Impact of Covid-19 Outbreak on Flooring Market

24/lug/2020 13:52:20 Automotive Market Research Reports Contatta l'autore

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Flooring is defined as the permanent covering of a floor. A new report on the global flooring market, published by Market Research Future (MRFR), claims that this market could witness a high tide at 5% CAGR between 2016 and 2022.

Monitoring the market structure, this report mensurates the future growth potential of the market. It characterizes the strategies of the major market players in the market and aids the competitive developments like research & developments (R&D), new product developments, mergers & acquisitions, and joint ventures, in the market.

The primary factor raising the global flooring market growth is rapid growth in the construction sector. Increasing construction projects, across the world, due to expanding urban areas and population growth are also fueling market growth. Other factors furnishing market growth include rising home improvement projects, renovation projects, and rising personal disposable income. The last boost to the market comes from the high demand for the improvement of existing infrastructure and the building of new infrastructure in the form of hospitals, retail outlets, residential housing, and other commercial buildings. However, the market growth can get blocked due to the high prices of new installations and renovations. Considerable volumes of flooring waste and difficult disposal can also impact market growth negatively.

Market Segmentation

The global flooring market segmentation covers application, material, and type. MRFR’s take on the market allows an in-depth look into various facets of the market.

The application-based segmentation of this market covers education, healthcare, hospitality, retail, and sports. Application-based flooring is used for delivering specific aesthetics or achieve a particular purpose. For example, in the healthcare sector, flooring needs to be hard and easy to clean. In sports, the flooring must be level and help absorb shock.

Regarding material, the market has been segmented into tiles, vinyl & rubber, wood, and others. The most popular segment among these is “tiles” as tiles are available in various designs, materials, shapes, and sizes to achieve the perfect aesthetic.  By type, the market has been segmented into resilient, non-resilient, soft covering, and others.

Regional Segmentation

Based on a geographical outlining of the global flooring market, the study encompasses North America, Europe, Asia Pacific, and Rest of the World (RoW).

The Asia Pacific holds the largest market share with North America and Europe, holding the second largest share and third-largest share, respectively. Rapid industrialization and increasing urbanization in the Asia Pacific region are driving market growth. During the forecast period, the Asia Pacific region is also expected to be the fastest-growing regional market. The largest country-specific markets in this region are China, India, and Japan. An analysis of remaining countries in the Asia Pacific region featured in this report estimates the sizable contribution to market revenue from some other countries.

During the forecast period, the growth rate of the North American market is expected to be significant, mainly due to the presence of many construction firms and the existence of advanced infrastructure in this region. The largest country-specific markets in this region are the USA and Canada.

Europe is a strong market due to the availability of developed infrastructure, technological advancement, and huge investments in the construction sector. The maximum revenue for the European market is contributed by France, Germany, Spain, and the UK.

Key Players

Major players in the global flooring market include Floorworld LLC (Dubai), Flowcrete Group Ltd. (UK), Forbo Holding AG. (Switzerland), Gerflor Group (France), LG Hausys Ltd. (Korea), Mannington Mills Inc. (USA), Mohawk Industries Inc. (USA), Polyfloor Inc. (UK), Shaw Industries Inc. (USA), and Tarkett Company (France).

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