Albany, NY -- (SBWIRE) -- 05/05/2017 -- Right from classic hardwood to stylish concrete, a number of manufacturers offer a variety of flooring options as per the lifestyle and budget of the consumer. When selecting flooring materials, durability, style, cost, and comfort are the key concerns of buyers. As the building and construction industry is gaining traction, the demand for flooring materials is likely to intensify over the coming years. Home renovation by the household sector and infrastructural upgrading activities by government bodies are providing considerable opportunities for the expansion of the global market for flooring.

The global market for flooring was valued at US$214.29 bn in 2014. Expanding at a promising CAGR of 7.0% between 2015 and 2023, the market is expected to reach US$391.38 bn by the end of 2023.

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Solid Infrastructural Growth in Asia Pacific to Burgeon Demand

Asia Pacific was the leader of the global market for flooring in 2014. As a large number of construction projects are undertaken by private and public entities, the flooring market in Asia Pacific will continue to flourish. As per recent studies, the healthcare, industrial, and commercial domains exhibited greater demand, driven by large-scale industrial development. The growth of this region can also be attributed to the increasing commercial activities in countries such as China and India.

Other emerging regions such as Africa, Latin America, and GCC can also confer significant opportunities owing to the considerable rise in their GDP, growing per capita incomes, and increased corporate earnings. Storm and earthquake-prone regions in Southeast Asia, East Asia, and North America are also expected to undertake building reconstruction, thereby accelerating the growth of the flooring market. North America will also witness substantial growth on account of the presence of numerous large construction industries.

New Construction Projects Ensure Expansion of Residential Sector

By application, commercial, residential, industrial, and automotive sectors are some prominent segments of the global flooring market. Of these, the residential sector emerged as the dominant segment in the global flooring market in 2014. The rise in construction activities including construction of new buildings, especially in the emerging economies is responsible for the growth of this end user vertical.

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The commercial and industrial applications are also slated for growth over the forecast period thanks to the increasing need for flooring materials in replacement flooring and new projects. The postponing of replacement of flooring in the commercial sector during the economic downturn during 2008 has been a prominent driver of the flooring market in the commercial sector.

By product, the global flooring market has been segmented into vinyl and rubber flooring, tile, wood flooring, carpets and rugs, and laminate flooring. Wood flooring is available in a range of flooring materials including bamboo, maple, oak, teak, alder, cherry, and white ash. Until recently, wood flooring was the most used flooring material. However, the emergence of newer materials such as resilient, laminate, and rubber has diverted the demand towards these cost-efficient solutions.

During 2014, the carpets and rugs segment held the largest share in the global flooring market. These flooring materials are being increasingly deployed in colder regions of the world owing to the warmth they provide. Tile flooring is expected to be the second largest segment. Tile flooring in used in floor fittings, wall fittings, designing, and for protection from natural elements such as moisture and rain. The growth of infrastructure in the developing and developed countries has been responsible for the increasing demand for tile flooring.

Armstrong World Industries, Inc., Shaw Industries Group, Inc., Boral Limited, Mohawk Industries, Inc., Mannington Mills, Inc., and Tarkett Group are some of the leading players analyzed in the report.