The Global Flooring market accounted for $246 billion in 2014 and it is projected to reach $367.82 Billion by 2022, growing at a CAGR of 5.16% from 2014 to 2022. Rapid focus on break-through flooring that is long-lasting in nature is expected to drive market growth. Augmented insulation demand is also expected to give thrust to the market. Changing customer lifestyles, growing demand for insulation and surging demand in the construction industry are the major drivers. New trends, innovations and availability of several designs have considerably driven flooring market growth. Presently, consumers are resorting to more cost-effective and eco-friendly materials, which is also expected to positively impact flooring market growth. Accessibility of durable construction solutions that require low maintenance is to spur the demand for flooring solutions. Customer knowledge and their readiness to use the product are likely to fuel the market growth.
The Flooring market is segmented into Material, Flooring Systems, Applications and Regions. Depending on the type of materials the market is further classified into Carpet, Ceramic Tile, Hardwood, Laminates, Stone, Vinyl, and other Resilient. On the basis of Flooring systems market is classified into Hard Flooring Systems and Raised Flooring Systems. Depending on applications it is segregated into Residential, Commercial and Industrial. Residential segment was the largest application area in 2014, accounting for over half of the market volume. Owing to the increasing demand from the construction industry, increased home improvement and renovation projects, the market for flooring products in residential applications is expected to witness high growth during the forecast period.
Geographically flooring market is segmented into North America, Europe, Asia Pacific and Rest of the World (ROW). The increased affordability, rising urbanized population, and increase in industrialization in recent years are the favorable factors for the market growth in Asia Pacific region.
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Key industry participants include Shaw Industries, Mohawk Industries, Interface, Anderson, Armstrong, Beaulieu Of America, Amtico, Congoleum, Forbo, Gerflor and Interface Global.
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