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