Flooring Market Size Worth $584.14 Billion By 2027 Owing To Increasing Construction Projects Across The Globe | Grand View Research, Inc.

January 13 09:32 2021
Flooring Market Size Worth $584.14 Billion By 2027 Owing To Increasing Construction Projects Across The Globe | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a report published by Grand View Research, the increasing need for aesthetic interior materials in building structures is projected to drive the market growth.

The global flooring market size is expected to reach USD 584.14 billion by 2027, expanding at a CAGR of 5.9%. Increasing construction projects across the globe coupled with a rising number of building renovation activities for old residential and commercial structures are likely to support the growth. Preferences for flooring vary across the globe. For instance, non-resilient flooring is widely accepted in the Asia Pacific and Middle East, and Africa. Comparatively cold regions such as North America and Europe, on the other hand, prefer soft covering floors, such as carpets and resilient materials to resist the effect of temperature.

Commercial availability of flooring products coupled with the introduction of new designs and dimensions in flooring components has propelled the market. Technological advancements have helped the manufacturers introduce innovative products with custom colors, designs, and dimensions. This factor is likely to propel the demand in the forthcoming years.

Leading players in the flooring market engage in providing optimum solutions for building structures. Specialized flooring components are introduced by the players to cater to specific buildings structures in residential, commercial, and industrial applications. A few market players have introduced products made of recycled materials, considering environmental concerns.

Flooring Market Report Highlights

  1. On the basis of product, soft covering flooring accounted for the revenue of USD 47.5 billion in 2019 and is anticipated to accelerate at a CAGR of 4.9% over the forecast period.

  2. Resilient flooring is expected to ascend at the fastest CAGR of 5.4% over the forecast period, on account of the wide acceptance of performance floorings including luxury vinyl tiles and vinyl floor tiles.

  3. The commercial application segment dominated the market in 2019 and is anticipated to continue its dominance over the forecast period. The rise in construction projects for office spaces, hospitals, healthcare facilities, educational institutes across the globe is projected to boost market growth in the coming years.

  4. Residential buildings including single-family and multi-family houses accounted for the revenue share of 54.3% in 2019 and are expected to expand at a CAGR of 5.7% during the projected period.

  5. In the Asia Pacific, the revenue for non-resilient flooring stood at USD 17.02 billion in 2019 and is projected to upscale in the estimated period owing to the wide acceptance of ceramic and natural stone flooring.

  6. In North America, soft covering accounted for the largest market share of 36.4% in 2019, owing to the high thermal resistance, easy maintenance, and superior comfort offered by the product.

  7. Europe contributed to 17.1% of the overall product consumption in 2019 and is anticipated to expand at a CAGR of 5.4% in the forthcoming years.

  8. The development of advanced and eco-friendly products, aggressive pricing strategies, and marketing management are the other factors considered by the players to compete in the market.

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Flooring Market Segmentation

Grand View Research has segmented the global flooring market on the basis of product, application, and region:

Flooring Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 – 2027)

  • Soft Covering

  • Resilient Flooring

  • Non-resilient Flooring

  • Seamless Flooring

Flooring Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 – 2027)

  • Residential

  • Commercial

  • Industrial

Flooring Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • Spain

    • Italy

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

  • Central & South America (CSA)

    • Brazil

    • Argentina

  • Middle East & Africa (MEA)

    • Saudi Arabia

    • UAE

List of Key Players of Flooring Market
• Tarkett S.A.
• Mohawk Industries, Inc.
• Forbo Flooring
• RAK Ceramics
• Shaw Industries, Inc.
• Interface.

Have Any Query? Ask Our Experts for More Details on Reporthttps://www.grandviewresearch.com/inquiry/616/ibb

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Engineered Stone Market – Rising demand for aesthetically pleasing and durable alternatives to natural stones coupled with growing utilization of green buildings materials is projected to drive the market growth.

Soft Covering Flooring Market – Rising demand for carpet tiles on account of availability in a range of colors, patterns, and textures is expected to drive the growth.

About Grand View Research

Grand View Research is a market research and consulting company based in the State of California with headquarters in San Francisco. The company offers consulting services tailored for business organizations to assist them with understanding and exploring their potential on a large scale. At the same time, Grand View Research caters to the individual research needs to provide a customized research service. 

Grand View Research is fully committed to offering the best research services in the Industry. Our dedicated team of experienced analysts offers the full capability and potential to precisely understand your research needs.

 

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