Flooring Market –Asia Pacific, with strong demand from China and India flooring market size, was the leading region and was valued over USD 100 billion in 2015.
Flooring market size is estimated to be valued at USD 418.86 billion by 2022, as per a new research report by Global Market Insights, Inc. Innovative solutions in construction coupled with escalating demand for insulation is likely to boost global demand.
Soft coverings market size was the largest revenue generator, and the segment was valued USD 90.75 billion in 2014. It is anticipated to grow at 6.2% CAGR from 2015 to 2022 due to its dust-binding characteristics, noise-reducing effect and offers comfort. Non-resilient flooring market was over 30% of the share in 2014.
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Increasing need in the construction industry has positively impacted consumption. There exist various innovative solutions that are durable and require low maintenance as compared to other conventional materials such as stone, ceramic and wood. As a result, consumers are adopting more cost effective and eco-friendly solutions.
Rise in urbanization along with evolving consumer lifestyles is expected to be a significant opportunity for industry participants. Development of hassle-free installation techniques and availability of innovative construction solutions coupled with growing demand for environmentally sustainable products are among major flooring market trends.
Presently, designers are seeking out eco-friendly materials for their clients; this has led to the development of several environmentally viable choices. Lack of awareness among consumers coupled with environmental concerns is likely to hamper demand over the next six years.
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Key report insights suggest:
Global pleated filters market size was estimated 197.2 million units in 2014 and may register 326.0 million units by 2022 growing with an estimated CAGR of 6.5% from 2015 to 2022.
Industrial applications dominated the overall demand and accounted for 41.9% of the total volume in 2014. Rapid industrialization in emerging economies such as Asia Pacific & Latin America coupled with increasing investments in expansion of cement and power industries is likely to drive demand for this application. Residential applications are likely to witness moderate growth rates at CAGR of 5.7% up to 2022.
Asia Pacific dominated the regional market and accounted for 43.2% of the total volume in 2014 and is likely to witness highest gains up to 2022. Increasing flow of FDIs coupled with stringent regulations to curb air pollution is likely to drive regional demand.
U.S. pleated filters market share is likely to witness moderate growth rate with an estimated CAGR of 3.2% up to 2022.
The market is characterized being highly fragmented with presence of large number of domestic and international industry participants. Key companies include General Motors Company, 3M Company, Midwesco Filter Resources Inc, Donaldson Company Inc., Freudenberg & Company KG, Atlas Copco, Camfil AB and The Strainite companies. The market is also likely to increase the competition by attracting new industry participants.