According to UN-HABITAT, approximately 13% of the world’s urban areas have affordable housing. This indicates that an extremely low number of people in cities across nations have are living in regulated housing societies. As a result, governments around the world, especially in developing countries, are ramping up their investment in the housing sector to ensure that every person in the country has a proper home. This is emerging as one of the leading flooring market trends as government-backed building activities will create a huge demand for flooring solutions and thus accelerate the growth of this market in the forthcoming years.
Growing Preference for Vinyl Flooring to Fuel the Flooring Market
Vinyl flooring solutions are becoming increasingly among homeowners as well as commercial occupants, which is fueling this market growth. This rising preference is attributable to host of benefits that vinyl tiles and other flooring options offer. For example, in commercial spaces, vinyl tiling provides a durable and reliable flooring solution as these spaces have heavy foot traffic throughout the day.
In case of households, vinyl floors are the ideal solution, since homes have high moisture content and these floors are water- and stain-resistant, giving them a long shelf-life compared to ordinary floorings. Another reason why homeowners prefer vinyl tiles is their affordability. For instance, vinyl tiles mimic the appearance of a ceramic floor, but are more pocket-friendly compared to actual ceramic tiles. Lastly, and most importantly, these floorings are easy to install and maintain, which is the central factor boosting their adoption in both residential and commercial settings.
The global flooring market size is projected to reach USD 515.71 billion by 2026, exhibiting a CAGR of 4.8% during the forecast period. Rising global focus on affordable housing will be a major growth factor for this market, shares Fortune Business Insights™ in its new research.
Asia-Pacific to Hold Commanding Market Position; Europe to Present Lucrative Opportunities
With a market size of USD 185.4 billion in 2018, Asia-Pacific is well-poised to dominate the flooring market share during the forecast period. The primary reason for the region’s dominance is the aggressive investments made by governments in the region, mainly India and China, in infrastructure development.
Moreover, the availability of home and personal loans in the region is also generating demand for expensive flooring solutions, thus driving the growth of the market.
In Europe, there is surging demand for vinyl floorings in non-residential buildings, which is fueling the market growth, while in Middle East and Africa initiation of large-scale construction projects is brightening market prospects.
Launch of Sustainable Products to Excite Market Competition
The flooring market forecast suggests that the market is slated to enter a period of widespread excitement as many of the leading players are frequently introducing environment-friendly flooring solutions for customers. Through these launches, companies are solidifying their position in the market and diversifying their offerings.
List of Key Players Covered in this Market Report
Key Industry Developments
- November 2019: Shaw Industries, the US-based carpet manufacturer, developed COMFOR3TTM, the company’s new soft flooring solution for places with heavy foot traffic. The covering is made from 60-80% recycled content, can be used multiple times, and is 100% recyclable. The sustainable solution is expected to deepen the company’s foothold in this market.
- September 2019: Belgium-based Beaulieu International Group’s specialized division, Beaulieu Flooring Solutions, launched its novel latex-free carpet called Rewind. The product is made through a highly sustainable process, which involves no water usage and 83% less gas consumption. The purpose behind its launch is to make trade events and shows more eco-friendly.
About the Author
Name: Shantanu Ayachit
Shantanu Ayachit is part of a talented team of content writers working in Fortune Business Insights™, one of the most promising market research firms in the industry. He has experience in developing quality content and is currently involved in writing articles, press releases, and blogs for the company. He is highly motivated and enjoys putting ideas and thoughts into words to enable the reader to experience a seamless perusal.
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