Transparency Market Research states that the global flooring market is likely to be worth US$429.25 bn by the end of 2025 from US$247.56 bn in 2016. The phenomenal growth of the global market at a CAGR of 6.40% will be attributable to the wide range of products in the market.
The global flooring market is witnessing a spike in revenues as growing number of consumers are investing in home improvement and renovation projects. Additionally, ongoing new constructions are also expected to fuel the growth of the global flooring market. The overall market is expected to report excellent profits in the near future as economies across the globe are limping back to normalcy.
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What are the key growth drivers for the global flooring market?
The growing disposable incomes, rapid urbanization, and the availability of better quality of products are expected to be the key growth drivers for the global flooring market in the coming years. All of these factors have had a serious impact on the construction industry, raising demand for homes as urban dwellers swell in numbers. Additionally, the unstoppable rate of industrialization has also led to rise in construction activities, thereby adding to the gamut of opportunities for the global flooring market.
How will the residential sector lead the global flooring market?
The global flooring market caters to the demand of industrial, residential, and commercial sectors. Of these, the residential sector is anticipated to lead the pack as the demand for new homes as well as revamping the old ones continues to high. Emerging economies of India, China, and Brazil are expected to make generous contributions to upcoming residential projects. On the other hand, developed regions such as North America and Europe will show consistent demand for flooring options for the purpose of remodeling. Analysts also expect that the rapid pace of infrastructural developments will also play an instrumental role in deciding the course of the global flooring market over the forecast period.
Will Asia Pacific continue its dominance in the global flooring market?
Asia Pacific held a share of more than 42% in the global flooring market in 2016. In the coming years, the region is expected to maintain its dominance as the construction industry experiences a spurt of growth in the coming years. The rising disposable incomes, growing number of home buyers, and need to restore older floorings in the developing countries of India and China are expected to keep the Asia Pacific flooring market at the forefront in the global scenario.
The global flooring market shows a severely fragmented competitive landscape due to presence of several players. Some of the leading players in the global flooring market are Tarkett Group, Shaw Industries Group Inc., Boral Ltd., Armstrong World Industries Inc., and Mohawk Industries Inc. These companies are expected to take up mergers and acquisitions on a war footing for expanding businesses in the coming years.