Innovations in the construction industry, increasing urbanization, and the changing consumer lifestyle coupled with the rising demand for insulation is predicted to boost the flooring market growth over the coming years. Development of hassle-free installation techniques along with enhanced use of cost-effective, aesthetically pleasing, durable, and ecofriendly flooring products by consumers are expected to fuel the industry trends. In addition to this, the increase in the number of home renovation projects is anticipated to be a key market driver over the coming years. As per Global Market Insights Inc., “global flooring market size is predicted to exceed USD 400 billion by 2022, growing at a CAGR of 6.8% over the period of 2015-2022.”
Flooring solutions are used in commercial, industrial, and residential applications. Residential sector is estimated to be dominant over the coming years with revenue estimation of USD 220 billion by 2022. Heavy demand from the construction industry coupled with growing number of home renovation projects is likely to spur the flooring market share in the residential sector.
Flooring demand in commercial sector is projected to witness a CAGR of 6.5% over 2015-2022. Furthermore, flooring in industrial applications worth USD 12 billion in 2014, is estimated to exceed USD 20 billion by 2022.
China flooring market size by product, 2012-2022 (USD Billion)
Amongst the various kinds of floorings available in global industry, resilient flooring market worth USD 60 billion in 2014, is expected to be a rapidly growing product segment with a CAGR estimation of 7.5% over the period of 2015-2022. The fast growth of this segment can be attributed to the factors like cost-effectiveness, waterproofing property, durability, and low maintenance cost.
The soft coverings flooring market worth USD 90 billion in 2014 was the largest revenue contributor and is forecast to touch USD 150 billion mark by 2022. Its growth can be credited to its dust-binding properties and noise-reducing effects. These products act as the best insulators, offering comfort and pleasing aesthetics to the end-users. The non-resilient flooring market contributed over 30% of the overall industry share in 2014.
The Asia Pacific flooring market size worth USD 100 billion in 2015 dominated the industry growth and is estimated to touch USD 180 billion mark by 2022. Factors such as growing industrialization, consumer lifestyle changes, new & key developments in real-estate industry, expanding construction industry, and improvement in infrastructure facilities are few of the factors projected to contribute towards the regional growth. India and China are predicted to be the major revenue pockets.
The North America flooring market share worth USD 40 billion in 2014, is expected to reach USD 69 billion mark by 2022 owing to the recovery in the housing industry which has the positive impact on the regional growth.
Key industry participants include Shaw Industries, Pergo, Armstrong World Industries, Polyfor Ltd, Mohawk Industries, Congoleum Corporation, Beaulieu Flooring America, and Mannington Mills Inc.
Written By : Dhananjay Punekar