Part of the global flooring market is expected to reach USD 253.41 billion by 2020.
According to a new study by Grand View Research, Inc, part of tthe flooring market is expected to reach USD 253.41 billion by 2020. Advanced digital printing technologies for ceramic tiles have led to the development of innovative and versatile products along with improving installation techniques.
This has significantly broadened the scope of their application across residential, commercial and industrial flooring markets. Rising urbanisation and the subsequent increased demand in the new construction sector is expected to be the key driving force for the market over the forecast period.
Ceramic tiles are manufactured out of raw materials that are readily available. However, fluctuations in the prices of raw materials along with decreased margins for manufacturers have led to an increase in ceramic products prices. Natural stones need to be mined, processed into small slabs that can then be used for flooring, thereby making them expensive. Technological advancements in mining and processing of natural and manufactured stone are expected to result in reduced prices over the next six years.
Further key findings from the study suggest:
The global demand for non-resilient flooring was estimated to be 89.48 billion square feet in 2013, ceramic flooring accounted for over 60% of this volume. This high demand can be attributed to increased usage in commercial applications such as malls and shopping centres as well as work and office spaces. Among stone flooring, marble and granite are expected to witness high growth. Manufactured stone, concrete tiles and engineered quartz products have significantly contributed to overall industry growth.
Residential applications contributed to over 50% of the overall market revenue in 2013. Exponential increase in property resale has led to an increase in homeowner remodelling and home improvement projects and escalation in the prices of residential property across the globe. This has proved to be an incentive for non-movers to invest in their homes and upgrade to stone countertops and flooring. On account of high growth of the residential sector, stone and ceramic suppliers have targeted online retail channels and home centres.
Developing markets in Asia Pacific have captured a sizable portion of the overall demand, both in terms of volume and revenue, which can be primarily attributed to rapid urbanisation and increasing infrastructure facilities in the region. Increased demand from retail, healthcare and education sectors along with increasing demand from the commercial sector have driven the non-resilient flooring market in North America and Europe.
Manufacturers have laid a strong emphasis on designing display systems, showcasing ceramic tile collections on their websites and online catalogues for their customers to find out which products are best suited for their individual applications.
For the purpose of this study, Grand View Research has segmented part of the global flooring market on the basis of product, application, and region:
• Non-Resilient Flooring Product Outlook (Volume, Billion Square Feet; Revenue, USD Billion, 2012 – 2020)
• Ceramic Tiles
• Non-Resilient Flooring Application Outlook (Volume, Billion Square Feet; Revenue, USD Billion, 2012 – 2020)
• Non-Resilient Flooring Regional Outlook (Volume, Billion Square Feet; Revenue, USD Billion, 2012 – 2020)
• North America
• Asia Pacific
For further insights and more detailed information request a sample of this report at http://www.grandviewresearch.com/industry-analysis/non-resilient-flooring-market.