The researcher projects that the flooring market will grow from USD 339.29 Billion in 2018 to USD 447.74 Billion by 2023, at an estimated CAGR of 5.7%.
Increase in renovation & remodeling activities, rapid urbanization, and increase in investments in the construction industry drive the growth of the flooring market. The residential segment is projected to account for a larger share through 2023. Growing focus toward interior decoration and comfort, coupled with rising disposable income of people are expected to drive the demand for flooring in the residential industry.
The segmentation for this report is based on type, by material, end-use industry, and region. The non-residential industry is projected to be the faster-growing segment in the flooring market. In this sector, the demand for flooring is expected to be driven by higher spending on office spaces and other commercial & institutional constructions and greater focus toward employee comfort. Floors of non-residential buildings need to withstand heavy foot traffic and heavy furniture load.
On the basis of type, by material, the market has been segmented into carpets & rugs, resilient, and non-resilient. Each flooring type differs from each other on the basis of their material properties. In 2017, the non-resilient flooring segment accounted for the largest market share in the flooring market.
Non-resilient flooring includes ceramic tiles, wood, laminate, stone, marble, bamboo, and terrazzo. Due to their high durability, water-resistance, low maintenance, and reliability, non-resilient floors have become the top flooring solution for high traffic areas such as shopping malls and corporate centers. Furthermore, they find applications in healthcare centers, government offices, and sports institutes where expected footfall is high, as well as in residential buildings.
The ceramic tiles segment dominated the market in 2017, in terms of volume, as a result of its cost-effectiveness, water & stain resistance, durability, and environment-friendly properties. The vinyl segment is projected to grow at the highest CAGR during the forecast period; this is attributed to its low cost, low maintenance, and easy installation.
Asia Pacific dominated the market for flooring in 2017, in terms of value. China contributes a major share to the Asia Pacific flooring market. The increasing number of new housing units, increase in population, and significant investments in the infrastructural sector are driving the demand for flooring materials in the region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Flooring Market 4.2 Flooring Type Market, By Material 4.3 Flooring Market, By Type 4.4 Flooring Market, By End-Use Industry 4.6 Flooring Market, By Country & Type 4.7 Flooring Market: Geographic Snapshot
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 184.108.40.206 Rise in Population & Rapid Urbanization 220.127.116.11 Increase in Investments in the Construction Industry 18.104.22.168 Rise in the Number of Renovation & Remodeling Activities 22.214.171.124 Rapid Industrialization 5.2.2 Restraints 126.96.36.199 Volatile Raw Material Prices 188.8.131.52 Rise in Health and Environmental Concerns 5.2.3 Opportunities 184.108.40.206 Growth of the Organized Retail Sector 220.127.116.11 Rise in Demand From Emerging Economies 5.2.4 Challenges 18.104.22.168 Disposal of Waste
6 Industry Trends 6.1 Introduction 6.2 Porter's Five Forces Analysis 6.3 Macroeconomic Indicators 6.3.1 Introduction 6.3.2 Trends and Forecast of GDP 6.3.3 Contribution of the Construction Industry to the GDP, By Country 6.3.4 Ceramic Tiles Production Across Regions (Million Square Meter)
7 Flooring Type Market, By Material 7.1 Introduction 7.2 Resilient Flooring 7.2.1 Vinyl 7.2.2 Others (Cork, Linoleum, Rubber, and Resin) 7.3 Non-Resilient Flooring 7.3.1 Ceramic Tiles 7.3.2 Wood 7.3.3 Laminate 7.3.4 Stone 7.3.5 Others (Bamboo, Terrazzo) 7.4 Soft Floor Covering/Carpets & Rugs
8 Flooring Market, By End-Use Industry 8.1 Introduction 8.2 Residential 8.3 Non-Residential