July 17, 2020
As per the report titled ‘Global Decorative Flooring Market Analysis, 2020’, available with Market Study Report LLC, global decorative flooring market is projected to register strong CAGR over 2020-2025.
Rapid urbanization, flourishing construction sector, increasing demand for re-modeling & renovation, and rising disposable income are driving the growth of global decorative flooring market. In addition, growth in retail and commercial sectors worldwide is adding significant momentum to the industry expansion, cites the research document.
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On the contrary, temporary suspension of construction projects due to COVID-19 outbreak is negatively impacting the growth of global decorative flooring market. Credible sources cite that expenditure on home renovation & repairs is expected to plummet to USD 298 billion in 2020 from USD 328 billion in 2019.
Based on the floor material, global decorative flooring market is categorized into wood, concrete and others. Wood flooring is witnessing an increased demand from residential sector due to benefits such as low maintenance, healthier indoor air, and availability in varied options.
Speaking of end-user application, commercial segment is predicted to display strong growth over the forecast duration, due to rising expenditure on flooring across healthcare facilities, retail stores, and hotels for improving consumer comfort and enhancing aesthetic appeal. Cultural shift towards get-togethers and parties, particularly among millennials in countries like China, US, and Australia is also accelerating the demand for decorative flooring. Further, escalating demand for durable decorative flooring to withstand the heavy footfalls in commercial space is positively impacting the segment growth.
Parallelly, residential sector will also witness a high demand for decorative flooring in the forthcoming years, owing to technological advancements that ensure easy installation along with benefits like improved texture, design, and low maintenance.
Considering the geographical outlook, Asia Pacific grasped considerable share of global decorative flooring market in 2019 with China in the lead. Rising consumer interest towards decorative flooring and better living standards, supported by increasing per capita income serves a major growth impetus for the industry. Additionally, spike in number of hypermarkets, supermarkets, retail malls, and shopping complexes in developing nations like India which is estimated to witness 22-25% growth in organized retail by 2021, is creating new growth prospects for the industry players. Also, increasing establishment of restaurants, hotels, and cafe chains are strengthening the demand for decorative flooring in APAC.
Meanwhile, North America market is slated to expand at a significant pace over the assessment period, owing to surging demand from commercial and industrial sectors. Growing investment towards modernizing house interiors is likely to add substantial revenue to the regional market.
Major players in global decorative flooring market are Tikkurila Oyj, Teknos Group, Asian Paints, Nippon Paint, The Jotun Group, Kansai Paint Co., Ltd., Covestro AG, PPG Industries, Akzo Nobel N.V., RPM International, Inc., Henkel AG & Company KGaA, Arkema S.A., BASF SE, LATICRETE International Inc., MAPEI, Sherwin Williams company, and Sika AG.