The global flooring market will continue to expand due technological advancements in materials and application, coupled with the increased growth in the construction sector, according to a recently released research report.
In February, Grand View Research Inc. , headquartered in San Francisco, CA, released its global flooring market report. The report states that fuelling the global flooring market is the rising need for aesthetic interior materials in building structures, in addition to the strong growth of construction sector, especially in the emerging economies.
Commercial application dominated the market in 2019 and is anticipated to continue leading over the forecast period. Rise in construction projects for office spaces, hospitals, healthcare facilities, educational institutes, and others across the globe is likely to support the demand in the forthcoming years.
We have also witnessed these changes first hand. “Prior to the last few years, most commercial projects were straightforward functional builds,” says Doug McDonald, President of Darwin Fisher Commercial Flooring. “There wasn’t much in the way of design and many projects were similar. Today the commercial flooring market has seen a strong emergence of colour/texture palettes and a variety of applications and dimensions. More resources are now being spent on accents and textures in the design of a commercial space. There are more colours, borders and features inlayed within walls/floors in commercial projects, including non-public spaces.”
Grand View Research reports, the overall size of the global flooring market size was estimated at USD 369.26 billion in 2019 and is expected to expand at a compound annual growth rate of 5.9% from 2020 to 2027.
The report states that in U.S., the market for flooring is dominated by soft covering flooring products, such as carpets tiles and wall to wall carpets. However, consumer preferences for aesthetically improved designs, textures, and color and low maintenance and easy to install flooring options are anticipated to drive the demand for resilient materials over the forecast period.
Availability of a wide variety of customizable materials and options coupled with a wide distribution network of industry players has resulted in product reach to major construction projects, thus have supported the growth in the past few years.
GrandView Product Insights
According to Grand View past research, in 2019, soft covering flooring accounted for the revenue of USD 47.5 billion and is anticipated to accelerate at a CAGR of 4.9% over the forecast period.
Commercial flooring market trends show the following:
- Growing demand for cushioned floors and aesthetically enhanced materials for interior decoration is likely to support the demand for carpets and broadloom floors.
- Resilient materials are gaining traction in commercial application, such as offices, fitness centers, and hospitality buildings. However, these materials are less likely recyclable, which is expected to restrain the growth, states the report.
- Rubber flooring is primarily used in commercial spaces. Natural and synthetic rubber floor tiles are exclusively used in fitness centers and other high-traffic spaces.
- Ceramic and natural stone tiles are the popular choices when it comes to durability and extended life of the floor. Seamless flooring is applied in the industrial environment, wherein, a large floor area is covered with resins and concrete materials. The maintenance and installation of seamless type is less expensive as compared to its counterparts, cites the report.
Commercial Flooring Market Application Insights
Commercial application dominated the market in 2019 and is anticipated to continue leading over the forecast period. Commercial flooring trends show that increased construction across various verticals and rising demand for highly durable and cost-efficient product for use in high-traffic commercial and industrial sectors is projected to drive the growth. The research house also says that considerably driving the market for commercial flooring is the development of new hassle-free installation techniques and related products.
For the global market industrial development in Asia Pacific with significantly increased construction spend in China and India and has majorly contributed to the establishment of new facilities and renovation of the existing ones, thus is likely to aid the demand for flooring products over the forecast period.
In North America specifically, the demand for resilient flooring stood at USD 63.4 billion and is anticipated to accelerate at a CAGR of 5.6% over the forecast period. The established construction industry here, coupled with rising demand for single-family houses is likely to provide growth opportunities for the market.
Key Commercial Flooring Market Players
For the commercial flooring trends in this report, GrandView states the prominent players in the market include Tarkett S.A.; Mohawk Industries, Inc.; Forbo Flooring; RAK Ceramics; Shaw Industries, Inc.; and Interface. These players compete based on product quality, prices, and geographical reach. They are focusing on mergers and acquisitions to enhance their portfolio and to sustain the competitive environment and enhance the product portfolio and to extend their geographical presence across the globe. Moreover, they are investing in R&D to produce recyclable and eco-friendly flooring, aggressive pricing strategies, and marketing management to compete in this market.
To contact Grand View for the full research report: Click here
For more information about commercial flooring and installation please contact info@darwinfisher.com