The global flooring market is expected to reach USD 326.38 billion by 2020. Growing focus on innovative flooring that is durable in nature is expected to drive 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.
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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.
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Flooring Product Outlook (Volume, Billion Square Feet & Revenue, USD Billion; 2012 – 2020):
Flooring Application Outlook (Volume, Billion Square Feet & Revenue, USD Billion; 2012 – 2020):
Flooring Regional Outlook (Volume, Billion Square Feet & Revenue, USD Billion; 2012 – 2020):
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