The global hard surface flooring market is expected to exhibit a steady 5.12% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global hard surface flooring market is expected to be driven by the growing demand for residential construction in Asia Pacific and other rapidly developing parts of the world, according to the report. MRFR has quantified intangible drivers and restraints affecting the global hard surface flooring market to present a qualitative as well as quantitative analysis of the market’s growth prospects over the forecast period. A detailed study of the market’s historical growth trajectory is made to present forecasts regarding the market’s likely growth prospects over the forecast period.

The global hard surface flooring market is mainly driven by the growing demand for resilient flooring that can withstand impacts. While designer flooring surfaces have become popular in certain parts of the world, their lack of resilience means they can break easily, leading to heavy repair expenses. This has led to a growing demand from the hard surface flooring market in recent years.

The growing construction industry in developing parts of the world such as Asia Pacific and the Middle East is likely to be a major driver for the hard surface flooring market over the forecast period. Growing demand for residential as well as commercial construction, as well as the demand to expand infrastructure coverage, has been a vital driver for the construction industry in developing regions over the last few years. This has been a major driver for the global hard surface flooring market. in developed regions, the construction industry has found a significant revenue generation channel in the growing demand for renovation and updation of infrastructure buildings, which has led to a growing demand for hard surface flooring.

Competitive Analysis:

Leading players in the global hard surface flooring market include Windmoller Flooring Products WFP GmbH, TOLI Corporation, Tarkett SAS, Surface America, Roppe Corporation, Burke Industries, Berry Floor NV, Marazzi Group S.r.l., Beaulieu International Group, Shaw Industries Group, Mannington Mills Inc., Armstrong World Industries Inc., and Mohawk Industries.

In July 2019, Indian manufacturer Welspun announced a license agreement with Valinge Innovation for the use of various flooring technologies. The first of Welspun’s four integrated SPC tile manufacturing facilities is expected to open in July 2019, with a production volume of 10 million square meters.

Segmentation:

The global hard surface flooring market is segmented on the basis of product, application, and region.

By product, the global hard surface flooring market is segmented into resilient flooring and non-resilient flooring. The resilient flooring segment is further segmented into vinyl flooring, rubber flooring, and vinyl sheets, whereas the non-resilient flooring segment is segmented into wood flooring, laminate flooring, and seamless flooring. The growing demand for vinyl flooring is likely to drive the share of the resilient flooring segment in the global hard surface flooring market over the forecast period.

By application, the global hard surface flooring market is segmented into residential and nonresidential. The residential segment accounts for the largest share in the global hard surface flooring market and is likely to remain the dominant revenue generator over the forecast period due to the growing demand for residential construction in emerging regions around the world. However, the nonresidential construction segment is likely to exhibit a higher CAGR over the forecast period due to the growing demand for commercial and infrastructure construction.

Regional Analysis:

Asia Pacific is likely to hold on to the largest share in the global hard surface flooring market over the forecast period, followed by North America and Europe. The growing construction industry in Asia Pacific is likely to be the major driver for the hard surface flooring market, with the growing demand for residential as well as commercial and infrastructure construction in emerging economies such as China, India, and South Korea proving to be a vital driver for the market.

The North America market for hard surface flooring is dominated by the U.S., where commercial and infrastructural construction activities have gained steam in recent years and are likely to remain a key contributor to the regional economy in the coming years.