Industry Insights
The Global Flooring Market to reach USD 326.38 billion by 2020. Innovations and new developments in construction solutions and floor designs have been the key drivers of the flooring market. The industry depicts high competitiveness as numerous companies are offering a broad range of solutions in commercial, residential, industrial and various other sectors. The market for floor coverings is hugely influenced by new technological developments and styling trends.
In the last few years, end-users have been shifting from traditional flooring solutions and moving towards eco-friendly and highly cost-effective flooring materials that include cork, bamboo, linoleum, polyester, glass, reclaimed hardwood, and rubber. Moreover, changing consumer lifestyles along with increasing demand from the construction industry and insulation markets are likely to drive the demand over the years ahead. Due to the availability of advanced construction materials that offer durability and require less maintenance, the industry growth is expected to be favorable over the years ahead.
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However, a major factor influencing the industry growth is awareness among consumers & their willingness to use the product. Flooring solutions are perceived as complex from the installation point of view. Additionally, they are generally viewed as luxurious and expensive. These consumer perceptions might act as a key challenge to the industry. Rising concerns regarding environmental impacts of the flooring material is likely to have a significant effect on the textile flooring industry. For instance, carpets that are treated with harmful chemicals in order to repel soil and moisture to prevent moths are likely to cause health problems.
Product Insights
The industry is divided into four main segments such as resilient, seamless, and non-resilient flooring, and soft coverings. Soft coverings are also referred to as textile coverings and, this product category mainly consists of carpets and rugs. It dominated the industry and had a share of more than 50% of the total market in 2013. Soft coverings provide various benefits such as dust-binding, noise-reducing effects, and they are also known for acting as good insulators that provides warmth, pleasing aesthetics and comfort.
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Resilient product category consists of a mixture of binders, fillers and color. The various sub-types of this category include cork, rubber, wood, asphalt, linoleum and vinyl; these are cost effective, waterproof, durable and are low maintenance. Non-resilient category consists of ceramic tile, concrete tile, clay tile, brick and terrazzo stone. These floor materials usually remain strong under various atmospheric conditions.
Application Insights
Residential, industrial and commercial are the major application segments of the market. Due to the increasing demand in construction industry as well as increased product demand for housing projects, so as to improve homes and their renovation, the residential sector is likely to witness significant growth in the next couple of years. Improved standard of living and rising disposable income of consumers are expected to foster the development of floorings market over the coming years. Flooring materials are utilized for various commercial sub-applications that include hospitality and leisure, healthcare, corporate, retail, education, and sports. The industrial application segment includes manufacturing plants, automotive, refineries, aviation hangars, etc.
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Regional Insights
Asia Pacific is likely to depict significant market growth, owing to the development of the real estate industry and infrastructure. Moreover, the region is also expected to witness an increase in product demand for residential & non-residential building spaces, as a result of urbanization and population growth. The region accounted for a total market share of over 40% in 2013. After Asia Pacific, Europe is expected to witness significant growth in the future, due to the availability of advanced construction solutions and techniques for easy installation.
Competitive Insights
The suppliers of raw material, manufacturers and distributors act as key elements of the market value chain. The key players in the industry include Mohawk Industries, Manningtion Mills, Inc, Armstrong Flooring, Inc., Shaw Industries Group, Inc., and Gerflor. Currently, the market depicts intense competition as key players are focusing on product innovation and use of advanced technologies so as to offer value added brands in the global industry.