According to UN-HABITAT, approximately 13% of the world’s urban areas have affordable housing. This indicates that an extremely low number of people in cities across nations have are living in regulated housing societies.
As a result, governments around the world, especially in developing countries, are ramping up their investment in the housing sector to ensure that every person in the country has a proper home. This is emerging as one of the leading flooring market trends as government-backed building activities will create a huge demand for flooring solutions and thus accelerate the growth of this market in the forthcoming years.
Growing Preference for Vinyl Flooring to Fuel the Flooring Market
Vinyl flooring solutions are becoming increasingly among homeowners as well as commercial occupants, which is fueling this market growth. This rising preference is attributable to host of benefits that vinyl tiles and other flooring options offer. For example, in commercial spaces, vinyl tiling provides a durable and reliable flooring solution as these spaces have heavy foot traffic throughout the day.
In case of households, vinyl floors are the ideal solution, since homes have high moisture content and these floors are water- and stain-resistant, giving them a long shelf-life compared to ordinary floorings. Another reason why homeowners prefer vinyl tiles is their affordability.
For instance, vinyl tiles mimic the appearance of a ceramic floor, but are more pocket-friendly compared to actual ceramic tiles. Lastly, and most importantly, these floorings are easy to install and maintain, which is the central factor boosting their adoption in both residential and commercial settings.
The global flooring market size is projected to reach USD 515.71 billion by 2026, exhibiting a CAGR of 4.8% during the forecast period. Rising global focus on affordable housing will be a major growth factor for this market, shares Fortune Business Insights™ in its new research.
Asia-Pacific to Hold Commanding Market Position; Europe to Present Lucrative Opportunities
With a market size of USD 185.4 billion in 2018, Asia-Pacific is well-poised to dominate the flooring market share during the forecast period. The primary reason for the region’s dominance is the aggressive investments made by governments in the region, mainly India and China, in infrastructure development.
Moreover, the availability of home and personal loans in the region is also generating demand for expensive flooring solutions, thus driving the growth of the market.
In Europe, there is surging demand for vinyl floorings in non-residential buildings, which is fueling the market growth, while in Middle East and Africa initiation of large-scale construction projects is brightening market prospects.
Launch of Sustainable Products to Excite Market Competition
The flooring market forecast suggests that the market is slated to enter a period of widespread excitement as many of the leading players are frequently introducing environment-friendly flooring solutions for customers. Through these launches, companies are solidifying their position in the market and diversifying their offerings.
Major Types of Flooring:
Wood Flooring:
Wood flooring is any item made from lumber that is intended for use as ground surface, either underlying or stylish.
Hardwood flooring:
Strong hardwood floors are made of boards processed from a solitary piece of wood. Strong hardwood floors were initially utilized for primary designs, being introduced opposite to the wooden help light emissions building known as joists or carriers. With the expanded utilization of concrete as a subfloor in certain pieces of the world, designed wood flooring has acquired some notoriety. Be that as it may, strong wood floors are as yet normal and mainstream. Strong wood floors have a thicker wear surface and can be sanded and completed a larger number of times than a designed wood floor. It isn't extraordinary for homes in New England, Eastern Canada, USA, and Europe to have the first strong wood floor still being used today.
Solid Wood Manufacturing:
Strong wood flooring is processed from a solitary piece of lumber that is oven or air dried prior to sawing. Contingent upon the ideal look of the floor, the lumber can be cut threely: level sawn, quarter-sawn, and break sawn. The lumber is sliced to the ideal measurements and either pressed incomplete for a site-completed establishment or completed at the plant. The dampness content at season of assembling is painstakingly controlled to guarantee the item doesn't twist during transport and capacity.
Sheet Vinyl Flooring:
Sheet vinyl flooring is vinyl flooring that comes in huge, persistent, adaptable sheets. A vinyl sheet floor is totally impermeable to water, not at all like vinyl floor tile, which comes in solid tiles, and vinyl boards, which come in interlocking strips. It is some of the time called tile after a comparable result of various (linseed oil) substance creation.
Laminate Flooring:
Laminate flooring (likewise called drifting wood tile in the United States) is a multi-facet engineered flooring item combined with an overlay cycle. Cover flooring reenacts wood (or here and there stone) with a photographic applique layer under a reasonable defensive layer. The internal center layer is generally made out of melamine tar and fiber board materials. There is an European Standard No. EN 13329:2000 determining overlay floor covering necessities and testing strategies.
Sustainable Flooring:
In the U.S., the Building for Energy and Environmental Sustainability (BEES) program of the National Institute of Standards and Technology (NIST) gives a one-stop wellspring of life cycle evaluation based data about ground surface choices. Life cycle examinations of ground surface choices by research bunches all throughout the planet reliably show bio-based deck items to have lower natural effects than different kinds of ground surface.
The existence cycle ecological effects related with creating and utilizing flooring options like stopper, tile, and strong wood are unmistakably lower than different other options. Fleece covering and composite marble display the best effects, and effects connected to normal covering utilized in private constructions are higher than those appeared in the BEES framework because of the utilization of a cushion away from view layer.
Key Industry Developments:
November 2019: Shaw Industries, the US-based carpet manufacturer, developed COMFOR3TTM, the company’s new soft flooring solution for places with heavy foot traffic. The covering is made from 60-80% recycled content, can be used multiple times, and is 100% recyclable. The sustainable solution is expected to deepen the company’s foothold in this market.
September 2019: Belgium-based Beaulieu International Group’s specialized division, Beaulieu Flooring Solutions, launched its novel latex-free carpet called Rewind. The product is made through a highly sustainable process, which involves no water usage and 83% less gas consumption. The purpose behind its launch is to make trade events and shows more eco-friendly.
Information Source:
https://www.fortunebusinessinsights.com/flooring-market-102740
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