Rising House Renovation Trend Holds Potential to Push Global Flooring Market Growth

Industry Insights

Flooring is one of the key essentials of any living space. Be it a home or office, one of the first thing generally noticed after entering in a room is the flooring. Proper flooring can make an average room look bigger. The major end-user of this market is from building remodeling industry. Many people are inclined toward renovating houses or offices to improve their appearance. This growing trend is expected to offer lucrative avenues for the growth of the flooring market.

In recent times, there is rise in the commercial construction such as office premises, hotels, and shopping plazas. This growing number of construction activities in worldwide locations is said to be one of the key reasons fueling the global flooring market during upcoming period. Application of flooring is found in residential as well as non-residential areas. This demonstrates the need of the market.

Changing consumer preference is one of the important aspects that are opening new avenues for vendors in the flooring market. Investing in research and developing new brands will help them to maintain existing consumers as well as attract new consumer base. Numerous people today are inclined toward use of eco-friendly and recyclable flooring options. Many vendors in the flooring market are utilizing this trend and pouring efforts to introduce innovative products. This is helping in driving the growth of the global market. Depending on different types of materials used, flooring market is segmented into resilient, non-resilient, and soft cover.

Among all types, wood flooring is gaining traction due to many advantages it offers. Pleasant appearance, environmental sustainability, and durability are some of the key features that have helped in flooring market growth. The competitive landscape of flooring market is moderately fragmented in nature. Presence of many global and local players demonstrates high level of competition. Shaw Industries Group Inc., Mohawk Industries Inc., Boral Limited, Tarkett Group, and Armstrong World Industries, Inc. are some of the key players in the flooring market.

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On regional front, Asia Pacific has been one of the key regions of flooring market so far. Expansion of real estate industry at a burgeoning rate is prominent factor that fueled the market growth in this region. Growing government initiatives to encourage infrastructure development and increased number of population in the region are some of the supporting factors for the flooring market. Besides, Europe, Middle East and Africa, and North America are some additional regions showing bright future for the growth of the global flooring market.

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