WELLESLEY, Mass., June 14, 2017 (GLOBE NEWSWIRE) --
New home construction and renovation of existing stock are two reasons for a steady expansion of domestic North American flooring production and sales, according to a new report by BCC Research. Overall sales growth is predicted to grow the market from $14.8 billion in 2016 to more than $18.4 billion by 2021.
Carpet is expected to remain the top-selling segment of the flooring market, and this report explores the impact of hardwood, stone, vinyl, ceramic tile and laminate products. Manufacturing and retail channels serving this industry are examined for their roles in the industry growth.
Retailers include specialty merchants, home improvement chains such as Menard’s and The Home Depot, plus Costco and other warehouse outlets. Home furnishing and general merchandise sellers along with online or electronic retailers, including National Floors Direct.
Research Highlights
- Industry-wide, nearly 95,000 U.S. jobs are connected to flooring including installers, manufacturing and distribution roles.
- Home renovation alone is seen adding a nearly 5% CAGR to the industry through 2021, though headwinds range from waste disposal to trade policies on lumber and hardwood costs.
- S. west and southwest are the two largest and fastest-growing regions.
“Consumers are looking for lifestyle enhancement and home improvement or relocation is a big factor in the U.S. economy. The industry has made some significant changes since the economic recession a decade ago – from customer service to financing and brand awareness," says Kevin Fitzgerald, BCC Research editorial director. "Hardwood remains very popular for strength, aesthetics and acoustics. It’s both a premium product and a traditional choice.”
Market and Trade Issues
Regulations on lumber imports, increasing costs for both chemicals and manmade flooring are some of the factors affecting production, sale, installation and replacement of residential flooring. Local economics also plays a role in as do housing sales, rental markets and disposal rules. Wood products may be less profitable than other flooring options, but continues to increase sales.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.