Flooring Market will Reach Around US$ 450 Billion by 2026; Renovation and Remodeling of Existing Premises to Strengthen Flooring Market - TMR
ALBANY, New York, Aug. 14, 2019 /PRNewswire/ -- The global flooring market is prognosticated to grow at a robust rate with CAGR of 6.5% over the forecast period 2018 to 2026, shares an upcoming Transparency Market Research (TMR) report.
The global flooring market is anticipated to cover 32,450 million square meters by the end of 2026. Simultaneously, the flooring market is expected to reach an estimated value of US$450 Bn by the end of 2026. The growing trend of renovating and remodeling of old buildings and residential houses are expected to push the global flooring market to expand in the upcoming years.
The global flooring market is segmented into carpets and rugs, wood, vinyl sheets, and tiles, in terms of materials. In this, vinyl is expected to hold a major share in the flooring market due to increasing number of luxury apartments and commercial spaces.
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Rising Number of Construction Projects to Stretch Flooring Market
The increasing number of construction projects across the globe is expected to nudge the growth in the global flooring market. Several types of flooring is being used in the construction of buildings, the application of flooring depends from project to project and according to consumer's choice. This shall contribute towards the growth in the global flooring market. Often customers prefer either durable or cost efficient flooring. Concrete material is the base for all types of constructions and cost wise it is very economical. This could further lead to expansion of the global flooring market in the future.
Brick flooring is another type of flooring that could be used in backyards or gardens, aiding in the growth avenues of the global flooring market. There is a growing trend of wooden flooring the new residential construction projects; this may nudge the expansion of flooring market. Ceramic flooring and marble flooring are used in bathrooms and kitchens respectively. Marble floorings are also used in construction of altars and prayer halls in Western and European countries. In the Asian countries, it is used in construction of temples and meditation centers. Thus, these factors could aid in the growth of the global flooring market in future.