Impact of Covid-19 Outbreak on Hard Surface Flooring Market

07/lug/2020 14:18:07 Automotive Market Research Reports Contatta l'autore

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Flooring plays a major role in shaping the look and feel of spaces such as residential, office, restaurants, complexes and more. Market Research Future Reports has published its latest reports that states, the global hard surface flooring market will proliferate at a CAGR of 5.12% by the year 2023.

Hard surface flooring is considered to be resistible for residential settings as it mainly uses natural beauty materials such as hardwood and stone that offer high toughness to the flooring. Also, its thick constructions and sturdy top layers give the flooring the ability to stand to a lot of foot traffic. On this note, the hard surface flooring will be driven by rising building construction activity worldwide in the coming years. The regions such as Asia Pacific and Africa and Mideast regions, which includes mainly India and China will post particularly strong growth of the market.

Hard surface Flooring Drivers & Trends

The hard surface flooring market is driven by the expanding construction sector in major regions, globally. With the help of supportive government policies and regulations to boost the infrastructure and residential construction market, the market is getting a lot of traction in the present time. Countries such as India, have seen relaxation of FDI in construction, which is attracting foreign investments in the country and offering opportunities for construction companies to construct using advanced technology.

Furthermore, flooring in the last few years has gained popularity owing to shift in preferences from normal flooring to designed and decorative flooring, and especially vinyl flooring. Vinyl flooring has gained popularity over the years owing to increased aesthetic values in construction sector coupled with changing consumer preferences. The market growth will also be driven by subsequent advances in building construction and rising environmental concerns as well.

In the construction industry, the demand for vinyl flooring rose rapidly between 2011 and 2016 which was boosted by rising sales of luxury vinyl tile (LVT). The development of LVT products has significantly improved the aesthetic qualities of vinyl flooring, which resulted in creating strong market share gains for these products. With that, the sales of LVT flooring is estimated to continue to proliferate quickly through 2023 as these products increasingly penetrating for construction of various spacing floors in developing regions. Also, technological advances have improved the ability of durable, cost effective ceramic and vinyl flooring products to convincingly imitate the look of wood.

Increasing numbers of homeowners are presently installing hard surface flooring in rooms such as living and dining areas, where carpeting has previously prevailed. Hardwood flooring, hence, will witness an increasing usage owing to their long lifespans and attractive appearance.

Mostly notable, the solid growth of hard surface flooring in office, retail, and lodging construction expenditures are boosting demand for it. with that, increasing construction shopping malls will drive demand of hard surface flooring as these facilities durability and slip resistance.

Hard surface Flooring Segmentation

According to MRFR’s reports study, the global hard surface flooring market has been segmented based on products and applications.

Segmentation by products, the market is comprised of resilient flooring and non-resilient flooring. Where, resilient flooring includes vinyl flooring, vinyl sheet, and rubber flooring and non-resilient flooring includes seamless flooring, wood flooring, and laminate flooring. Among them, the resilient flooring segment is expected to lead the market owing to rapid growth in usage of vinyl flooring.

Segmentation by applications, the market is comprised of residential and non-residential. Among them, the residential segment has accounted for the largest market share in the forecast period owing to the upward population and urbanization which has witnessed a shift in the population especially in developing nations. This led to the increasing construction for homes and residential complexes and driving the demand of the hard surface flooring in this sector. Whereas, non-residential segment is anticipated to proliferate at the highest CAGR during the forecast period owing to the increased investment in new commercial constructions and renovation projects that are going on presently.

Regional Analysis

In the reports of MRFR, the geographical analysis of hard surface flooring the market is done in Asia, North America, Europe and rest of the world. Among them, Asia Pacific region accounts for the fastest growing market in global hard surface flooring market owing to the new developments in infrastructure are under process in various countries. Hi-tech building projects are also started where hard surface flooring is expected to play a vital role. Asia Pacific is expected to grow at the highest CAGR during the forecast period due to increase in construction activities in countries such as China, Indonesia, and India. Additionally, increase in industrialization, rising urbanized population, and growth in expenditures are the factors leveraging the growth of the market in Asia Pacific region. China is one of the leading markets in the Asia Pacific region.

Whereas, in Europe, increasing up gradation, and repair & rehabilitation of the existing infrastructure. driving the growth of the market. In U.K., the values of both public and private sectors construction, are increasing, continuously. This will create huge demand for hard surface flooring market in future.

North America is considered as a matured market for construction, which leads to stable growth in the flooring market. Growth in private construction market, especially in the renovation and re-construction, the hard surface flooring market is majorly leading North America.

 

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