Flooring Market to Witness Widespread Expansion by 2026
The global flooring market is a competitive and fragmented one. The large number of players in the global flooring market are driving product innovations as competition results in more material innovations and lower costs, reports Transparency Market Research (TMR). Some of the key players in the global flooring market are Congoleum Corporation, The Dixie Group, Tarkett Group, Boral Limited, and Shaw Industries Group, Inc,.
Key players in the flooring market are engaging in a wide range of innovations to reach new customers and expand product portfolios. Additionally, these innovations go far beyond material advancements. The flooring market is exhibiting a growing demand for products which help improve the overall environment in homes, commercial places, and offices. The growing demand for environment-enhancing products is resulting in various benefits for consumers including cheaper products. For example, industrial tire treads with rubber are used for producing widely used home products such as door mats, pavement blocks, and rugs. Additionally, sustainability trends are also driving material innovations in the flooring market with advanced cork and linoleum flooring.
The global flooring market is anticipated to grow at 6.5% CAGR during 2018-2026. The flooring market is expected to help cover 32,450 million square meters and reach US$ 450 bn by 2026 end. There is a growing demand for the luxury vinyl tile in the flooring market, thanks to its engineered qualities such as water resistance, slip proof, scratch proof, and sustainability. Due to its ideal use in cold climatic conditions, and growing demand in the North America market, the global flooring market will likely grow in total revenues as well as expand its footprints.
Growing Demand in the Construction Industry Opens Several Opportunities
Rising construction activity across the world including homes, offices and other commercial places are expected to drive the global flooring market. Increasing enhancements in designs, materials, and sustainability is resulting in new demand in renovations and posh buildings. Additionally, growing initiatives by the government to undertake initiatives such as cheap housing and recovery of the housing market are expected to fuel demand for the flooring market. Additionally, rising trends such as renting co-working spaces is growing in the United States. Rising demand for these places, and their continuous need to renovate year to attract new customers is expected to drive the global flooring market.
Affordable Housing Act Uplifts the Mood in the Flooring Market
According to a new survey by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) in the US, there will be a need to create 4.6 million homes by 2030 in order to meet the growing demand. Additionally, according to a Harvard University Study, nearly 35% people in the US pay upwards of 30% of their monthly income for housing. To make matters worse, over half of these households are rented. So, the growing costs of housing and rising trends in renting are expected to hamper the growth of the flooring market. However, acts such as Affordable Housing Act are expected to uplift the mood in the flooring market with new constructions coupled with growing renovations.