Commercial Flooring Market: Overview
The growth of commercial flooring market is directly depending upon the growth of construction industry. The construction industry is flourishing for the past few decades owing to increasing per capita income and swiftly changing people’s lifestyles. Additionally, increasing demand for more isolated homes and offices is propelling growth of the global commercial flooring market. In addition, product innovation, which reduces hassle during installation, is fuelling further adoption of commercial floorings and inducing growth of the overall market.
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Commercial Flooring Market: Competitive Analysis
The key players in the global commercial flooring market include LG Hausys, Hanwha, Flowcrete, Tkflor, James Halstead, Nora, China National Building Material Co. Ltd., Novalis, Tajima, NOX Corporation, Milliken Floor Covering, and Toli flooring.
The market reflects a highly fragmented nature owing to the presence of a large number of players. In order to survive in the market, the players are constantly trying to offer innovative products. Moreover, the players are offering online services such as advanced catalogs and virtual assistants to attract consumers. The majority of players in the market are offering a broad range of products and solutions, to cater to a larger audience. Some of the players including Flowcrete, Changzhou Liberty Diseno New Material Co., Ltd., and Congoleum Corporation are offering solutions, especially for the education sector.
Further, the players are focusing on upgrading the quality of materials and replacing the conventional material with improved ones. Also, these players are looking for acquisitions and collaborations to increase customer reach.
Commercial Flooring Market: Market Dynamics
The key factor inducing government spending on infrastructural advancements especially in non-private structures. Additionally, increasing per capita income coupled with development in countries such as India, Taiwan, and Mexico is estimated to propel the commercial floorings market. This factor is likely to induce market growth in the coming years as well.
Increasing adoption of green buildings is one of the opportunities traced by key players than the construction with traditional building practices. These are practical structures, which reduce consumption of energy by 33%, which leads to lesser the general burdens incited on metal structures, and are equipped for improved indoor air quality guidelines.
Furthermore, the development of economic structures is increasing demand for lightweight and delicate floor covers, including wood, fired tiles, and rugs that limit the emission of VOC content, have great warm protection and give acoustic solace. These factors are accounting further in the adoption of commercial flooring and benefiting the market in terms of growth and revenue.
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Commercial Flooring Market: Regional Analysis
The commercial flooring market is segmented on the basis of region into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The market in Asia Pacific is estimated to hold a significant share in the global commercial flooring market and is expected to remain the fastest-growing region over the forecast period. This growth of the region is primarily attributed to developing infrastructure facilities coupled with the flourishing real-estate industry in China and India. Additionally, increased demand for non-residential building spaces from past decades in the region is estimated to account for the growth of the global commercial flooring market.
North America and Europe are estimated to hold a substantial share in the overall commercial flooring market owing to the increasing adoption of green buildings and increasing consumption of eco-friendly and lightweight materials in floor coverings.
The existence of stringent VOC regulations and government-defined policies over the use of materials in both regions are contributing to the growth of the commercial flooring market. In addition, the growing commercial construction sector, development of the hospitality industry, and upcoming infrastructure projects are the major growth drivers of the market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.