LONDON, July 15, 2015 /PRNewswire/ -- US hard surface flooring demand to rise 6.1% per annum through 2019
Demand for hard surface flooring in the US is forecast to advance 6.1 percent per year to 11.3 billion square feet in 2019, valued at $16.7 billion. Growth will be spurred by increases in building construction expenditures and improvement and repair spending. Gains will also be fueled by interest in hard surface flooring as an alternative to traditional installed car-peting. Consumers such as homeowners and owners and managers of hospitals, hotels, and commercial centers will select hard surface flooring because of its favor-able performance properties, such as durability and low maintenance requirements. Many consumers will choose hard surface flooring because it enhances the appearance and value of their floors.
Vinyl flooring to post most rapid gains in demand
Among all hard surface flooring types, vinyl flooring is expected to post the most rapid gains in demand going forward, driven by the increasing use of luxury vinyl tile (LVT). Consumers in both the residential and nonresidential markets will increasingly install this material due to its glossy surface and its ability to mimic more expensive materials, such as hardwood flooring and decorative tile. Hardwood and decorative tile flooring de-mand will also rise at a strong pace going forward. Hardwood flooring demand will be boosted by aesthetic concerns, while decorative tile demand will be supported by its moderate cost and long lifespan.
Residential market to be fastest growing
The residential market, which accounted for the largest share of hard surface flooring demand in 2014, is expected to see the most rapid growth of all markets through 2019. Gains in housing completions will fuel demand in the new housing segment, while the efforts of homeowners to improve the aesthetics of their houses will support replacement and remodeling demand growth. Advances will also come from consumer interest in utilizing hard surface flooring in rooms -- such as living and dining areas -- where carpeting has predominated over the last few decades. Homeowners will select such materials as hardwood, vinyl, and decorative tile based on their long lifespans and pleasing appearance.
Nonresidential demand for hard surface flooring is projected to rise 5.8 percent annually through 2019. Double-digit annual advances in office and commercial construction will boost demand as more structures such as shopping malls and office buildings -- where hard surface flooring is often specified because of its durability and slip resistance -- are erected. The institutional segment will also support demand as owners and managers of healthcare and educational facilities install hard surface flooring due to its low maintenance qualities and ability to improve indoor air quality.
Domestically produced products to gain on imports
Imports accounted for more than half of all hard surface flooring demand in 2014 and will continue to do so through 2019. Materials such as tile and vinyl flooring are often made in China and other Asian nations with low production costs. However, domestically produced hard surface flooring will take market share through 2019. Rising demand and low energy costs will spur manufacturers of LVT, laminate, and decorative tile to expand existing plants and construct new production plants in the US.
This upcoming Freedonia industry study, Hard Surface Flooring, presents historical demand data (2004, 2009 and 2014) plus forecasts (2019 and 2024) by product and market. The study also considers market environment factors, evaluates company market share and profiles 36 US industry players.
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