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.
Materials which are classified as flooring include carpet, laminate, tile, and vinyl. The global flooring market is projected to witness steady growth in the coming years. 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.
The growing cost of housing and the rising trend of renting could hinder the growth of the market. But it should not be the concern as the governments come with affordable housing policies, which, coupled with technological innovations and new products will lead to the continuation of the growth. Thus, the global flooring market seems to have a steady pace of growth.
According to the United States Census Bureau, the total construction value in the United States 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. The flooring market in the US is also deriving demand due to growing awareness about heating, ventilation, and air conditioning clean room. Along with positive healthcare sector outlook, the global flooring market seems to grow at a steady pace.
By product, 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 non-residential. The non-residential 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, Europe, Middle East & Africa, Asia-Pacific, and South America. 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 global flooring market is highly competitive because of the presence of numerous manufacturers on a global level as well as on the local level. Some of the prominent companies in this market include Mohawk Industries (US), Shaw Industries (US), Tarkett (France), Armstrong Flooring (US), Forbo (Switzerland), Gerflor (France), Interface (US), Beaulieu International (Belgium), TOLI Corporation (Japan), and Milliken & Company (US). The players are expanding globally to mirror their customers’ requirement. As a result, they are increasingly integrating with other players.
The global flooring market has been analyzed through the following segments:
BY END USER
Middle East and Africa