The global flooring market has been inundated by new styling trends and technology advancements. Changing consumer lifestyles, growing demand for insulation and surging demand in the construction industry are expected to be the key market drivers. New trends, innovations and availability of several designs have significantly driven flooring market growth. Presently, end-users are resorting to more cost-effective and eco-friendly materials, which is also expected to favorably impact flooring market growth.
These eco-friendly flooring materials include reclaimed hardwood, rubber, bamboo, glass, linoleum and cork. Availability of durable construction solutions that require low maintenance is also expected spur the demand for flooring solutions. Consumer awareness and their willingness to use the product is expected to be a major determinant for the success of flooring market. These solutions are often perceived as expensive and complex in terms of installation, which may pose a challenge to market growth.
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Textile flooring mainly includes carpets, which are often treated with toxic chemicals for mothproofing and to repel soil and moisture causing several health and environmental issues. These aforementioned factors may also hinder the flooring market growth. Further, the industry is characterized by intense competition owing to large number of industry players providing wide range of flooring solutions across industrial, commercial and residential application segments. Technological proliferation and innovations are expected to provide avenues for flooring market growth over the forecast period.
Product segments include soft coverings, seamless flooring resilient flooring and non-resilient flooring. Soft coverings also referred to as textile coverings, primarily include carpets and rugs. The segment dominated the market in 2013, accounting for over 35% of the overall market share in the same year. Soft coverings provide several benefits such as dust-binding characteristics, noise-reducing effect, and are also known to be good insulators providing comfort, warmth along with pleasing aesthetics. Resilient flooring solutions offer benefits such as low maintenance, easy installation and cost effectiveness, owing to which the segment is expected to witness substantial growth over the forecast period. Growing demand for antibacterial and antimicrobial solutions is also expected to impact resilient flooring market positively.
Non-resilient flooring is also expected to exhibit high demand over the next few years as these floor types hold up well under varied conditions, and require only dusting and mopping. The growing demand for all the aforementioned segments is expected to drive flooring market demand.
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The market for flooring products across the residential segment is expected to exhibit growth over the forecast period. This can be attributed to increased home renovation and improvement projects. The segment accounted for over 50% of the market volume in 2013. Other application segments include commercial and industrial. Surging demand in construction industry is expected to have a profound impact on commercial segment, thereby driving demand for flooring market.
Asia Pacific is expected to lead regional market growth, contributing over 40% to the overall market demand. This can be attributed to surging real-estate industry developing infrastructure facilities in this region. Growing population coupled with urbanization has led to increased demand for residential as well non-residential buildings, which is further expected to favorably impact flooring market growth. Availability of advanced innovative construction solutions and easy & hassle free installation techniques are expected to drive the European market over the forecast period.
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