Flooring Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
According
to a research report released by Transparency Market Research, the
global flooring market is likely to continue showing a fragmented
competitive landscape, primarily owing to the large number of active
players in the market. The key companies in this market – Shaw
Industries Group Inc., Mohawk Industries Inc., Boral Ltd., Tarkett
Group, and Armstrong World Industries Inc. – are showing a high
probability of utilizing more aggressive expansion strategies than
smaller players to improve their vertical integration.
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According
to the TMR research report, the global flooring market was valued at
US$247.56 bn in 2016. The analysts working on the report have
predicted it to register a healthy CAGR of 6.40% between 2017 and
2025. The global flooring market is therefore expected to be
evaluated at US$429.25 bn by the end of 2025. Currently, tiles are
showing a higher demand than other product types the market.
Residential
Sector Demand for Floorings Set to Rise
“With
the global flooring market segmented into commercial, industrial, and
residential sectors, there has been a staggering rise in the demand
promoted by the residential sector, especially for tiles. Its demand
is expected to remain on an incremental plane over the coming years,
a factor primarily attributed to the booming construction industry,
especially in terms of residential projects,” states a TMR analyst.
Emerging economies such as China, Brazil, and India, are showing a
high rate in construction activities, whereas countries from North
America and Europe are showing an increase in re-modelling
activities.
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Geographically
speaking, Asia Pacific dominated the global flooring market in 2016,
with a share of over 42% in the market’s value. The swiftly
expanding construction industry in APAC is the primary factor driving
this regional market, powered by a high economic growth rate. Asia
Pacific is likely to continue playing a leading role in the global
flooring market over the given forecast period. China is likely to
surface as the leading domestic market for flooring components in
Asia Pacific in the years to come.
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Rising
Urbanization and Industrialization to Influence Demand for Flooring
Products
With
the growing disposable income and expenditure of consumers on better
quality products as well as aesthetically appealing ones, the booming
rate of urbanization has created a significant momentum for the
demand for tiles and other flooring across the world. “The swift
rise in urbanization as well as industrialization has created a
considerable increase in the rate of construction activities,
consequently increasing the scope of growth for the global flooring
market,” adds the analyst. The rapid infrastructural developments
in developed economies has increased the demand for flooring products
remarkably, boosting the overall market.
Players
Advised to Watch for Fluctuations in Raw Material Costs
In
the report’s given forecast period, the expansion in the building
and construction industry in emerging regions is expected to continue
being a key propellant for the global flooring market. However, the
players in the market, both regional and globally prominent ones,
need to be careful of the volatile nature of raw material prices, as
this is considered to be a key restraint acting on the market for the
foreseeable future. Raw materials required for flooring are largely
derived from crude oil byproducts as well as multiple other sources,
each of which is getting strained in terms of demand from their
immense number of end users.
Global
Flooring Market Report is available at US$ 5795 -
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