Flooring Market is Set to Record Exponential Growth by 2024
Category: #business  By Rahul Varpe  Date: 2020-02-03
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Flooring Market is Set to Record Exponential Growth by 2024

Residential segment is projected to witness substantial growth owing to the increasing constructions across the globe. Manufacturers focus on introductions of new product designs to engage customers in house remodeling. Rising consumer preferences for innovative and attractive flooring solutions will escalate the segment growth. Government authorities involve in strategic investments for residential constructions projects that will support the flooring market growth over the study timeframe.

Flooring Market is estimated to surpass USD 450 billion by 2024; according to a new research report.

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Proliferating residential and commercial construction operations in the emerging countries along with rising urbanization and industrialization across the globe are major drivers for flooring market growth. Increasing renovation & remodeling activities coupled with the shifting consumer inclination towards new interiors and floor designs will propel product share over the projected timeframe.

High investments by industry players in construction sector to cope up with the consumer requirement will positively influence the flooring market expansion. Rising customer focus towards home decor along with improving lifestyles will escalate the product size. Government supportive norms and finance policies for new house construction and renovations will accentuate the volume growth over the forecast timeframe.

Seamless flooring segment will register considerable share in the flooring market owing to its installation in commercial sector including hospitals, hotels and retail stores. Increasing preference for floors with protective coverings to enhance the product reliability and durability will propel the segment penetration. Superior impact and abrasion resistance provided by seamless flooring will further accentuate the volume growth.

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North America will register substantial growth in the flooring market owing to the rising urban population and home dwellers in the region. High requirement for upgradation of conventional infrastructures into new constructions with the use of advanced materials will escalate the industry size. Increasing government spending for the development of smart city projects will accentuate the industry size.

Regulatory authorities including the U.S. Consumer Product Safety Commission (CPSC), Environmental Working Group and the US environmental protection agency (EPA) enact laws and regulations regarding the manufacture of floors. The U.S. Consumer Product Safety Commission (CPSC) conduct multiple tests and procedure to examine the short and long-term effects of harmful emission released from floor manufacturing. EPA also provides guidelines for product use to improve the consumer safety.

Key players in the flooring market include Mohawk Industries, Shaw Industries Group, Inc, Armstrong Flooring, Marazzi Group, Beaulieu, Mannington Mills and Tarkett. Other notable players include IVC Group, Gerflor, Polyfor, Interface Inc, Delconca and Flowcrete.

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Flooring market players are involved in strategic acquisition for increasing their business operations with new product portfolios and manufacturing facilities. For instance, May 2016, Shaw Industries Group, Inc. announced the acquisition of US Floors, Inc to enhance their positioning in resilient luxury vinyl tile and hard surface products.

Flooring market players are undergoing strategic agreements to strengthen their distribution channels to enhance their customer base and revenue generation. For instance, in July 2018, DriTac Flooring Products, LLC announced contractual partnership with Introducing Interiors Ltd. The agreement will increase their supply network for eco-friendly adhesives, engineered floorings and ceramic tiles.

Related News: https://www.marketwatch.com/press-release/by-2024-commercial-refrigeration-equipment-market-is-expected-to-record-35-billion-doller-revenue-2020-02-03

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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