Flooring Market Value to Surpass $450 Billion by 2024
September 6, 2019 from Floor Trends
Selbyville, Del. — The global flooring industry is expected to cross $450 billion by 2024, according to a recent report from Global Market Insights, Inc., “Flooring Market 2017 – 2024 Trends and Forecast.”
The global flooring market size is poised to witness immense traction over the foreseeable timeline owing to higher spending on private infrastructure across developed countries. Growth in the construction industry in Asia-Pacific (APAC) due to rapid urbanization will boost the product demand, while evolving consumer lifestyles and surging disposable income will create new opportunities for flooring material suppliers.
Rapidly growing population in Asian countries has also fueled the demand for residential construction projects, particularly in India and China. Shifting government focus towards infrastructure development coupled with advancing real estate industry will drive the regional trends. Rising manufacturing activities owing to the need for driving socio-economic benefits will boost expansion of industrial and commercial businesses. APAC flooring market was valued at over $110 billion in 2016 and is anticipated to witness considerable growth in the coming years.
Continuous investment in the construction of schools and hospitals is primarily driving the U.S. construction sector. Positive demographic trends have propelled the demand for new school buildings. Increased spending on restoration of older structures along with regulatory compliance on safety and protection of these buildings will drive the regional demand. North America flooring market is estimated to witness remarkable gains over the projected timeframe.
Increasing number of green building construction projects will fuel the demand for eco-friendly and lightweight floor coverings. Inclination towards tourism development accompanied by economic boom is anticipated to stimulate the consumption of flooring products in regions like Europe. Stringent regulations to ensure sustainable housing, better plumbing, agricultural construction and industrial fire safety will bolster European market forecast.
The emergence of eco-friendly alternatives coupled with surging consumption for energy-efficient insulation materials will stimulate developments in flooring solutions. Stringent government regulations along with financial support, particularly for residential construction, is anticipated to propel the product outlook. Favorable norms for sustainable infrastructure and industrial safety particularly in developed economies notably drive global flooring industry trends.
Enhanced living standards along with growing inclination towards customized floor designs will positively impact the applications scope. Improved comfort, durability, ease of cleaning and water-resistance are key factors driving product adoption. Increased focus on floor protection particularly in commercial and industrial infrastructure will further complement the industry landscape in the near future.
For more information, visit www.gminsights.com.