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Breaking Flooring NewsFloor CoveringsBusiness Insights

Flooring Market Growing At 6.5 % CAGR To Reach $450 Billion By 2024

GMI-logo-NEW
October 9, 2019

The global flooring market size is estimated to exceed $450 billion by 2024, according to a research report from Global Market Insights.

Shifting focus on infrastructure development on residential, commercial, hospitality, sports, and healthcare industries will drive 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 also propel the industry growth. Global construction spending is anticipated to reach $16 trillion by 2024. China leads the global infrastructure development with over $2 trillion by 2024.

LVT will witness a CAGR over 6% up to 2024. Improved comfort, resilience, environmental safety and ease of installation are the key properties fueling LVT product penetration. Also, a wide range of products will open lucrative opportunities for business growth.

Global flooring market share was led by soft coverings, accounting for over 35% in 2016. Rising demand for carpet and rugs particularly in housing and offices will continue to drive demand. Reduced noise and dust binding are the key properties stimulating the product's scope.

The Industrial segment is expected to surpass $20 billion by 2024. Shifting manufacturer preference towards products that can endure heavy duty operations will support the industry demand. There is rising demand from chemical, automotive, food, manufacturing and transportation industries, looking for abrasion and impact resistance.

Residential applications will witness growth over 5.5% up to 2024. Recovery of the 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.

The Europe flooring market was valued at over $70 billion in 2016. Increased construction output along with rising demand for green buildings are key driving factors of industry growth. Economic development accompanied by inclination towards tourism development will drive regional demand. The Asia-Pacific flooring market was worth more than $110 billion in 2016. A growing population has enhanced the demand for residential construction, particularly in China and India. Increases in manufacturing facilities due to socio-economic benefits will also propel the product demand for industrial applications.

The 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.

Global industry share holders include: Mohawk Industries, Tarkett, Shaw Floors, Armstrong, Mannington Mills and Marazzi Group. However, the presence of a large number of regional manufacturers keeps the global industry share fragmented.

For more information, visit www.gminsights.com.

KEYWORDS: Luxury Vinyl Plank and Tile market trends

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You must login or register in order to post a comment.

Tariffs - Impacting our growing market?

William Brown
October 10, 2019
@F2CWest has had to make many changes to our business model as a result of the imposed tariffs on flooring products from China but our business continues to grow significantly in 2019. Of course there is a financial impact that cannot be understated with our costs higher and pricing contracts in force we have been operating with lower margins but that is something out as new or renewing agreements are adjusted. Additionally we have to make adjustments to inventories, lowering some quantities and moving some items to "special order" status. Having said this our business continues to grow and we see nothing on the horizon to change this. Why? First of all we don't sell products, we deliver outcomes. May sound like a tag line but our clients, primarily designers, architects and contractors look to us as independent consultants who support their efforts to deliver to their clients. Yes, price is always a consideration but changes we have had to make to mitigate tariff impact have now taken tariffs out of the discussion. The bottom line, figuratively and financially is that in spite of the tariffs we too see our industry to continue to grow creating opportunities for everyone from boutique organizations like ours to the big box stores.

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