Albany, NY -- (SBWIRE) -- 12/26/2018 -- Flooring Market – Snapshot
Floor covering is a term used to describe any layer of finish material applied over a floor structure to provide permanent covering. Common flooring materials are vinyl sheet & tiles, carpets & rugs, laminates, natural stone, wood, ceramic tiles, and rubber. Resilient, non-resilient, and soft cover types of flooring materials are used based on the type of the application.
Carpets are designed for warm or dry applications. They are available in natural and synthetic forms with various patterns, colors, and styles. Hardwood and engineered wood flooring products are highly popular and available in many forms. Engineered wood differs from hardwood; it is a laminate of several wood layers, which is machined to have a specific look and feel. Stone is a kind of flooring option, wherein different types of natural rocks are carved out of a quarry and then cut for applications in flooring. Vinyl flooring is a fully synthetic polymer flooring with added color.
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Economic gains in developing regions such as Asia Pacific, Latin America, and the Middle East have driven the need for urbanization. Increase in population and growth in urbanization are expected to boost the demand for housing. This is anticipated to pave the way for extensive commercial construction activities such as hotels, offices, and shopping plazas. This is one of the key drivers of the flooring industry. For example, in 2016, the developing economy of North America accounted for large share of urbanization (80%) across the world. The building remodeling industry is one of the major end-users of flooring products. Increase in remodeling activities in mature economies in North America and Europe is driving the demand for flooring. The commercial renovation market has grown steadily and is anticipated to expand during the next few years as more buildings age and require renovation, maintenance, repair, and remodeling. For instance, in 2016, remodeling activities increased at a CAGR of 4.5% in the U.S. This rate is further expected to increase in the near future owing to the changes in consumer lifestyle.
Toxic chemicals are used for the manufacture of carpets in the textile industry. Volatile residues have been found in vinyl flooring products. This may lead to several health issues. Increase in concern about the environmental impact of flooring products among consumers is one of the key factors projected to hamper the flooring market during the forecast period
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In terms of value, the global flooring market is anticipated to expand at a CAGR of more than 6.5% from 2018 to 2026 and reach around US$ 450 Bn by 2026.
Demand for luxury vinyl tiles has been rising at a faster rate vis-à-vis that for hardwood or engineered wood products owing to its added value attributes such as scratch and slip resistance, waterproof, and eco-friendliness. Similarly, increase in demand for soft covering flooring products such as carpet tiles, area rugs, and broadloom in North America is projected to augment the market for flooring during the forecast period. Carpet tiles and rugs provide a protective layer to floors. Therefore, such products are highly preferred in regions with cold climate. Increase in construction activities in developed and emerging regions is anticipated to boost the flooring market during the forecast period. In terms of value the global building & construction industry is estimated to expand at a CAGR of 3.4% during the forecast period to reach around US$ 11.0 Trn by 2024.