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Flooring Market is Expected to Reach US$285.5 Bn by 2025 : Fairfield Market Research

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Fairfield Market Research
Flooring Market is Expected to Reach US$285.5 Bn by 2025 : Fairfield Market Research

Estimated to reach the global valuation of more than US$285 Bn toward the end of 2025, flooring market is expected to see a strong growth outlook between 2021 and 2025. Flooring sector constitutes around 10% of the typical building and construction project costs and thus was heavily impacted by the arrival of COVID-19 pandemic that put an abrupt halt to all the construction activities for a measurable span of time. It becomes imperative to see how flooring market has been shaping up from the aftermath of crisis, and what are the growth prospects over next few years. A recently published report of Fairfield Market Research forecasts global flooring market to see a promising 6.9% CAGR over the forecast period.

 

To Read Complete Report: https://www.fairfieldmarketresearch.com/report/flooring-market

 

Residential Sector Continues to Dominate with over 50% Revenue Share in Market

Residential sector will continue to capture the lion’s share in global flooring market, retaining a huge share of over half the total revenue. Research points out that there has been a lot of growth in the number of renovation, redevelopment, and refurbishment projects in housing sector over the recent past. In addition, market dynamics have been adopting a change as the concept of green building has been firming up and gaining acceptance widely among both consumers and building and construction industry operators. Besides vinyl flooring and ceramic tiles, demand for rugs, carpets, and wooden flooring is also projected for a notable rise in the next few years. In line with green building trends, a variety of sustainable materials and innovative material blends are expected to pick up pace and make their mark in industry, thereby impacting the flooring market as well.

 

Vinyl Flooring Grows Strong, Ceramic Tiles Continues to be the Bestselling Category

Flooring market continues to witness dominance of resilient flooring categories as demand comes from both residential, and commercial sectors. In 2019, ceramic tiles remained the bestseller category with more than 60% of the total sales recorded by flooring market. Although the popularity of vinyl flooring has been proliferating over the recent past, ceramic tiles will continue to be the most sought-after variety among consumers. Vinyl, luxury vinyl tiles (LVTs), rubber flooring, and linoleum are increasingly being perceived as economically viable and collectively reflect attractive growth potential. The report forecasts more than 7% growth for this segment during 2021 – 2025.

 

Opportunities Abound in Asia Pacific as Housing Sector Continues to Surge Ahead

The building and construction industry in Asia Pacific has been on a constant uptrend and even after a heavy setback amid the COVID-19 pandemic, it has managed to rebound quickly than any other affected industry. This revival can be clearly attributed to the swelling residential sector across all the key economies in the subcontinent, including China, Malaysia, India, Vietnam, and Indonesia. Rampant growth of housing sector is likely to offer a continuous push to flooring market here. On the other hand, industrial constructions, and heavy urbanisation are expected to favour the growth of flooring market in the Middle Eastern and African countries. The report also highlights escalating demand for vinyl and concrete flooring, and ceramic tiles in these markets. North American market is however likely to be driven by consumer preference for carpets, and rugs, says the report.

 

Flooring Market Competition Analysis

Global flooring market is highly competitive, and the report foresees a stronger footprint of regional players in the near future. The trend will continues owing to different flooring preferences across different regions. Some of the key companies in flooring market have been subject to thorough financial and strategic profiling in the report, which include Armstrong Floor, Marazzi Group, Tarkett, Mohawk Industries, and Amtico.

 

Flooring Market Press Release: https://www.fairfieldmarketresearch.com/press-release/global-flooring-market

 

About Us

Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.


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