According to the latest research study by Global Market Insights, Inc, the global flooring market is expected to record 6.5% CAGR during the forecast period 2017-2024
Selbyville, DE -- (SBWIRE) -- 05/22/2020 -- Escalating renovation activities, coupled with changing trends towards the adoption of new floor designs and interiors are expected to drive flooring market growth over the forecast spell.
Construction industry players are observing a significant shift in consumer behavior, including a high focus on home decor. Rapid industrialization and urbanization, alongside surging commercial and residential construction activities across the globe are also likely to augment the flooring industry demand. According to the latest research, the global flooring market size is anticipated to touch the $ 450 billion mark by 2024.
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Several financial policies and supportive norms are being offered by the government to aid new house construction and remodeling activities. This government support, in tandem with improving lifestyles is also anticipated to make significant contributions to the expansion of flooring market dynamics over the projected period.
Key flooring industry players are implementing several growth strategies such as strengthening their distribution channels, to gain more customers and boost revenue generation.
For instance, DriTac Flooring Products, LLC and Introducing Interiors Ltd. announced a contractual partnership in July 2018, to increase the supply chain performance for ceramic tiles, engineered floorings, and eco-friendly adhesives.
Regulatory authorities, including U.S. CPSC (Consumer Product Safety Commission), the US EPA (Environment Protection Agency), and Environment Working Group, are overseeing standards in floor manufacturing by enacting several rules & regulations.
For example, the U.S. CPSC conducts various procedures and tests to study the long- and short-term impacts of harmful emissions from floor manufacturing. Additionally, EPA offers product use guidelines to ensure the safety of consumers.
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With regards to the product spectrum, the global flooring industry is categorized into soft coverings, resilient flooring, non-resilient flooring, and seamless flooring segments. Of these, the seamless flooring segment is likely to account for a considerable share in the overall market, owing to increased adoption in hospitals, retails stores, hotels, and other commercial sectors. Rising prominence of the product due to its durable and reliable features such as abrasion resistance for protective floor coverings are major factors driving seamless flooring segment penetration.
In terms of segmentation by application, the global flooring market from the residential segment is poised to exhibit substantial growth, owing to the rapid rise of the construction industry. Manufacturers are emphasizing new product design introductions to cater to changing preferences of consumers for attractive and innovative flooring solutions. Strategic investments of government authorities in residential construction projects will further intensify product demand over the estimated timeframe.
On the regional front, the North America flooring market is set to record a considerable growth rate, as a result of rising home dwellers and urban populations in the region. Increasing government spending is being observed for several smart city projects development in the region. Furthermore, accelerating prevalence of advanced materials to upgrade the conventional infrastructures will add impetus to regional flooring industry growth.
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Tarkett, Mannington Mills, Beaulieu, Marazzi Group, Armstrong Flooring, Shaw Industries Group, Inc, and Mohawk Industries are among the major players in the flooring market. Other notable market players include Flowcrete, Delconca, Interface Inc., Polyfor, Gerflor, and IVC Group.
Key flooring industry participants are engaged in various strategic acquisition deals to enhance their manufacturing facilities and product portfolios. For instance, Shaw Industries Group, Inc. acquired US Floors, Inc. to scale up the production of hard surface and resilient luxury vinyl tile products, in May 2016.
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