Japan Floor Covering Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for floor covering is transforming in Japan, with the rising requirements for esthetic interiors in, both, the residential and commercial segments. The steadily performing construction sector in the country is helping the market to grow in the standard manner. The floor covering market has been recording growing revenue from the past five years and recorded around USD 10,000 million during 2019. The market is projected to record even more revenues in the future years, coupled with the diversifying portfolios offered by the majority players in the market. The floor covering materials that are customizable are gaining more significance. The residential customers are looking for customization in the colors and designs, whereas the scope for customization in dimensions, along with the colors and designs are gaining more momentum in the commercial segment of the market. The focus of market players on the wide distribution network is helping them and the products to reach major construction projects domestically and internationally. Furthermore, it has been supporting the growth since the past few years. The growing redevelopments and new construction projects will help the market to grow at a faster pace. Tokyo is expected to witness several major projects around Tokyo Station, with projects such as a 37-floor office tower, which is scheduled to be constructed by 2021, a 61-floor tower. This is expected to be the tallest building in Japan, and it is projected to be completed by 2027.

Key Market Trends

The Population Trend, which helped the Construction Market so far, is Forecasted to Become a Challenge for the Future

According to the population census released by the Ministry of Internal Affairs and Communications, Statistics Bureau of Japan, in September 2019, Japan had 53.33 million private households (excluding "institutional households" such as students in school dormitories) in 2015, registering a consistent increase since 1960. Of which, 55.9% were nuclear-family households and 34.6% were one-person households. Though this trend helped the market to grow at a constant pace, the population statistics established that in Japan, both, the birth rate and death rate declined, and the country has a more aged population. This is expected to impact the market’s growth.

Redevelopment Projects in Tokyo are Contributing a Major Share to the Market

There has been a lot of construction activity in Tokyo since the past few years, which is not limited to new constructions, as there are several redevelopments and renovation projects. There were more than 75 skyscrapers, which were under construction, as of 2018. Furthermore, of this value, around 75 were completed in 2018, more than 26 were completed in 2019, and the remaining were scheduled to be complete in 2020-2021. In addition, The Shibuya Station Area Redevelopment project has a total of seven new skyscrapers in the area, of which, six will be offices and retail and one for residential, and it is scheduled to be complete by 2027. The market for floor covering is projected to record increasing revenue and market share, along with the increasing construction activities in the country.

Competitive Landscape

The report covers major players operating in the floor covering the market in Japan, along with their product portfolio, key financials, and developments. The market is transforming with many technological advancements through product innovation. Major players are focusing on different strategies to expand their footprint and mergers and acquisitions, which are helping them to enhance the product portfolio, while extending their geographical presence across the world.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support