Albany, New York, Jan. 12, 2018 (GLOBE NEWSWIRE) — 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.
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.
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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.
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.
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Increased Disposable Income of Professionals Driving Demand
Radical rate of urbanization in a number of developing economies and therefore a flourishing building and construction industry in those countries is the primary driver of the global flooring market. Disposable income of professionals in China and India has increased multiple fold in the recent past and a majority of them have been saving and investing on owing a quality residential home units that are fitted with quality flooring materials. Since these flooring products sit with the consumers for extended periods of time, they justify their worth in a long run. Even the commercial sector has understood the value of providing impressive infrastructure for their clients and workforce and are extending their budget of business for premium flooring. Growing investments in the construction industry and increase in the usage of recyclable raw materials are some of the other factors favoring the global flooring market.
Cost of Products Hindering Demand In-flow
On the other hand, high cost of the products as a result of forever increasing cost of raw materials and growing concerns regarding the disposal of waste are a few restraining factors obstructing the global flooring market from attaining its true potential. Nevertheless, the vendors of this market are expected to gain new opportunities from growing demand for replacement of old and damaged floors.
The information presented in this review is based on a Transparency Market Research report, titled, “Flooring Market (Product – Carpets and Rugs, Wood, Resilient, Tile, Laminate, and Stone; Application – Residential, Commercial, and Industrial) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
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Key Segments of the Global Flooring Market
- Carpets & Rugs
- Others (Laminate, Stone etc.)
- Others (Industrial etc.)
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