The global flooring market demonstrates a
fragmented competitive landscape due to the presence of a large pool
of players, finds a new study by Transparency Market Research (TMR).
The leading companies in this market, such as Mohawk Industries Inc.,
Shaw Industries Group Inc., Tarkett Group, Boral Ltd., and Armstrong
World Industries Inc., are likely to adopt extensive acquisition
strategies to become vertically integrated, and in turn, increase
their market share in the years to come, states the research study.
According to the research report, the worldwide
flooring market was worth US$247.56 bn in 2016. Researchers expect
this market to register a healthy rise at a CAGR of 6.40% over the
period from 2017 to 2025 and create an opportunity worth US$429.25 bn
by the end of the forecast period. Currently, the demand for tiles is
higher than other products available in this market. Thanks to the
increase in construction activities and the rising emphasis on
aesthetics, the scenario is likely to remain same over the
forthcoming years, notes the study.
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Flooring Products to Witness High Demand in
Residential Sector
The commercial,
residential, and the industrial sectors have been considered as the
key application areas of flooring components in this research report.
The residential sector is reporting a higher demand for flooring
materials and is anticipated to remain doing so over the next few
years, thanks to growing construction of residential homes in
countries, such as China, India, and Brazil, and the increase in
re-modelling activities in the U.S. and several parts of Europe.
The growing
construction of commercial skyscrapers in various regions is likely
to boost the demand for flooring products in the commercial sector in
the near future while the demand for these products in industrial
sector is expected to be driven by the increasing usage of polymer
based resilient flooring to provide an energy absorbing, water, and
chemical resistant surface.
Geographically, the
report has segmented the worldwide flooring market into Asia Pacific,
North America, the Middle East and Africa, Europe, and Latin America.
In 2016, Asia Pacific led the global market with a share of more than
42%. Thanks to the growth of the construction industry in various
Asian nations, fueled by the high economic growth, the Asia Pacific
flooring market is likely to continue its dominance over the period
of the forecast. China is likely to surface as the leading domestic
market for flooring components in Asia Pacific in the years to come,
states the research report.
Rising Urbanization and Industrialization to
Influence Demand for Flooring Products
With the
increasing disposable income of consumers, the trend of urbanization
has gained significant momentum across the world. “The swift rise
in urbanization and industrialization, resulting in a substantial
increase in construction activities, is having the most prominent
impact on the global flooring market,” states the author of this
study. The rapid infrastructural developments in developed economies
has increased the demand for flooring products remarkably, boosting
the overall market.
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Over the coming years, the expansion in the
building and construction industry in emerging regions is expected to
propel this market exponentially. However, the volatility in prices
of raw materials may limit the growth of this market in the years to
come, reports the study.
The study presented here is based on a report by
Transparency Market Research (TMR), titled “Flooring Market
(Product - Carpets and Rugs, Wood, Resilient, Tile, Laminate, and
Stone; Application - Residential, Commercial, and Industrial) -
Global Industry Analysis, Size, Share, Growth, Trends and Forecast,
2017 - 2025.”
The global flooring market has been segmented
as follows:
By Product
- Carpets & Rugs
- Wood
- Resilient
- Tiles
- Others (Laminate, Stone etc.)
By Application
- Residential
- Commercial
- Others (Industrial etc.)
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Us
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Transparency Market Research employs rigorous primary and secondary
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