooring
• Resilient Flooring
• Non-Resilient Flooring
• Seamless Flooring
Application Outlook (Revenue, USD Billion; 2017-2027)
• Residential
• Commercial
• Industrial
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
• Retail Distribution Channel
• Wholesale and Distributor Business Trend
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Further Key Findings from the Report Suggests:
• The Government in the developing nations has encouraged and invested in infrastructural growth and innovative constructions of I.T. Parks, SEZs, etc. This has resulted in the upscaling of the commercial flooring to 5.5% CAGR and growing more with the focus on urbanization and industrialization.
• Non-Resilient flooring demand has escalated with the improving standard of living and an increasing knack for aesthetics. Materials like ceramic tiles, wood, laminate, stone, marble, bamboo, and terrazzo have created their place in the market because of their higher durability, reliability, water resistivity, and low maintenance.
• Over the years, the demand for Non-Resilient flooring has boomed to 34.3% in 2019 and is expected to rise further during the forecast period.
• Asia Pacific region dominates the flooring market with an expenditure of USD 153.43 billion in 2019. The countries in this region drive the market with low manufacturing costs and favourable policies. The National New-Type Urbanization Plan in China increases the growth of the market.
• Non-Resilient flooring demand seems to be escalating in the following months and is estimated to peak to USD 186.17 billion by 2027.
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Europe
• Asia Pacific
• MEA
• Latin America
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To summarize, the global Flooring market report studies the contemporary market to forecast the growth prospects, challenges, opportunities, risks, threats, and the trends observed in the market that can either propel or curtail the growth rate of the industry. The market factors impacting the global sector also include provincial trade policies, international trade disputes, entry barriers, and other regulatory restrictions.
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Release ID: 88959099
