The global flooring market is expected to grow at a decent CAGR of 2.39% throughout the forecast period to reach US$62.382 billion in 2024 from US$54.144 billion in 2018. Rapid urbanization, an increase in residential and commercial construction activities are driving the growth of the global flooring market during the forecast period.
Flooring means a permanent covering of a floor, or for the work of installing a floor covering. Floor covering is used to describe any finish material which is applied over a floor structure to provide a walking surface. Some flooring choices are no-brainers such as installing tile in bathrooms. Other choices are subject to the home's style and value and to the preferences of the local market along with the price, quality, and style of flooring. Good looking flooring could enhance the value of the home and could possibly attract new customers.
The flooring market is growing at a steady pace. The growth will be a result of rapid urbanization, increase in residential and commercial construction activities; and various regulations by the government restricting the use of hazardous floor covering, thereby promoting innovation, augmenting growth. Furthermore, the growth could also be accounted on account for the increase in demand for waterproof flooring, changing trends in the floor designs. According to the United States Census Bureau, the total construction value in the country was $1,077,350 million in 2008 which grew to $1,293,982 million in 2018. This shows that the construction industry has expanded and grown during the years; which indirectly leads to the growth of the flooring market, as people are adopting the changing trend in floor designs, as well as resorting to un-hazardous floor covering. In addition, affordable housing policies, coupled with technological innovations and new products will lead to the continuation of growth.
By type, the global flooring market is segmented as a resilient, non-resilient and softcover. Resilient flooring holds a significant share of the market because of high aesthetic value, flexibility to use in numerous spaces, and ease of installation of luxury vinyl tiles.
By end-user, the global flooring market is segmented as residential and commercial. The commercial segment holds a significant share of the market on account of resilient vinyl flooring being of high durability, cost-efficient, low maintenance, and well-suited for high traffic applications. According to the United States Census Bureau, the non-residential segment accounted for a total construction value of $747,809 million as compared to $546,173 million for the residential segment.
Geographically, the global flooring market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. The Asia-Pacific holds a significant share in the market, owing to the rapid growth of the construction sector in the emerging economies of South-East Asia, the region is expected to continue to dominate the globe over the next few years.
The flooring market has been segmented by type, end-user, and geography.
Middle East and Africa