The Flooring Market is forecast to reach USD 536.52 billion by 2027, according to the new report by Reports and Data. Rapid urbanization has created a trend of remodelling and renovation activities, boosting the flooring market demand. Along with the increasing investments in the construction industry, the increase in infrastructure to keep up with changes in the lifestyle leads to raising the requirements. Product innovation and customization are a few parameters that drive the growth of the market and increases demand in public. But with the upgraded lifestyle, the importance of health and environment has risen, damping the market’s demand.
The volatile cost of the raw material represents a near headache. With another recession looming and growing global trade war, the fluctuating pricing of the raw material has become a challenge for the market, making the manufacturing and supply unpredictable. This not only hinders the manufacturers but the whole market due to the rise in the final product pricing.
Developing nations across the globe have made their focus on increasing investments in the construction business and also develop infrastructure, growing the scope for the flooring market. Asia-pacific region accounts for the drastic development in the market, followed by North America. The major developing countries in the region, owing to the rapid urbanization and industrialization, influences the demand to a great extent.
The COVID-19 Impact: The pandemic has shed light on the importance of healthy anti-bacterial flooring, increasing the market for Resilient flooring. Over the weeks, the market has been facing a trough, which might be continuing for the following months. But the demand for resilient flooring will pick up after this crisis. Asia Pacific region has been impacted the most by this pandemic, with China being the centre of the cause. Many projects in various countries have come to a temporary stop affected by the disease. Countries all over are facing operational issues and disruption in supply impacting businesses and hence the market.
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Key participants include Mohawk Industries, Inc., Tarkett S.A., AFI Licencing, Burke Flooring Products Inc., Forbo Flooring, Shaw Industries, Inc., Interface Inc., Gerflor, Polyflor, Mannington Mills, Inc.
Further Key Findings from the Report Suggests:
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Market Overview:
Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Flooring market.
For the purpose of this report, Reports and Data have segmented into the Flooring Market based on the product, application, distribution channel, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
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Detailed Regional Analysis Covers:
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