Global flooring market share was led by soft coverings with accounting for over 35% in 2016. Rising demand for carpet & rugs particularly in housing and offices will drive the demand. Reduced noising effect and dust binding are the key properties stimulating the product scope.
North America flooring market is expected to witness growth over 5% up to 2024. Growth in construction industry along with increasing investment on restoration of deficient structures will drive the regional demand.
According to a new research report by Global Market Insights, Inc., Flooring Market size is estimated to exceed USD 450 Billion by 2024. Shifting focus on infrastructure development on residential, commercial, hospitability, sports and healthcare industries will drive the flooring market growth. Necessity for floor protection coupled with rising demand for efficient and visually appealing products has enhanced the product demand.
Rising construction spending on residential as well as non-residential buildings particularly in emerging nations will propel the industry growth. Global construction spending is anticipated to reach USD 16 Trillion by 2024. China leads the global infrastructure development with over USD 2 Trillion by 2024.
Residential application will witness growth over 5.5% up to 2024. Recovery of housing sector particularly in the U.S. and Europe will fuel the product demand. Increasing renovation projects along with rising demand for decorative floor coverings are the major factors fueling the industry growth.
Industrial segment is expected to surpass USD 20 billion by 2024. Shifting manufacturer preference towards product enduring heavy duty operations will support the industry demand. Rising demand from chemical, automotive, food, manufacturing and transportation industries due to its benefits including abrasion and impact resistance.
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Europe flooring market was valued over USD 70 Billion in 2016. Increasing construction output along with rising demand for green buildings are the key driving factors of the industry growth. Economic development accompanied by inclination towards tourism development will drive the regional demand.
APAC flooring market was worth more than USD 110 billion in 2016. Growing population has enhanced the demand for residential constructions particularly in China and India. Increasing manufacturing facilities due to socio economic benefits will propel the product demand from industrial applications.
Global industry share mainly includes Mohawk Industries, Tarkett, Shaw Floors, Armstrong, Mannington Mills and Marazzi Group. Presence of large number of regional manufacturers keeps the global industry share fragmented. Product innovations, portfolio expansion, joint ventures and acquisitions are the major strategies adopted.