Flooring Market Size To Display Significant Growth Of USD 326.38 Billion By 2020: Grand View Research, Inc.
According to a report, “Flooring Market Analysis By Product (Soft Coverings, Resilient Flooring, Non-Resilient Flooring, Seamless Flooring), By Application (Residential, Commercial, Industrial) And Segment Forecasts To 2020”, published by Grand View Research, Inc., The global flooring market is expected to reach USD 326.38 billion by 2020. 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.
Key Takeaways from the report:
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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.
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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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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.
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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.
Global flooring market, by product, (Billion Square Feet), 2012 – 2020
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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.
Grand View Research has segmented the global flooring market on the basis of product, application and region:
Flooring Product Outlook (Volume, Billion Square Feet & Revenue, USD Billion; 2012 – 2020)
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Soft Coverings
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Resilient Flooring
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Non-Resilient Flooring
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Seamless Flooring
Flooring Application Outlook (Volume, Billion Square Feet & Revenue, USD Billion; 2012 – 2020)
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Residential
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Commercial
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Industrial
Flooring Regional Outlook (Volume, Billion Square Feet & Revenue, USD Billion; 2012 – 2020)
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North America
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Europe
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Asia Pacific
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RoW
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
For more information: www.grandviewresearch.com
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