Albany, NY -- (SBWIRE) -- 03/15/2018 -- Flooring constitutes for a substantial part of the building and construction industry and makes for a market that has been lucrative for several decades. Consequently, an increasing number of players have been making a foray into the global flooring market, particularly when the entry barriers are not that high, and making the competitive landscape fragmented. A recent business intelligence study by Transparency Market Research (TMR) has observed that most of the vendors cater to regional and local demands, although a few players do hold a position of strength, such as Mohawk Industries Inc., Shaw Industries Group Inc., Boral Ltd., Armstrong World Industries Inc., and Tarkett Group. The reason behind these players being ahead of the curve it that they have an impressive product portfolio and frequently indulge into aggressive expansion strategies to improve their vertical integration.
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In the near future, key market players are expected to invest strongly into the research and development of innovative products to carve a niche for themselves and gain ground over the intense competition. What is also expected to help them strengthen their foothold is resorting to online and offline marketing strategies as a means of raising awareness regarding their quality products. Beaulieu, Polyflor, Marazzi Group, Balta, Mannington Mills, Forbo, IVC Group, Pergo, Gerflor, Flowcrete, and Parador are some of the other prominent players worth a mention in the global flooring market.
Global Flooring Market to be worth US$429.5 bn by 2025
The established players of the flooring market work on high profitability with their esteemed quality products and are expected to maintain their marginal lead throughout the forecast period of 2017 to 2025. During the forecast period, the analysts of the report have projected the demand in the global flooring market to multiply at a notable CAGR of 6.40% and have estimated that the opportunities will translate into a revenue of US$429.5 bn by 2025. The global flooring market was evaluated to be worth US$247.5 bn in 2016.
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Based on product, the TMR report segments the global flooring market into wood, carpets and rugs, tile, resilient, stone, and laminate, with the tiles segment providing for the maximum demand in 2016 and foreseen to maintain its leading position throughout the forecast period. Increasing interest of urban population for interior decoration and their willingness to spend substantial chunk of earnings onto high quality tiles are aiding to the prosperity of the segment. Application-wise, the flooring market has been bifurcated into commercial, industrial, and residential. Geographically, analysts of the report highlight vastly populated region of Asia Pacific are the one that is showing greater promise.