The global flooring market demonstrates a fragmented competitive landscape due to the presence of a large pool of players, finds a new study by Transparency Market Research (TMR). The leading companies in this market, such as Mohawk Industries Inc., Shaw Industries Group Inc., Tarkett Group, Boral Ltd., and Armstrong World Industries Inc., are likely to adopt extensive acquisition strategies to become vertically integrated, and in turn, increase their market share in the years to come, states the research study.
According to the research report, the worldwide flooring market was worth US$247.56 bn in 2016. Researchers expect this market to register a healthy rise at a CAGR of 6.40% over the period from 2017 to 2025 and create an opportunity worth US$429.25 bn by the end of the forecast period. Currently, the demand for tiles is higher than other products available in this market. Thanks to the increase in construction activities and the rising emphasis on aesthetics, the scenario is likely to remain same over the forthcoming years, notes the study.
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Flooring Products to Witness High Demand in Residential Sector
The commercial, residential, and the industrial sectors have been considered as the key application areas of flooring components in this research report. The residential sector is reporting a higher demand for flooring materials and is anticipated to remain doing so over the next few years, thanks to growing construction of residential homes in countries, such as China, India, and Brazil, and the increase in re-modelling activities in the U.S. and several parts of Europe.
The growing construction of commercial skyscrapers in various regions is likely to boost the demand for flooring products in the commercial sector in the near future while the demand for these products in industrial sector is expected to be driven by the increasing usage of polymer based resilient flooring to provide an energy absorbing, water, and chemical resistant surface.
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Geographically, the report has segmented the worldwide flooring market into Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. In 2016, Asia Pacific led the global market with a share of more than 42%. Thanks to the growth of the construction industry in various Asian nations, fueled by the high economic growth, the Asia Pacific flooring market is likely to continue its dominance over the period of the forecast. China is likely to surface as the leading domestic market for flooring components in Asia Pacific in the years to come, states the research report.
Rising Urbanization and Industrialization to Influence Demand for Flooring Products
With the increasing disposable income of consumers, the trend of urbanization has gained significant momentum across the world. “The swift rise in urbanization and industrialization, resulting in a substantial increase in construction activities, is having the most prominent impact on the global flooring market,” states the author of this study. The rapid infrastructural developments in developed economies has increased the demand for flooring products remarkably, boosting the overall market.
Over the coming years, the expansion in the building and construction industry in emerging regions is expected to propel this market exponentially. However, the volatility in prices of raw materials may limit the growth of this market in the years to come, reports the study.