The global flooring market is highly concentrated in nature with a few players holding a dominant share in the overall market, states a research report by Transparency Market Research (TMR). The leading players in the market, namely Tarkett Group, Avant Holding GmbH, Gerflor Group, Mohawk Industries Inc., and Armstrong World Industries, are making notable efforts to expand their product portfolio and reach a large number of consumers across the globe.
The need for high initial capital investment is one of the key challenges faced by new entrants. In addition, the emergence of cost-effective and eco-friendly substitutes are expected to pose a high threat for the leading players. Nevertheless, the rising number of mergers and the acquisition of small-scale players by prominent players is likely to offer promising opportunities in the coming years.
According to the research study by TMR, in 2015, the global flooring market was valued at US$228.21 bn and is expected to reach a value of US$391.38 bn by the end of 2023. The market is estimated to register a 7.0% CAGR between 2015 and 2023.
Rising Construction Activities to Bolster Asia Pacific Flooring Market
From a geographical viewpoint, Asia Pacific is expected to lead the global flooring market and account for a share of 43.30% by the end of 2023. The high growth of this region can be attributed to the increasing number of building and construction activities, especially in India and China. In addition, the swift rate of commercialization is projected to generate potential opportunities for the flooring market in this region. North America is projected to remain in the second position, owing to the presence of a large number of construction industries in this region.
Among the key application areas, the residential segment is expected to lead the global flooring market, thanks to the increasing construction activities in developed as well as developing countries. This segment is estimated to account for a share of 56.80% in the global flooring market by the end of 2023. In addition, the rising number of replacement, remodeling, and repair activities are anticipated to contribute extensively towards the development of this segment throughout the forecast period, says a TMR analyst.
Robust Urbanization to Generate Promising Opportunities for Market Players
The high rate of urbanization and the developing construction industry worldwide are some of the key factors projected to fuel the global flooring market in the forecast period. A substantial contribution from residential and commercial sectors are supplementing the growth of the overall market. In addition, the rising productivity of the automotive industry and the flourishing shipbuilding industry are some of the other factors driving the demand for flooring materials across the globe.
Furthermore, the rising focus on home décor and the improving lifestyle of consumers are estimated to indirectly augment the global flooring market in the coming years. Moreover, the rising disposable income of consumers, especially in developing nations, is likely to encourage the growth of the market.
Rising Raw Material Prices to Curtail Growth of Global Flooring Market
Flooring waste disposal and the rising raw material and transportation prices are estimated to restrict the growth of the global flooring market in the next few years, the lead analyst points out. Additionally, the rising competition among key players is likely to act as a key challenge to the growth of the overall market. Nevertheless, the rising demand for recycled flooring materials, the use of different materials for flooring, and the growing investments in high-rise buildings are anticipated to offer several lucrative opportunities for market players.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Flooring Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023.”
The global flooring market has been segmented as below:
Global Flooring Market, by Product Type
- Carpets and Rugs
- Vinyl and Rubber Flooring
- Wood Flooring
- Others (Including Laminate Flooring)
Global Flooring Market, by Application
- Others (including industrial and automotive)
Global Flooring Market, by Geography
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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