Flooring Market
REPORT DESCRIPTION
Flooring( Carpets & Rugs, Tile, Vinyl & Rubber Flooring, Wood Flooring, and Others) Market for Residential, Commercial, and Other Applications- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015- 2023
The global flooring market is highly concentrated in nature with a few players holding a dominant share in the overall market, states a research report by Transparency Market Research( TMR). The leading players in the market, namely Tarkett Group, Avant Holding GmbH, Gerflor Group, Mohawk Industries Inc., and Armstrong World Industries, are making notable efforts to expand their product portfolio and reach a large number of consumers across the globe.
The need for high initial capital investment is one of the key challenges faced by new entrants. In addition, the emergence of cost-effective and eco-friendly substitutes are expected to pose a high threat for the leading players. Nevertheless, the rising number of mergers and the acquisition of small-scale players by prominent players is likely to offer promising opportunities in the coming years.
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According to the research study by TMR, in 2015, the global flooring market was valued at US $ 228.21 bn and is expected to reach a value of US $ 391.38 bn by the end of 2023. The market is estimated to register a 7.0 % CAGR between 2015 and 2023.
Rising Construction Activities to Bolster Asia Pacific Flooring Market From a geographical viewpoint, Asia Pacific is expected to lead the global flooring market and account for a share of 43.30 % by the end of 2023. The high growth of this region can be attributed to the increasing number of building and construction activities, especially in India and China. In addition, the swift rate of commercialization is projected to generate potential opportunities for the flooring market in this region. North America is projected to remain in the second position, owing to the presence of a large number of construction industries in this region.
Among the key application areas, the residential segment is expected to lead the global flooring market, thanks to the increasing construction activities in developed as well as developing countries. This segment is estimated to account for a share of 56.80 % in the global flooring market by the end of
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