Flooring Market - Global Industry Analysis (2017 - 2020) - Growth Trends and Market Forecast (2021 - 2025)

The global flooring market is slated to receive a boost as the construction and refurbishment activities go up. A critical component of interior, flooring demand is expected to spike as modern tiles offer better aesthetics and function to a given space. The publisher states that flooring takes up about 10% total construction cost, which indicates a good growth rate for the market during the forecast period between 2021 and 2025.

According to the author, the global flooring market is expected to be worth US$285.5 Bn by 2025 from US$208.8 in 2017. The market is expected register a CAGR of 6.9% during the forecast period, as rise of renovation and remodelling gives flooring its due importance.

Demand for Flooring in Residential Sector to Dictate Growth

As of 2018, the residential sector held a share of nearly 50% in the global flooring market. Increasing number of home buyers, specially in the developing economies, are expected to drive up the demand for this segment. Smaller family units, improved incomes, focus on achieving better standard of living, and availability of a wide range of flooring options from tiles to carpet have encouraged the segment to reach newer heights in the past few years. Analysts anticipate that the trend is likely to continue as India and China see a construction boom to accommodate migratory population in urban spaces.

Ceramic Tiles Show Dominance

Ceramic tiles have been noted to hold the highest share in the global flooring market historically and in estimation. Their sheer popularity, easy installation processes, and a wide spectrum of design availability have won the segment a sizeable clientele across commercial, industrial, and residential sectors. As of 2018, the segment held about 60% of the total flooring market. Ceramic tiling allows the look to be seamless, bringing in a visual appeal that is highly prized for the end users. Furthermore, with designs that intelligently mimic natural stones, the demand for ceramic tiles are cleverly outsmarted natural stones, giving the end users the same feel at a lesser cost and higher efficiency. The maintenance of ceramic tiles is lesser as compared to natural stones, which has also been a winning point for the segment over the years.

Vast Scope of Housing Projects in Asia Pacific Enable Regional Market to Lead

Rise of housing projects at a monumental pace across Asia Pacific is expected to be the primary reason for the lion’s share of the region in the global flooring market. Industrialization, urbanization, and growing number of new home buyers due to a younger demographic are expected underpin the demand for flooring market. Increasing investments in construction and renovation in these countries has also created a positive effect on the demand for flooring. Strong presence of flooring companies across India will make a significant contribution o the thriving regional market. Players such as Kajaria Ceramics, Welspun Flooring Ltd., Nitco Tiles, Orient Bell, and RAK Ceramics have unwavering forces driving the India flooring market with constant innovation in design.

Some of the key players operating in the global flooring market are Mohawk Industries, Shaw Industries Group, Inc., Tarkett S.A., Beaulieu lnternational Group N.V., and Gerflor SAS amongst others.