Surging need for aesthetic flooring across residential and commercial sectors to foster flooring industry size
Driven by the surging demand for new and innovative flooring products, industry players are likely to adopt product differentiation and innovation as viable growth tactics. Estimates claim that the
worldwide flooring industry to aim a total valuation of USD 450 billion by 2024 in terms of revenue.
Increasing disposable incomes across various developing economies with reduced interest rates would open up new avenues for the industry players. In addition to that, a paradigm shift towards cost effective, durable, and stain resistant flooring products is likely to propel the industry share.
Rising focus on the residential and commercial infrastructural development would fuel the business dynamics during 2017–2024. This can be accounted to the robust urbanization and industrialization paired with altering consumer lifestyles. Essentially, the residential application sector is foreseen to witness a CAGR of 5.5 per cent through 2024. This growth is primarily credited to the mounting renovation and construction projects along with an upsurge in the demands for aesthetic floor coverings.
According to Global Market Insights,
1. Commercial segment hold USD 180 billion of flooring market size by the end of 2024
2. Non-resilient flooring industry to account for 30 per cent of the total market share by 2024.
3. The LVT segment to grow at a CAGR of 6 per cent through 2024.
4. In 2016, apac market accounted for USD 110 billion of the overall market share
Worldwide, flooring industry is highly fragmented with the presence of a large number of regional and local manufacturers. Some of the leading names include Tarkett, Shaw Floors, Mannington Mills, Beaulieu, Armstrong, Marazzi Group, and Mohawk Industries.
Large infrastructural developments, advent of smart city initiatives, and favorable FDI reforms have stimulated the industry trends. As a matter of fact, the Indian government has predicted the real estate sector of the country to amount to USD 180 billion within a span of 3 years with the construction sector booming at 6.6 per cent during 2016–2028.