[San Francisco] The global flooring market is expected to reach $326.38 billion by 2020, according to a new study by Grand View Research, Inc. Growing focus on innovative flooring that is durable in nature is expected to drive market growth through the forecast period. Increased insulation demand is also expected to give impetus to the market over the next six years.
A considerable rise in home improvement and renovation projects, development of hassle-free installation techniques and a growing demand for environmentally sustainable products are all expected to contribute to industry growth, according to Grand View Research. The study suggests that environmental and health-related concerns regarding various flooring solutions may pose a challenge to industry participants.
Further findings from the study suggest:
• Global flooring market demand was estimated at 161.19 billion square feet in 2013, and is expected to reach 240.10 billion square feet by 2020, growing at a CAGR of 5.9 percent from 2014 to 2020.
• Soft coverings dominated flooring demand and accounted for over 35 percent of the overall market volume in 2013. The resilient flooring market is expected to witness substantial growth over the next six years. Increased demand for antimicrobial and antibacterial flooring is expected to favorably impact resilient flooring demand.
• Residential segment was the largest application area in 2013 and accounted for over 50 percent of the market volume. Due to growing demand across the construction industry and increased home improvement and renovation projects, the market for flooring products in residential applications is expected to witness growth over the forecast period.
• Asia Pacific accounted for over 45 percent of the global demand in 2013, and is expected to continue dominating the market over the next six years. This can be attributed to increased demand for residential and non-residential building spaces due to population growth and urbanization.
• Key industry participants include Shaw Industries, Mohawk Industries, Interface, Inc., Mannington Mills and Armstrong. Developing a vertically integrated infrastructure is expected to be a critical success factor for gaining market share. As a result, mergers and acquisitions, coupled with meeting consumer preferences through product differentiation have been among the key strategies adopted.