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Flooring Market is Expected to Reach US$ 391.38 Bn in 2023, expanding at a CAGR of 7.0% between 2015 and 2023: Transparency Market Research

Albany, NY, July 10, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report titled "Flooring Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global flooring market was valued at US$ 214.29 Bn in 2014 and is anticipated to reach US$ 391.38 Bn in 2023, expanding at a CAGR of 7.0% between 2015 and 2023. In terms of volume, the market stood at 16,419.2 million square meters in 2014.

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Growth in the construction industry is estimated to drive demand for flooring. Residential is the largest end-user of the flooring market. Strong growth in residential and commercial construction industries is projected to boost the flooring market. Increase in productivity of the automotive industry and boom in the global shipbuilding industry are also likely to boost sales of flooring materials. Flooring products are used as floor coverings in vehicles. Strong growth of the automotive industry is a major factor driving the flooring market. However, fluctuation in prices of flooring raw materials is expected to hamper market growth. Wood or lumber is the major raw material used in the manufacture of wood flooring products. However, lumber is a commodity material whose price is highly dependent on demand and supply factors. Industry trends such as innovation, branding, technology advancement are expected to provide new opportunities for the growth of the market.

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The market for flooring materials is diversified with a wide portfolio of products and applications. Most commonly used flooring materials are soft coverings (including carpets & rugs). Other product segments comprise hardwood flooring, flooring tiles, resilient, and laminate flooring. Vinyl & rubber flooring are the most popular varieties of resilient products. Carpets & rugs are woven from fibers.

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Demand for flooring products was the largest in the carpets & rugs segment with market volume of 6,556.9 million square meters in 2014 due to extensive usage of these in cold climates in developed regions such as North America and Asia Pacific. However, vinyl & rubber flooring is anticipated to witness the fastest growth rate during the forecast period owing to rising usage of these products due to low cost, high durability, and easy maintenance.

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Residential application was the largest segment, generating market revenue of US$ 121.93 Bn in 2014, owing to rise in construction activities in developed as well as developing regions. There has been an increase in educational infrastructure activities in the commercial sector due to growing number of institutions and renovation projects. Furthermore, green buildings are becoming an important part of the construction industry; thus, eco-friendly flooring products are being used in various commercial, healthcare, and educational applications in order to support the green building movement.

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The Flooring Market has been Segmented into:

Flooring Market: Product Segment Analysis

  • Carpets & rugs
  • Tile
  • Vinyl & rubber flooring
  • Wood flooring
  • Others (including laminate flooring)

Flooring Market: Application Analysis

  • Residential
  • Commercial
  • Others (including industrial and automotive)

Flooring Market: Regional Analysis

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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Source:Transparency Market Research