Growing focus on innovative flooring that is durable in nature is expected to drive flooring market growth through the forecast period. Increased insulation demand is also expected to give impetus to the market over the next six years.
The market is characterized by changing customer preferences, with considerable rise in home improvement and renovation projects. Development of hassle-free installation techniques and coupled with growing demand for environmentally sustainable products is also expected to contribute to industry growth. Environmental and health-related concerns regarding various flooring solutions may pose a challenge to industry participants.
Innovations and new trends in floor designs and construction solutions have extensively driven the flooring market. The market is highly competitive with numerous players offering an array of flooring solutions across residential, commercial, industrial and other application segments. The floor covering industry is being inundated by new technology developments and styling trends. In recent times, end users have been deviating from traditional flooring solutions to more cost effective and eco-friendly flooring materials such as cork, linoleum, bamboo, glass, Polyester (P.E.T) Berber, rubber and reclaimed hardwood. Additionally, surging demand in the construction industry along with changing consumer lifestyles and growing demand for insulation are expected to be the key market drivers. Availability of innovative construction solutions that are durable and require low maintenance is expected to impact the market favorably. However, a major determinant for the success of flooring solutions is consumer awareness and willingness of using the product. Besides, perceived complexity with regards to installation of flooring solutions, they are viewed as expensive and luxurious, which could pose a challenge to the market. Increasing concern over environmental impact is expected to significantly affect the textile flooring market. For instance, carpets are treated with toxic chemicals to repel moisture and soil and for mothproofing, which may cause several health issues.
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Further key findings from the study suggest:
- Global flooring market demand was estimated at 161.19 billion square feet in 2013, and is expected to reach 240.10 billion square feet by 2020, growing at a CAGR of 5.9% from 2014 to 2020.
- Soft coverings dominated flooring demand and accounted for over 35% of the overall market volume in 2013. Resilient flooring market is expected to witness substantial growth over the next six years, since it offers benefits such as cost effectiveness, easy installation and low maintenance. Increased demand for antimicrobial and antibacterial flooring is expected to favorably impact resilient flooring demand.
- Residential segment was the largest application area in 2013 and accounted for over 50% of the market volume. Owing to growing demand across the construction industry and increased home improvement and renovation projects, the market for flooring products in residential applications is expected to witness growth over the forecast period.
- Asia Pacific accounted for over 45% of the global demand in 2013, and is expected to continue dominating the market over the next six years. This can be attributed to increased demand for residential and non-residential building spaces due to population growth and urbanization.
- Key industry participants include Shaw Industries, Mohawk Industries, Interface, Inc., Mannington Mills, Armstrong, etc. Developing a vertically integrated infrastructure is expected to be a critical success factor for gaining market share. As a result, mergers and acquisitions, coupled with meeting consumer preferences through product differentiation have been among the key strategies adopted.
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