According to a recent market research report released by Transparency Market Research, the global flooring market is expected to develop positively at a CAGR of 7.0% during the period from 2015 to 2023. The report, titled “Flooring Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”, anticipates the overall market to reach a valuation of US$391.38 billion by 2023. In 2014, the global flooring market was valued at US$214.29 billion and in terms of volume, the market stood at 16,419.2 million square meters in the same year.
Flooring products refer to the construction materials used to cover the floor area of residential, commercial, and industrial buildings. A range of products such as wood, vinyl and rubber, tile, carpets and rugs, and others are used to cover the floor area. The report points out the growing construction industry as a primary factor driving the demand from the global flooring market. Flooring products are extensively used as floor coverings in automobiles and deck coverings in ships. Increasing productivity of the automotive industry, coupled with rapid growth in the global shipping industry is expected to significantly augment the growth of the overall flooring market.
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However, the fluctuating prices of the raw materials for flooring products will restrain the global flooring market during the forecast horizon. Wood or lumber is the major raw material used in wood floor coverings. Volatile price of lumber is expected to negatively impact the growth of the overall market. On the basis of product type, the report segments the global flooring market into tile flooring, carpets and rugs, wood flooring, vinyl and rubber flooring, and others including laminate flooring. In 2014, the demand for carpets and rugs was the highest with the segment accounting for a market volume of 6,556.9 million square meters. This can be attributed to the increasing usage of carpets and rugs as flooring products in cold climates in the developed regions of North America. However, during the forecast horizon vinyl and rubber flooring is expected to grow at the fastest rate owing to the cost efficiency and high durability of these flooring products.
In terms of application, the report categorizes the global flooring market into commercial, residential, and others including automotive and industrial. In 2014, residential application emerged as the largest segment in the flooring market, generating a revenue worth US$121.93 billion. Increase in construction activities across developed and developing regions have contributed to the growing application of flooring products in the residential segment. Growing interest for green buildings in the construction industry has led to the increased demand for eco-friendly flooring products in various commercial construction projects.
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The report studies the global flooring market across five key geographical regions: Europe, North America, Latin America, Asia Pacific, and Middle East and Africa. Demand from North America and Asia Pacific has contributed significantly in driving the overall market. The report profiles some of the key players in the global flooring market such as Armstrong World Industries, Mohawk Industries Inc., Gerflor Group, Tarkett Group, and Avant Holding GmbH.
The research study has been segmented as below:
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)
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