Selbyville, DE -- (SBWIRE) -- 12/24/2018 -- The global flooring market is highly fragmented due to the presence of larger number of regional and local manufacturers. This is set to generate fierce competition among the industry participants to gain competitive edge and bolster their presence across the globe. Prominent industry players partaking in flooring industry have been aggressively involved in several joint ventures, acquisitions and research and development activities.

For instance, Engineered Floors, a renowned floor covering company has settled an agreement to buy its competitor Beaulieu Group, amidst which the former could achieve the 3rd position in the flooring market in terms of sales. In late 2015, Engineered Floors had also announced its plans to unite with J&J Industries – a company that specializes in commercial carpet. Reportedly, the move substantially helped the business player to enhance its regional presence. Some of the other industry players adopting similar growth strategies include Shaw Floors, Forbo, Armstrong, Marazzi Group and Mohawk Industries.

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Flooring Market size is estimated to exceed USD 450 Billion by 2024; according to a new research report by Global Market Insights, Inc.

Shifting focus on infrastructure development on residential, commercial, hospitability, sports and healthcare industries will drive the flooring market growth. Necessity for floor protection coupled with rising demand for efficient and visually appealing products has enhanced the product demand.

Rising construction spending on residential as well as non-residential buildings particularly in emerging nations will propel the industry growth. Global construction spending is anticipated to reach USD 16 Trillion by 2024. China leads the global infrastructure development with over USD 2 Trillion by 2024.

Flooring Market by Product: -

- Soft coverings

- Resilient flooring

1. LVT (Luxury Vinyl Flooring)
2. VCT (Vinyl Composite Tile)
3. Vinyl sheet
4. Fiberglass
5. Linoleum

- Others (Cork, asphalt flooring)

1. Non-resilient flooring
2. Ceramic flooring
3. Stone flooring
4. Others (Wood, laminate)

- Seamless flooring

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Residential application will witness growth over 5.5% up to 2024. Recovery of housing sector particularly in the U.S. and Europe will fuel the product demand. Increasing renovation projects along with rising demand for decorative floor coverings are the major factors fueling the industry growth.

Europe flooring market was valued over USD 70 Billion in 2016. Increasing construction output along with rising demand for green buildings are the key driving factors of the industry growth. Economic development accompanied by inclination towards tourism development will drive the regional demand.

APAC flooring market was worth more than USD 110 billion in 2016. Growing population has enhanced the demand for residential constructions particularly in China and India. Increasing manufacturing facilities due to socio economic benefits will propel the product demand from industrial applications.

North America flooring market is expected to witness growth over 5% up to 2024. Growth in construction industry along with increasing investment on restoration of deficient structures will drive the regional demand.

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Global industry share mainly includes Mohawk Industries, Tarkett, Shaw Floors, Armstrong, Mannington Mills and Marazzi Group. Presence of large number of regional manufacturers keeps the global industry share fragmented. Product innovations, portfolio expansion, joint ventures and acquisitions are the major strategies adopted.