Albany, N.Y. -- The global flooring market is predicted to grow at a robust rate with CAGR of 6.5% over the forecast period 2018 to 2026, according to an upcoming Transparency Market Research report.
The global flooring market is anticipated to cover 32,450 million square meters by the end of 2026. Simultaneously, the flooring market is expected to reach an estimated value of $450 billion by the end of 2026. The growing trend of renovating and remodeling of old buildings and residential houses are expected to push the global flooring market to expand in the upcoming years.
The global flooring market is segmented into carpets and rugs, wood, vinyl sheets, and tiles, in terms of materials. In this, vinyl is expected to hold a major share in the flooring market due to increasing number of luxury apartments and commercial spaces.
The increasing number of construction projects across the globe is expected to nudge the growth in the global flooring market. Several types of flooring is being used in the construction of buildings, where the application of flooring depends from project to project and according to consumer's choice. This trend will contribute towards the growth in the global flooring market. Often customers prefer either durable or cost efficient flooring. Concrete material is the base for all types of constructions and cost wise it is very economical. This could further lead to expansion of the global flooring market in the future.
There is a growing trend of wooden flooring the new residential construction projects; this may nudge the expansion of flooring market. Ceramic flooring and marble flooring are used in bathrooms and kitchens respectively. Marble floorings are also used in construction of altars and prayer halls in Western and European countries. In the Asian countries, it is used in construction of temples and meditation centers. Thus, these factors could aid in the growth of the global flooring market in future.
The growing construction of retail centers such as departmental stores and malls may also help in the expansion of flooring market. The housing construction and sales in the U.S. market is showing a signs of increase in the future which may further boost the flooring market in coming years.
The VOC (volatile organic compounds) used in raw materials of flooring is expected to restrain the global flooring market during the forecast period. However, swift industrialization across the globe is expected to lead the flooring market to expand.
Asia Pacific is foreseen as an impressive and dominant region in the global flooring market during the forecast period. The growth is mainly due to swift industrialization and urbanization and rising number of building constructions in residential, commercial and industrial sectors. Huge populations are moving towards cities, creating demand for residential buildings. Moreover, with rising population there's a need for better infrastructure and educational systems, thus, mass construction of roads, school, and colleges are expected to pave the way for flooring market.
The North America and Europe is also expected to witness a healthy growth for carpets and rugs due to the climatic conditions of this region.
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