What is the Commercial Flooring Market size?
The global commercial flooring market is expected to reach approximately USD 47.69 billion by 2025, according to a new report conducted by Grand View Research, Inc. An increasing number of corporate offices in emerging economies including China, India, and Mexico on account of regulatory inclination to promote the manufacturing output on a domestic level is expected to remain a key driving factor over the next eight years.
Furthermore, rising government spending towards improving education infrastructure through the implementation of new schemes including Padhe Bharat Badhe Bharat and Utkarsh Bangla Scheme is expected to have a strong impact. These factors are considered to influence the consumption of construction materials including floor coverings in the education sector and hence boost their market growth.
Education segment is expected to foresee volume growth at a CAGR of 5.9% from 2017 to 2025. The growing importance of modular tiles in education spaces for providing moisture resistance and excellent dust control characteristics is projected to have a positive impact on the industry. In addition, high market visibility of carpets in developing countries including China and India on account of the presence of large number soft covering manufacturers on a domestic level is projected to have a positive impact.
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Further key findings from the report suggest:
- The global commercial flooring market was 4,680.0 million square meters in 2016 and is expected to reach 7,903.4 million square meters by the end of 2025, expanding at a CAGR of 6.0% from 2017 to 2025.
- Wood & laminates are expected to foresee revenue growth at a CAGR of 7.0% from 2017 to 2025. Engineered wood, alternately called as composite wood consist of a number of wood products manufactured by binding particles, fibers, veneers, and strands of wood, which are joined with adhesives to form composite materials. These products are modeled to supreme design requirements as per the specifications of end user or client and are tested to meet international and national standards
- Asia Pacific is projected to foresee volume growth at a CAGR of 6.9% from 2017 to 2025. Regulatory support aimed at promoting investments in manufacturing sectors of China and India is expected to increase the number of commercial spaces and thus likely to fuel the demand for floor covering in the near future.
- Key commercial flooring manufacturers include Mannington Mills, Tarkett, Flowcrete, James Halstead, Nora, Milliken Floor Covering, Novalis, Tajima, Tkflor, NOX Corporation, and Toli flooring. Product innovation through introduction of new designs is expected to remain a key critical success factors for floor covering vendors.
