“The flooring market is projected to grow at a CAGR of 5.7% from 2018 to 2023.”
The flooring market is estimated at USD 339.29 billion in 2018 and is projected to reach USD 447.74 billion by 2023, at a CAGR of 5.7%. Increase in the number of renovation & remodeling activities, the rise in population, and rapid urbanization drive the demand for flooring. Disposal of waste acts as a challenge for the growth of the flooring market.
“Based on type, by material, ceramic accounted for the largest share of the flooring market in 2017.”
Ceramic led the flooring market in 2017, in terms of volume; this segment is projected to retain its leading position through 2023. Its cost-effectiveness, resistance to stains and water, and environment-friendly properties contribute toward its leading position in the flooring market. Furthermore, the integration of new technologies in ceramic tiles such as digital printing has boosted its popularity in the construction industry.
“Based on end-use industry, the residential segment accounted for a larger share of the flooring market in 2017.”
Based on end-use industry, the flooring market has been segmented into residential and non-residential. The residential segment led the flooring market in 2017. The use of diversified flooring materials in residential buildings enhances aesthetic appeal and provides comfort. These materials help the user achieve dynamic control over noise & temperature and provide safe and slip-resistant floors. Housing renovation and maintenance have increased steadily in the recent past owing to the increasing disposable income of people; this is expected to drive the demand for flooring materials in residential flooring.
“The Asia Pacific flooring market is expected to witness the highest growth rate during the forecast period.”
The Asia Pacific flooring market is projected to grow at the highest CAGR between 2018 and 2023. Factors such as the increasing number of new housing units, significant investments in the infrastructural sector, and rapid industrialization are driving the flooring market in the region. The markets in China and India are projected to be lucrative due to their growing construction industry in these countries.
Breakdown of Primaries
- By Company Type: Tier 1 – 40%, Tier 2 – 25%, and Tier 3 – 35%
- By Designation: C Level – 35%, Director Level – 30%, and Others – 35%
- By Region: North America – 25%, Europe – 20%, Asia Pacific – 45%, RoW* – 10%
*RoW includes the Middle East & Africa and South America.
The key players profiled in the report are as follows:
1. Mohawk Industries (US)
2. Shaw Industries (US)
3. Tarkett (France)
4. Armstrong Flooring (US)
5. Forbo (Switzerland)
6. Gerflor (France)
7. Interface (US)
8. Beaulieu International (Belgium)
9. TOLI Corporation (Japan)
10. Milliken & Company (US)
The primary objective of this study is to define, forecast, and segment the flooring market on the basis of type, by material, end-use industry, and region. The study also aims at strategically analyzing micromarkets with respect to individual growth trends, future prospects, and their contribution to the total market. It also provides detailed information about the key market dynamics which include drivers, restraints, opportunities, and industry-specific challenges. In addition, the study analyzes competitive developments such as acquisitions, investments, and agreements in the flooring market.
Reasons To Buy the report:
The report will help market leaders/new entrants in this market in the following ways:
- This report segments the flooring market and provides the closest approximations of revenue numbers for the overall market and its subsegments across different regions.
- The report helps stakeholders understand the market and provides them with information about the key market drivers, restraints, opportunities, and challenges.
- This report will help stakeholders better understand their competitors and gain insights to improve their position in the market.
- The competitive landscape section includes the ranking of the top five players in the flooring market.