Global Flooring Market to Reach Approximately $450 Billion by 2026
Albany, N.Y. -- The global flooring market is anticipated to see steady growth in the coming years, according to a report by Transparency Market Research (TMR). Leading vendors in the market are expected to make hefty investment towards the research and development of an innovative product portfolio. Players are seen using both organic and inorganic marketing strategies to fortify their presence in the competition. Recently, Gerflor's technical R&D team introduced a technology called 'In-registered embossing' which makes use of a press embossing process and is considered to be more precise than the current cylinder systems.
Several types of flooring options are currently offered by the vendors in the market. This fosters intense rivalry among players in the flooring industry. Across the globe, the industrial, commercial, and residential sectors demand innovation in flooring designs and patterns. This is expected to offer rich opportunities to vendors in the global flooring market.
TMR's predicts that the global flooring market is likely to reach 32,450 million square meters in terms of volume by the end of 2026. In terms of value, the market is projected to reach a value of $450 billion over the forecast period 2018 to 2026, expanding at a 6.5% CAGR.
In recent times, the increasing trend in consumer living space design and interiors has led to the expenditure of consumer furnishings such as carpets and other floor coverings that enhance the esthetic appeal of the interior. This transformation is supported by increased levels of consumer incomes, changes in lifestyle and the adoption of various cultures, as far as interior decoration is concerned, which has further led to a growing consumer concern about home decoration and working space.
Recently, Europe introduced the National Energy Efficiency Action Plans (NEEAPs). This aims to attract investments towards the renovation of commercial as well as residential buildings. The growing focus towards home décor, renovation, and remodeling activities are thus playing a key role in influencing the global floorings market.
In order to boost temperature resistance and enhance energy efficiency, sub-rising demands of residential and commercial buildings promote the growth of the flooring market. Industry growth will be driven by technological developments and product innovations to improve performance. An increase in green buildings is anticipated to amplify the demand for lightweight and environmentally friendly floors. The construction industry will be stimulated by strict regulatory codes for sustainable housing, agricultural construction, plumbing, industrial fire safety and workshops. However, ecological restrictions on products, including the use of PVC and laminated floor covering, on account of VOC emissions may hinder growth of the flooring market.
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