CLEVELAND, Feb. 2, 2017 /PRNewswire/ -- Demand for floor coverings in China is forecast to rise 4.0 percent per year to 5.2 billion square meters in 2020, a deceleration from the rate of the 2010-2015 period but still among the fastest in the world. Building construction spending is projected to decelerate significantly from the double-digit annual growth posted between 2010 and 2015, though gains will remain solid, boosting floor covering demand. Motor vehicle production is also expected to post strong growth, further contributing to demand increases. Additionally, rising personal incomes will allow consumers to purchase higher-end floor coverings that were previously unaffordable. These and other trends are presented in Global Flooring Market, 8th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
In 2015, nonresilient flooring (primarily ceramic, wood and laminated) was by far the most popular floor covering in China, accounting for 85 percent of demand. Ceramic tile is the most frequently used floor covering, as it can be produced very inexpensively. Carpets and rugs represented eight percent of floor covering demand in China in 2015, with resilient flooring accounting for the remaining seven percent.
Through 2020, the fastest demand growth in China is expected in nonresilient flooring. Laminate flooring, in particular, is expected to post solid gains due to its low cost compared to many other nonresilient flooring types. Demand for carpets and rugs will post the next fastest growth, benefiting from increasing motor vehicle production in the country. Resilient flooring demand gains will post the slowest, though still strong. These products benefit from their typically lower cost, which makes them an attractive option to many homeowners.
More information about the study is available at http://www.freedoniagroup.com/industry-study/global-flooring-market-by-product-market-and-region-8th-edition-3487.htm
Related studies include:
#3449 World Flat Glass (August 2016)
#3435 World Insulation (July 2016)
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Additional Construction & Building Product Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group