Albany, New York, Nov. 14, 2017 (GLOBE NEWSWIRE) -- The global flooring market is highly fragmented with a large number of active players in the market. Key companies in the market are Armstrong World Industries, Shaw Industries Group Inc., Boral Ltd., Mohawk Industries Inc., and Tarkett Group. Larger players in the market are making use of aggressive expansion strategies as compared to smaller players so as to enhance their vertical integration, states of Transparency Market Research (TMR) in its latest research report.
According to TMR, the global flooring market is anticipated to rise from US$247.56 bn in 2016 to US$429.25 bn by 2025 expanding at a healthy CAGR of 6.40% from 2017 to 2025. On the basis of product, the tile segment is anticipated to witness the highest demand. By geography, Asia Pacific led the market in 2016 accounting for 42% of the total market value. The main factor behind the growth of the Asia Pacific flooring market is the high economic growth rate and booming construction industry. According to the report China is likely to emerge as the leading domestic market in Asia Pacific for flooring components.
Demand for Flooring High from Commercial Sector
On the basis of application, the market is expected to be led by the commercial sector in the coming years an account of the growing demand for these products across regions for commercial skyscraper construction. The industrial sector is also anticipated to witness a high demand for flooring on account of the high use of polymer based resilient flooring in this sector so as to provide energy absorbing, chemical and water resistant surface. Tiles are highly in demand from the residential sector. The staggering rise in construction activities will boost the growth of the market. While developing nations such as China, India, and Brazil are witnessing high rates of new construction activities, developed nations in Europe and North America will witness a surge in remodeling activities. Both of this will fuel the growth of the global flooring market.
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Trend among Consumers to Buy Aesthetically Appealing Products to Bode Well for Market
According to the lead author of TMR, “the increasing disposable income and expenditure of consumers towards purchasing better quality products is anticipated to fuel the growth of the global flooring market.” Growing trend among consumers to buy aesthetically appealing products will also fuel the growth of the market. Surge in urbanization has also aided the growth of the market. Booming industrialization has created a significant momentum in the demand for tiles and other flooring across the globe and especially in emerging economies of Asia Pacific. The flourishing construction industry in emerging nations will continue to remain the key factor fuelling the growth of the following market.
Fluctuation in Price of Oil to Pose a Challenge
The lead TMR analyst advises key players in the market to beware of the volatile nature of the prices of raw materials as this may act as a growth deterrent. Raw materials that are required for flooring are derived from crude oil by-products and other sources, the prices of which continue to fluctuate.
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