Wellesley, Mass, Feb. 08, 2017 (GLOBE NEWSWIRE) -- The commercial flooring industry continues to evolve and undergo innovation as it meets market needs and demands. BCC Research reveals in its new report that company expansions, increased manufacturing options, and more product and line extensions are driving modest market growth.
The North American commercial flooring industry is expected to reach $26.8 billion by 2021, up from $21.5 billion in 2016, demonstrating a five-year compound annual growth rate (CAGR) of 4.5%. The West region, the largest market, should reach $6.8 billion and $8.6 billion in 2016 and 2021, respectively, growing at a five-year CAGR of 4.7%. The Southeast region, the fastest-growing market, should total $6.0 billion in 2021, up from $4.6 billion in 2016, with a five-year CAGR of 5.4%.
The commercial flooring market is a $20.4 billion industry in North America that defines the livelihood of nearly 6,300 commercial flooring contractors, almost 73,000 manufacturing employees, and countless distributors. Although last decade's economic downturn hit the industry hard, it should continue a healthy growth trend during the forecast period.
In the commercial sector, carpet, vinyl, and ceramic tile should account for over 80% of the flooring market, with carpet at 41.2%, other resilient at 3.1% and ceramic tile at 8.2% in 2016. In 2016, hardwood flooring held a 5.5% share of the commercial flooring market.
Due to recent growth signs in the economy, particularly in North America, many companies have embarked on several initiatives to capitalize on current growth trends and future expectations. These include company expansions, increased manufacturing options—including adding new U.S. facilities—and product and line extensions, all the while hoping to capitalize on the growing popularity of resilient flooring products.
Despite the continued increase in the price of raw materials, demand continues for increasingly popular hardwood flooring products. With new commercial and residential construction showing signs of rebounding, hardwood flooring remains a strong choice for a variety of commercial environments and applications. New surface technologies have dramatically improved hardwood durability, which is spurring overall market demand.
"Increased spending in the construction sector is a major factor driving the laminate flooring market, which, in turn, is driving the commercial and residential flooring markets," says BCC Research analyst Lisa Marshall. "North America held a share of almost 25% in 2015 in the area of construction spending. The significant presence of the construction sector and the estimated growth in this sector are projected to boost the North American laminate flooring market."
Commercial Flooring: North American Markets (AVM111B) analyzes the Information on different product and technology types such as carpet, ceramic tile, hardwood, laminates, stone, vinyl and resilient flooring. The report also examines product developments and material and technology enhancements as well as a detailed look at the various distribution channels and their dynamics. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
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