APAC flooring market to witness remarkable growth over 2017-2024, expanding construction sector to drive the regional trends
The growth prospect of flooring market is forecast to be substantially high in the ensuing years, augmented by the expanding construction ecosystem. Robust increase in construction spending across industrial, commercial, and residential sectors has significantly upscaled flooring market demand, especially across emerging nations. As per reliable estimates, global construction spending is expected to surpass USD 15 trillion by the end of 2024, which clearly portrays the lucrative opportunities for the global flooring market in the coming years. ‘Smart flooring’ has already become the latest buzzword among the infrastructural players, with workplace décor and stylish homes claimed to be the ultimate reflection of high standards of living. In response to the growing demand for flooring materials with blend of style, economic, as well as efficiency quotients, flooring market giants are coming up with variety of options that not only reflects aesthetics in design, but also stands as the test of time.
China Flooring Market, By Product, 2012-2024, (USD Billion)
Boasting a diversified product portfolio that encompasses soft flooring, resilient flooring, seamless flooring, and non-resilient flooring, flooring industry size in 2016, was almost USD 270 billion. Accounting for a sizable chunk of almost 35% of the overall industry share in 2016, soft covering emerged as one of the leading product domains in the global business space. The increasing demand for rugs and carpets in offices and housing complexes has phenomenally swayed the product penetration across major economies. Endorsed with a unique dust binding property and reduced noise effect, soft flooring market was almost USD 110 billion in 2016.
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Speaking of the geographical trends, the flooring market size has, of late, witnessed a rapid escalation in the emerging economies – Asia Pacific being one of the major names in the list of growth avenues. The reason behind APAC to become the preferred investment destination for flooring market giants is quite overt- its expanding construction sector. As per reliable sources, APAC is projected to account for over 46% of the global construction market by 2020. Besides, extensive developments in manufacturing sector along with growing population have further propelled flooring industry proliferation in this belt. Experts claim, China and India to be the two protruding regions that would showcase tremendous growth. In this regard, China’s National Urbanization plan for the period 2014-2020, that revolves around the mission of settling more than 100 million urban inhabitants by the end of 2020, and which would raise the urbanization rate in China to 60%, is estimated to be one of the major initiatives influencing the regional flooring market trends.
Worldwide, flooring industry is highly fragmented with the presence of a large number of regional and local manufacturers. Some of the leading names include Tarkett, Shaw Floors, Mannington Mills, Beaulieu, Armstrong, Marazzi Group, and Mohawk Industries. Driven by the sustainability trends that have created an increasing demand for ecofriendly floor coverings, these giants are heavily investing in innovative solutions that are not only stylish in décor but also are environmentally viable. The Polyester (P.E.T) Berber carpet is one such sustainable flooring solution that has gained a global attention of late. Reportedly, these carpets are produced from 100% recycled tires and bottle caps. With established giants leading the way toward innovative products and solutions, it is certain that flooring market is certain to undergo a positive transformation in the coming years. In terms of commercialization, Global Market Insights, Inc., estimates flooring industry size to exceed a valuation of USD 450 billion by 2024.
Author Name : Satarupa De