The worldwide commercial flooring market is estimated to attain about USD 326 billion by 2020. Technological developments have led to problem-free installations and new products. The reach of commercial flooring across business, housing and industrial sectors has broadened significantly. This has increased the demand for the commercial flooring market.
Rising demand for commercial flooring in the industry of construction is estimated to be the most significant driver of the market in the coming six years. The utilization and growth of environment-friendly flooring substances are predicted to positively affect the commercial flooring market. Awareness among clients in relation to ecological preservation has caused escalating demand for bio-friendly flooring products.
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This in turn also drives the commercial flooring market ahead. The market is highly competitive and susceptible to price changes. Both these factors are projected to hamper the flow of the market. Concerns with regard to environment and absence of consciousness with respect to commercial flooring are estimated to restrict the commercial flooring market from growing further.
The worldwide market has been widely segregated on account of seamless floorings, soft coverings, non-resilient floorings, resilient floorings, and woods and laminates. Soft coverings leaded the commercial flooring market in 2013. They captured more than 35 percent of the entire market volume that year. The sector of resilient flooring is anticipated to undergo strong expansion in the six years lying ahead.
Resilient flooring provides advantages over its counterparts. This is in regards to simple installation, cost effectiveness and low maintenance. These advantages are likely to propel further demand for the resilient flooring market. Rising demand for antibacterial and antimicrobial flooring is also predicted to support the growth of the resilient flooring segment.
The commercial flooring market is segmented in view of three applications. These include commercial, residential and industrial. Escalated demand for commercial flooring across all these sectors is also anticipated to drive the demand for the market. The sector of residential was the biggest application in 2013. It captured for more than 50 percent of the market volume.
There is growing demand for commercial flooring in construction. Home repair and enhancement projects are also likely to augment further. On account of this, the commercial flooring market, in the sector of residential, is likely to experience growth during the forecast period. The commercial sector, along with quick industrialization and changing lifestyles has been experiencing growth. This factor is also anticipated to intensify the commercial flooring market further.
The various geographies under the commercial flooring market are Asia Pacific, Europe, rest of the world and North America. Asia Pacific dominated the market in 2013. It captured more than 45 percent of the worldwide demand. The region is predicted to lead the market in the coming six years as well.
This expansion is credited to escalating demand for non-housing and housing spaces in the region owing to intensifying population and growing modernization. Europe is anticipated to experience significant commercial flooring market growth in the years ahead.
This can be credited to advanced building solutions and simple installation procedures.
Information Source: Grand View Research