ALBANY, N.Y., Nov. 17, 2020
· The rapidly changing lifestyle of the consumers across the globe and the escalating popularity of the renovation and remodeling activities are stated to bring extensive growth prospects for the flooring market
· Flooring market is expected to expand at a CAGR of more than 6.5 percent during the assessment period of 2019-2027
ALBANY, N.Y., Nov. 17, 2020 /PRNewswire/ -- Humungous developments have taken place in terms of the home décor sector. The preferences of consumers have changed drastically over the years and the increasing purchasing power parity has led individuals to renovate their homes consistently. Based on this aspect, the global flooring market is expected to invite good growth prospects during the assessment period of 2019-2027.
Floor covering is a term used for describing any layer of finish material applied over a floor structure to offer permanent covering. Some of the most commonly used flooring materials are carpets and rugs, laminates, vinyl sheets and tiles, ceramic tiles, wood, rubber, and natural stone.
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Furthermore, the changing regulations across the construction sector and the large-scale development of infrastructure projects around the world may invite tremendous growth prospects for the flooring market. The latest trends and developments in the construction sector may add extra stars of growth to the flooring market. In addition, the rapid urbanization rate is inviting immense advancements through the flooring market.
The researchers at Transparency Market Research (TMR) after a thorough and detailed study on all the aspects related to the flooring market prognosticate that the global flooring market will expand at a robust CAGR of more than 6.5 percent during the forecast period of 2019-2027. The global flooring market was valued at US$ 274 bn in 2018 and is predicted to reach US$ 473 bn by the end of the forecast period.
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The popularity of incessant spending on the interior and styling of a home has increased rapidly over the years. This aspect may invite tremendous growth prospects for the flooring market. The emergence of sustainable and smart infrastructure across various regions may invite magnanimous growth opportunities.
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Flooring Market: Major Findings
Flooring Market: Key Growth Propellers
The magnifying increase in construction projects across the globe may invite tremendous growth prospects for the flooring market.
Flooring Market: Competitive Analysis
The players in the flooring market always focus on strategies like mergers, acquisitions, joint ventures, partnerships, and collaborations to increase their influence. These activities eventually lead to the growth of the flooring market. The players are also involved in expansion activities. Hefty investments in research and development activities by the players lead to tremendous growth prospects. The players are focusing on producing recyclable and eco-friendly flooring materials according to the latest trends.
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Global Flooring Market: Segmentation
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Sports Flooring Market - In terms of value, the global sports flooring market is anticipated to expand at a CAGR of ~6% from 2020 to 2030. The demand for indoor sports activities has been increasing in North America and Europe due to extreme weather conditions. Governments and private sports clubs in these regions are investing significantly in indoor sports complexes. The growth in public awareness about the link between physical activity and health is also projected to drive the demand for indoor sports activities. There has been a significant rise in participation in indoor sports activities in North America and Europe over the past few years. This can be ascribed to increase in household income and growth in expenditure on recreational activities. The rise in awareness about fitness and personal care is encouraging people to spend on gym memberships; and yoga, Zumba, and dance activities. This trend is likely to continue in the near future.
Wood Flooring Market - The global wood flooring market was valued at ~ US$ 73.4 Bn in 2018, and is anticipated to expand at a CAGR of ~ 6% during the forecast period. The global wood flooring market is driven by the rise in the demand for home in residential applications. Europe accounts for a prominent share of the global wood flooring market, led by an increase in the demand for residential housing in the region, which is supported by government schemes.
Vinyl Composition Tile (VCT) Flooring Market - The global vinyl composition tile (VCT) flooring market has been segmented based on product and application. Based on product, the market has been divided into single- layered vinyl composition tile (VCT) flooring and multiple-layered vinyl composition tile (VCT) flooring. Based on application, the global vinyl composition tile (VCT) flooring market has been segmented into residential, commercial, and industrial. Commercial is a leading application segment of the market, followed by the industrial segment. The residential segment holds a minor share of the market. Rising demand for tough tiles with high abrasion and slip resistance is augmenting the demand for vinyl composition tile (VCT) flooring for use in industrial applications.
Soft Covering Flooring Market - Rising incomes of people worldwide along with increasing construction of residential and commercial complexes has provided a fillip to the demand for soft covering flooring market. Aspiring home owners are not just buying new ones but also spending liberally on their décor. Same goes for office upgrades to impart a more sophisticated look to them. Apart from that, emergence of premium products in the market is also boosting demand and sales. At present, the carpet tiles that are seeing soaring sales are majorly boosting the market.
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