SAN FRANCISCO, March 17, 2020 /PRNewswire/ -- The global flooring market size is expected to reach USD 584.14 billion by 2027, expanding at a CAGR of 5.9%, according to a new report published by Grand View Research Inc. 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.
Key suggestions from the report:
- Resilient flooring is expected to ascend at the fastest CAGR 5.4% over the forecast period, on account of the wide acceptance of performance floorings including luxury vinyl tiles and vinyl floor tiles
- In 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
- 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
- In 2019, the commercial segment accounted for 35.7% of market share and is likely to expand at CAGR of 6.0% over the forecast period, owing to a rise in construction of commercial building structures globally
- The demand for flooring in the U.S. residential construction sector is expected to grow on account of increasing single-family constructions and renovation activities
- Prominent market players including Tarkett S.A. and Mohawk are targeting the acquisitions of smaller players to enhance their product portfolio and to gain greater market share on global scale
Read 120 page research report with ToC on "Flooring Market Size, Share & Trends Analysis Report By Product (Soft Coverings, Resilient, Non-Resilient), By Application (Residential, Non-residential), By Region, And Segment Forecast, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/flooring-market-analysis
Preferences for flooring vary across the globe. For instance, non-resilient flooring is widely accepted in 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 introduction of new design 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.
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)
- Flooring Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Central & South America (CSA)
- Middle East & Africa (MEA)
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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