SELBYVILLE , Delaware, Sept. 9, 2019 /PRNewswire/ -- Global Market Insights, Inc., announces a report on 'Flooring Market 2017-2024 Trends & Forecast'. The study delivers a detailed analysis of the product, application, and regional spectrums of this industry. The global flooring industry is expected to cross $450 billion by 2024.
Global flooring market size is poised to witness immense traction over the foreseeable timeline owing to higher spending on private infrastructure across developed countries. Growth in the construction industry in Asia-Pacific (APAC) due to rapid urbanization will boost the product demand, while evolving consumer lifestyles and surging disposable income will create new opportunities for flooring material suppliers.
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The emergence of eco-friendly alternatives coupled with surging consumption for energy-efficient insulation materials will stimulate developments in flooring solutions. Stringent government regulations along with financial support, particularly for residential construction, is anticipated to propel the product outlook. Favorable norms for sustainable infrastructure and industrial safety particularly in developed economies notably drive global flooring industry trends.
Enhanced living standards along with growing inclination towards customized floor designs will positively impact the applications scope. Improved comfort, durability, ease of cleaning and water-resistance are key factors driving product adoption. Increased focus on floor protection particularly in commercial and industrial infrastructure will further complement the industry landscape in the near future.
Soft coverings segment constituted around 35% of global flooring market share in 2016.
Escalating product demand for rugs and carpets particularly in housing and modern office buildings, owing to properties such as dust binding and reduced noising effect, is fueling the deployment of soft floor coverings.
LVT flooring industry is estimated to register more than 6% CAGR by 2024, which can be attributed to an extensive range of products available for consumers.
Improved comfort, easy designing, ease of installation and environmental safety are key characteristics that will open up lucrative opportunities for the product suppliers.
Global flooring market share from commercial applications is projected to witness gains at over 4.5% by 2024 on account of robust growth in hospitality industry and increasing product adoption in new commercial buildings.
Budding population due to rapid urbanization coupled with changing preferences to help lower environmental impacts have bolstered the demand for high-performance flowing products.
Industrial segment is estimated to account for over USD 20 billion of global flooring industry size by 2024, due to shifting manufacturer preference towards more durable products suitable for heavy-duty operations.
Browse key industry insights spread across 410 pages with 404 market data tables & 25 charts & figures from the report, "Flooring Market Size" in detail along with the table of contents:
Burgeoning demand from automotive, chemical, food & beverage, transportation and manufacturing industries on account of advantages such as impact resistance and abrasion will reinforce flooring market forecast.
Rapidly growing population in Asian countries has fueled the demand for residential construction projects, particularly in India and China. Shifting government focus towards infrastructure development coupled with advancing real estate industry will drive the regional trends. Rising manufacturing activities owing to the need for driving socio-economic benefits will boost expansion of industrial and commercial businesses.
APAC flooring market was valued at over USD 110 billion in 2016 and is anticipated to witness considerable growth in the coming years.
Continuous investment in the construction of schools and hospitals is primarily driving the U.S. construction sector. Positive demographic trends have propelled the demand for new school buildings. Increased spending on restoration of older structures along with regulatory compliance on safety and protection of these buildings will drive the regional demand. North America flooring market is estimated to witness remarkable gains over the projected timeframe.
Increasing number of green building construction projects will fuel the demand for eco-friendly and lightweight floor coverings. Inclination towards tourism development accompanied by economic boom is anticipated to stimulate the consumption of flooring products in regions like Europe. Stringent regulations to ensure sustainable housing, better plumbing, agricultural construction and industrial fire safety will bolster European market forecast.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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