The global flooring market is anticipated to reach $450 billion by 2026, expanding at a 6.5 per cent CAGR, according to a recent report by Transparency Market Research (TMR).
The global market intelligence company predicts that the global flooring market is likely to reach 32,450 million square metres in terms of volume by 2026-end.
The report said leading vendors in the market such as Boral Limited, Tarkett Group, The Dixie Group, Shaw Industries Group, and Congoleum Corporation, are expected to make large investments towards the research and development of an innovative product portfolio.
TMR said the increasing trend in consumer living space design and interiors has led to the expenditure of consumer furnishings such as carpets and other floor coverings that enhance the aesthetic appeal of the interior. This transformation is supported by increased levels of consumer incomes, changes in lifestyle and the adoption of various cultures, as far as interior decoration is concerned, which has further led to growing consumer concern about home decoration and working space.
In order to boost temperature resistance and enhance energy efficiency, sub-rising demands of residential and commercial buildings promote the growth of the flooring market. Industry growth will be driven by technological developments and product innovations to improve performance. An increase in green buildings is anticipated to amplify the demand for lightweight and environmentally friendly floors. The construction industry will be stimulated by strict regulatory codes for sustainable housing, agricultural construction, plumbing, industrial fire safety and workshops.
However, ecological restrictions on products, including the use of PVC and laminated floor covering, on account of VOC emissions may hinder the growth of the flooring market.
Several types of flooring options are currently offered by the vendors in the market. This fosters intense rivalry among players in the flooring industry. Across the globe, the industrial, commercial, and residential sectors demand innovation in flooring designs and patterns.
Recently, Europe introduced the National Energy Efficiency Action Plans (NEEAPs). This aims to attract investments towards the renovation of commercial as well as residential buildings. The growing focus towards home décor, renovation, and remodelling activities are thus playing a key role in influencing the global floorings market.