Title: Flooring Market Study Report from 2021 to 2027
1Flooring Market Demand Analysis and Growth
Forecast from 2021 to 2027
- Significant rise in construction and
infrastructure developments across the
residential, commercial and industrial sector has
drawn considerable attention towards flooring
over the past few years. This is fueling the
application of flooring material across these
sectors, providing positive growth prospects for
global flooring market. According to Global
Market Insights, Inc., flooring market size is
projected to surpass USD 480 billion by 2027. - Flooring industry is witnessing strong growth
from increasing expenditure towards construction
in the commercial and residential segment. The
economic growth across Latin American and Asian
countries is fostering the construction industry,
which in turn is impelling the adoption of
flooring material. Increasing demand for new
houses on account of growing population is
further supporting the business expansion.
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2- With regards to the industrial segment, it would
be pivotal to mention that there has been a
substantial increase in the number of industrial
establishments across the emerging economies.
This has increased the penetration of seamless
floorings in industrial sector. With this
burgeoning demand, industrial application segment
is anticipated to register an appreciable
valuation of more than 20 USD billion by 2027.
- Material for flooring comes in resilient and
non-resilient type. Resilient flooring material
is gaining immense popularity owing to the
advantages offered by it such as resistance to
cracks and crevices, resistance to moisture,
sound absorption and cost-effectivity.
- Besides, ongoing product enhancement and
technical advancements in resilient flooring
products is stimulating their adoption further.
Citing an instance, in 2021, Unilin Technologies
introduced its proprietary bevel technology for
resilient flooring. According to the company,
this technology involves pressing the edges of
resilient flooring panel downwards into a bevel
which ensures that the decor layer and board
texture continue until the innermost point of the
bevel. It improves the appearance of resilient
flooring to be closer to real wood.
- However, the ongoing COVID-19 crisis has affected
the global construction industry which has
subsequently affected flooring market space. But
with gradual relaxation in COVID restrictions,
the market situation is expected to improve and
will continue to grow over the upcoming years.
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4- Speaking of the regional outlook, Europe has
emerged as a matured and developed market for
flooring material. This is majorly due to the
strong presence of end-user industries along with
the expansion of residential construction
industry in the region. The growth of regional
industry is further backed by the mounting demand
for office spaces which is fostering the
commercial flooring. Considering these factors,
Europe flooring market is projected to register a
lucrative CAGR of around 3.5 through 2027.
- Major players involved in the flooring market are
Amtico, Armstrong Floor, Mohawk Industries,
Tarkett, Marazzi Group, etc.
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