Flooring Market is projected to witness significant growth from industrial applications by 2024

Global Flooring Market Report offers market size, share, overview, segmentation by types, application, countries, key manufactures, cost analysis, industrial chain, sourcing strategy, downstream buyers, marketing strategy analysis, distributors/traders, factors affecting market, forecast and other important information for key insight.

In 2016, Asia Pacific accounted for more than 32.9% of the global construction industry share and has been rightly touted as an emerging market for floorings. Increasing population and development of manufacturing activities have pushed the construction activities in the region, which in turn has propelled flooring market share. As per statistics, the construction spending in this region was recorded between USD 3-4 trillion in 2016. In fact, Asia Pacific id projected to account for more than 46% of the global construction industry by 2020.

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China and India are the two prominent regions that are expected to showcase tremendous growth potential with regards to flooring market trends. China is leading the global infrastructure development with an estimation of construction spending close to USD 2 trillion by 2024. One of the factors supporting this huge valuation is China’s National Urbanization Plan for 2014-2020 that was initiated to settle over 100 million urban inhabitants and provide the migrants with housing facilities in the urban areas. This initiative has rose the urbanization rate of China by 60% and has also positively impacted on the growth of China flooring industry.

Flooring market is one of the highest potential fraternities in the construction ecosystem that has been witnessing rapid changes over past decades. The advent of several advanced technologies and increasing use of specialized machinery have provided significant impetus to the global market. The extensive rate of construction spending especially with reference to the industrial, commercial, and residential sectors have generated greater demand for flooring products, especially in the emerging markets.

As per estimates, the global construction spending is projected to reach around USD 16 trillion by 2024 and was recorded at USD 5 trillion in 2016, which as per analysts, has been proclaimed as primary element driving the growth of flooring industry. In a report provided by Global Market Insights, Inc., flooring market was pegged at USD 270 billion in 2016 and is projected to exceed a massive valuation of USD 450 billion by 2024.

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Flooring industry is witnessing a strong application outlook that runs a gamut from residential, hotel, sports, commercial, and healthcare industries. Growing focus on infrastructure development and rising demand for efficient and visually appealing products has further stimulated the growth of market share. Reportedly, flooring market size from industrial applications is expected to be valued at USD 20 billion by 2024, owing to the growing demand for floorings form sectors including oil & gas, mining & metallurgical, chemical, food, and automotive.

Beneficial flooring properties which endure heavy duty operations, resistance to high temperature & hazardous chemicals, abrasion, and durability are the key factors that are positively influencing product demand in this sector. Furthermore, rapid urbanization trends and growing construction activities in the commercial arenas have resulted into extensive product penetration driving the commercial flooring market size with an estimated CAGR of 4.5% over 2017-2024.

Some of the other industry players adopting similar growth strategies include Shaw Floors, Forbo, Armstrong, Marazzi Group and Mohawk Industries.

 

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