Sellbyville, DE -- (SBWIRE) -- 11/08/2018 -- Global construction spending is anticipated to reach USD 16 Trillion by 2024.
Mohawk Industries, Tarkett, Shaw Floors, Armstrong, Beaulieu, Marazzi Group, Mannington Mills are the major industry players. Flooring Market is estimated to exceed $ 450 Billion by 2024.
China leads the global infrastructure development with over USD 2 Trillion by 2024. Rising construction spending on residential as well as non-residential buildings particularly in emerging nations will propel the industry growth.
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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.
Flooring Market by Product: -
Soft coverings
Resilient flooring
LVT (Luxury Vinyl Flooring)
VCT (Vinyl Composite Tile)
Vinyl sheet
Fiberglass
Linoleum
Others (Cork, asphalt flooring)
Non-resilient flooring
Ceramic flooring
Stone flooring
Others (Wood, laminate)
Seamless flooring
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Global flooring market share was led by soft coverings with accounting for over 35% in 2016. Rising demand for carpet & rugs particularly in housing and offices will drive the demand. Reduced noising effect and dust binding are the key properties stimulating the product scope.
Industrial segment is expected to surpass USD 20 billion by 2024. Shifting manufacturer preference towards product enduring heavy-duty operations will support the industry demand. Rising demand from chemical, automotive, food, manufacturing and transportation industries due to its benefits including abrasion and impact resistance.
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.
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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.