According to a market study published recently by Transparency Market Research (TMR), the global flooring market, which stood at US$214.3 bn in 2014, will reach US$391.4 bn by the end of 2023. In terms of volume, the market in 2014 stood at 16,419.2 mn square meters. The report is titled “Flooring Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” and is available on the company website for sale.
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Flooring products are construction materials that are used to cover the floor area in commercial, residential, and industrial buildings. A wide range of products such as tiles, wood, carpets and rugs, vinyl and rubber, and others are commonly used to cover floor areas. Being an ancillary to the construction industry, the expansion of the global flooring market is significantly impacted by the growth of the former. While the rising construction industry boosts demand for flooring materials, the increasing use of the same in automobiles and deck coverings is also anticipated to increasing demand for flooring materials around the world. Based on in-depth findings, the report states that increasing production in the automotive industry, together with rapid expansion of the shipping industry, will augment demand from the global flooring market.
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Despite exhibiting impressive growth trends over the past few years, the market will suffer from the adverse impact of volatile raw materials prices. Wood and lumber being the major raw materials upon which the flooring industry depends, fluctuations observed in prices of these raw materials will evidently have a negative impact on the market. Nevertheless, the market, according to the report, will gain much traction in the near future from the expanding automotive and construction industries, particularly in emerging economies.
To present a holistic overview of the market, the report segments it into wood flooring, carpets and rugs, vinyl and rubber flooring, and others (such as laminate flooring, etc.) based on product type. In 2014, the carpets and rugs segment witnessed the highest demand, totaling 6,556.9 mn square meters in terms of volume. The rising trend of covering floors using carpets and rugs, particularly during winter or in cold climates, aids the growth of this product segment. However, over the report’s forecast period, the vinyl and rubber flooring segment is likely to exhibit growth at the fastest pace, states the report.
On the basis of application, the report segments the global flooring market into the residential, commercial, and others (such as industrial and automotive) segments. In 2014, the residential application segment was touted as the largest segment in the flooring market, generating over US$121.9 bn in terms of revenue. Emphasizing the exponential growth of the segment, a lead TMR analyst said, “While residential buildings segment exhibit impressive growth, their commercial counterparts will soon catch up owing to the increasing demand for green buildings and eco-friendly flooring materials”.
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Regionally, the report segments the global flooring market into Asia Pacific, Europe, Latin America, Middle East and Africa, and North America. Among these regions, demand from Asia Pacific and North America significantly contributed to the growth of the global flooring market, states the report.
Flooring Market: Product Segment Analysis
- Carpets & Rugs
- Vinyl & Rubber flooring
- Wood flooring
- Others (including laminate flooring)
Flooring Market: Application Analysis
- Others (including industrial and automotive)
Flooring Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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