Industry Insights
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 Insights
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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Application Insights
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.
Regional Insights
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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