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
Transparency Market Research
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