Growing focus on innovative
flooring that is durable in nature is expected to drive flooring market growth through the forecast period. Increased insulation demand
is also expected to give impetus to the market over the next six years.
The market is characterized by
changing customer preferences, with considerable rise in home improvement and
renovation projects. Development of hassle-free installation techniques and
coupled with growing demand for environmentally sustainable products is also
expected to contribute to industry growth. Environmental and health-related
concerns regarding various flooring solutions may pose a challenge to industry
participants.
Innovations and new trends in
floor designs and construction solutions have extensively driven the flooring
market. The market is highly competitive with numerous players offering an
array of flooring solutions across residential, commercial, industrial and
other application segments. The floor covering industry is being inundated by
new technology developments and styling trends. In recent times, end users have
been deviating from traditional flooring solutions to more cost effective and
eco-friendly flooring materials such as cork, linoleum, bamboo, glass,
Polyester (P.E.T) Berber, rubber and reclaimed hardwood. Additionally, surging
demand in the construction industry along with changing consumer lifestyles and
growing demand for insulation are expected to be the key market drivers.
Availability of innovative construction solutions that are durable and require
low maintenance is expected to impact the market favorably. However, a major
determinant for the success of flooring solutions is consumer awareness and
willingness of using the product. Besides, perceived complexity with regards to
installation of flooring solutions, they are viewed as expensive and luxurious,
which could pose a challenge to the market. Increasing concern over
environmental impact is expected to significantly affect the textile flooring
market. For instance, carpets are treated with toxic chemicals to repel
moisture and soil and for mothproofing, which may cause several health issues.
Access
Research Report of Flooring
Market@ https://www.grandviewresearch.com/industry-analysis/flooring-market-analysis
Further key findings from the study suggest:
· Global flooring market demand was estimated
at 161.19 billion square feet in 2013, and is expected to reach 240.10 billion
square feet by 2020, growing at a CAGR of 5.9% from 2014 to 2020.
· Soft coverings dominated flooring demand
and accounted for over 35% of the overall market volume in 2013. Resilient
flooring market is expected to witness substantial growth over the next six
years, since it offers benefits such as cost effectiveness, easy installation
and low maintenance. Increased demand for antimicrobial and antibacterial
flooring is expected to favorably impact resilient flooring demand.
· Residential segment was the largest
application area in 2013 and accounted for over 50% of the market volume. Owing
to growing demand across the construction industry and increased home
improvement and renovation projects, the market for flooring products in
residential applications is expected to witness growth over the forecast
period.
· Asia Pacific accounted for over 45% of the
global demand in 2013, and is expected to continue dominating the market over
the next six years. This can be attributed to increased demand for residential
and non-residential building spaces due to population growth and urbanization.
· Key industry participants include Shaw
Industries, Mohawk Industries, Interface, Inc., Mannington Mills, Armstrong,
etc. Developing a vertically integrated infrastructure is expected to be a
critical success factor for gaining market share. As a result, mergers and
acquisitions, coupled with meeting consumer preferences through product
differentiation have been among the key strategies adopted.
Access Press Release of
Flooring Market@ https://www.grandviewresearch.com/press-release/global-flooring-market-analysis
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View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
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