Transparency Market Research (TMR) reports that the global flooring market is prognosticated to witness a steady growth in the years to come because of the increasing number of vendors who are adopting innovative marketing strategies that are both online and offline. The competitive landscape of the global flooring market is very high because of the presence of a number of players, who are giving tough competition to each other in order to gain both name and fame in the international market as well.

The leading vendors of the global flooring market are The Dixie Group, Congoleum Corporation, Boral Limited, Tarkett Group, and Shaw Industries Group, Inc, Vendors are planning many strategies making sure that their clients are completely aware about the product they buy along with its quality rates. New research and development groups are initiating new technology like ‘in-registered embossing’ that uses the press embossing technique. This technology is difficult to excel in and is more accurate than the cylinder systems which is presently being employed in the European nations like France.

According to the TMR report, the global flooring market is anticipated to increase by 6.5% CAGR by the end of 2026. The forecast period is set to 2018 to 2026. The market is prognosticated to reach 32,450 million square meters and the value is worth US$ 450 Bn by the end of the forecast period. As per the segmentation by material type, the luxury vinyl tile (LVT) category is seen to be dominating the market for both engineered products as well as hardwood products. This is because of the value added attributes like water resistance, scratch proof, slip proof and environment friendly nature. These products are highly preferred in regions with cold climatic conditions.

From a geographical perspective, the global flooring market is seen to be dominated by North America because of the cold climatic conditions and more preference towards soft covering flooring products like area rugs broadloom, and carpet tiles. Since these products are preferred at a higher range in the cold nations of the U.S. and Canada, the North American region is seen to be having a strong hold in the market. However, Asia Pacific and Europe are also seen as prospective dominating nations and may overpower the market in North America because of the government initiatives towards development in infrastructure. The real estate industry is also gaining huge amount of profits in these regions because of complete cooperation from government towards a building a better nation.

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Variety in Flooring Designs and Growing Demand of Construction Industry to Fuel Future Market

Flooring designs and continuous innovative designs are a boost to the market that may never go out of trend. All sectors like residential, commercial as well as the industrial sectors need a better infrastructure and thus, best of the best flooring plans. The standard patterns used by construction industries are now being replaced by the more attractive cutting edge flooring patterns. At present floor designs that have a better and fascinating appearance as well as advantages are more in demand as compared to the traditional flooring designs. Eventually, a remarkable development is expected from such industrial advancements and flooring development and marketing in the coming years. Adding to that the increasing popularity of flooring designs in commercial sector is estimated to boost the flooring market further.

Maintenance free and low upkeep requirement of innovative buildings and their flooring designs are essentially adding more advantage to the global flooring market from various segments like wood quality, tile quality, stone designs, and other such segmentation is expected to drive the global flooring market in the years to come.

Lifestyle Upgrade to Propel Market Boost

Rise in construction industry chiefly in the developing economies of Asia Pacific is providing additional advantage to quick penetration of products. Changing lifestyle of people have given a new direction to people in terms of decorating homes in the most lavish way possible. There is demand for floor safety mainly in the commercial and industrial sectors and this will increase the market revenue in future. Apart from floor safety, there is also the need for robust floor with water resistivity and enhanced comfort level. Surge in redesign and repair interest of defective and old structures will definitely have a positive impact on the growth of the flooring market during the forecast period.

The above review is based on a TMR report, titled, “Flooring Market (Product - Resilient, Non-resilient, Soft Cover; Material - Carpets and Rugs, Wood (Soft Wood and Engineered Wood), Laminate, Vinyl Sheet and Tile (Homogeneous, Heterogeneous, Luxury Vinyl Tile), Ceramic Tile, Stone; Application - Residential, Non-residential) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”

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