Pune, India, Aug. 03, 2021 (GLOBE NEWSWIRE) --
The global flooring market size is poised to expand at substantial CAGR during the forecast period. As governments across various regions are increasing their investments in the construction and infrastructure sector. Some regions are experiencing urbanization at a rapid rate and are witnessing notable rise in their overall income levels. This will raise the demand for expensive flooring among consumers. The trend of smart cities is on the rise as well, which has increased the demand for high-end infrastructure.
Key regional trends that will propel the flooring market share worldwide are discussed below.
COVID-19 impact on flooring demand in Asia Pacific:
The impact of the current COVID-19 pandemic was quite profound on Asia Pacific flooring market. A major reason for this was the drastic drop in the number of construction activities in the region. Governments imposed strict lockdowns and movement restrictions, which slowed down the business of construction companies and affected procurement of raw materials and labor force.
The demand for flooring products and services fell to a great extent. However, today nations across the region are lifting the lockdown and movement restrictions, which will drive the construction activities and will eventually fuel the demand for flooring solutions over the next few years.
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Non-resilient flooring positively impacts APAC market:
Non-resilient flooring segment held over 40% of the total APAC market share in 2020. This segment will continue to grow in the coming years. One of the major reasons for this is the rise in industrial activities in the region. Ceramic and stone are some of the popular non-resilient flooring products. Among these, the ceramic sub-segment will continue to grow in the future as ceramic tiles are manufactured from unprocessed raw materials that are quite easily available. This form of non-resilient flooring is used to create different firm exteriors and is used as a floor covering as well in different settings.
China flooring market showcases exceptional progress:
China market is expected to showcase promising progress in the coming years. A major reason for this is the presence of some of the most reputed companies dealing in construction and real estate activities. The nation’s government has introduced supportive economic policies to create affordable housing solutions. This factor will drive the demand for flooring solutions in the country. Many manufacturers in the region also produce and export materials worldwide, augmenting the scope of the regional market.
Soft covering flooring gains momentum in Europe:
Soft covering segment will capture a significant Europe market share by 2026. Soft covering flooring is manufactured as a roll or flexible tile and provides a lot of comfort. It comes in a variety of textures and colors and has dust binding properties as well. It offers insulation from extreme heat and reduces noise in rooms. It is quite easy to install, making it a preferred form of flooring among customers.
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Housing construction drives Germany market:
Germany will hold more than 20% of Europe market. The housing construction level of the country in 2019 had reached its peak. The nation’s government had announced its plans to provide funding worth $5.9 billion to promote construction of houses. This will help create more than 100,000 homes in the next two to three years. It is an important factor that will create the demand for flooring solutions in the country. The overall demand for construction of housing and industrial complexes due to rapid urbanization and industrialization across the globe will foster the need for high-quality and durable flooring solutions.
Construction activities grow rapidly across North America:
North America flooring market will reach valuation of more than $55.04 billion by 2027. A reason for this is the rise in construction activities in the region. People are now becoming increasingly aware about the effect of infrastructure on the quality of life. It has raised the demand for smart infrastructure in the region. Technological advancements are taking place in the construction sector, which has enhanced the quality of flooring products and techniques.
Many companies and governments across North America are increasing their investments in the construction sector and have encouraged the development of new techniques and products. This has ultimately had a positive impact on the development of the regional industry.
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Flooring finds high demand across residential sector in North America:
While flooring activities are quite useful across residential and commercial sectors, North America market share from residential segment will witness a CAGR of 5.4% through 2027. The population across the region is growing at a fast pace every year. This has increased the demand for residential spaces in North America. The per-capita income of the regional population has increased by many folds over the years. It has resulted in high demand for spacious and luxurious homes in metropolitan cities. On the other hand, the demand for renovation of old homes is rising steadily. These factors will create demand for flooring activities in North America.
Resilient flooring products grow in demand in North America:
North America flooring market share from the resilient flooring segment is expected to grow steadily in the future. There are many resilient flooring products like vinyl sheets, fiberglass, LVT, linoleum, VCT and others. Among these, vinyl sheets flooring is one of the key segments in North America market.
The sheets are the most preferred form of resilient flooring in the region as they are quite durable, highly water resistant and cost-effective. They come in different colors and designs, which helps customers have a lot of options to choose from. There are different advanced technologies being used to improve the performance and durability of vinyl sheets. This factor will also propel the demand for resilient flooring in the region.
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