The floor covering is a piece of material, used to protect and decorate a floor. These products are precisely made with rubber, felts, textiles, resins and other artificial & natural substances primarily applied on the base level surface. They are mainly applied in residential & commercial spaces to offer decoration, comfort, safety, and durability to the flooring space.
According to the study, “Global Floor Covering Market to reach USD 469.2 billion by 2026” the key companies operating in the global floor covering market are Armstrong Flooring, Mannington Mills, Inc., Dixie Group, Inc., Gerflor Group, Forbo Holding, Mohawk Industries, Inc., Home Depot Inc., Shaw Industries Group, Inc., Interface, Inc. and TOLI Corporation. The major players are investing in advanced equipment that helps companies to install the product on a shorter timeline.
Based on product, the floor covering market is segmented as wood flooring, carpet & area rugs, ceramic tiles flooring, vinyl flooring, laminate flooring, stone flooring, and other products. The rugs and carpets segment holds a major share in the market owing to their aesthetic & functional properties which can cover the floor as well as improve the overall home & office decor appeal. The rise in consumer spending on home décor products to bring aesthetic enhancements is also driving the market growth. Vinyl flooring is expected to witness higher growth rate as it is cost-effective in nature and exhibits various features, such as flexible handling, durability, and design possibilities, which make it suitable to be used in schools, offices, hospitals, and houses. Based on the distribution channel, the market is segmented as flagship stores, home centers, online stores, specialty stores, and others. In addition, based on end-user, the market is segmented as residential replacement, commercial, and builder.
The floor covering market is driven by growth in the construction sector which include establishments of both commercial and residential spaces, followed by a rise in adoption & utility in hotels or restaurants, surge in the disposable income of the individuals. However, the amount of non-degradable waste that is generated through the manufacturing of textile floor coverings consisting of carpet & rugs may impact the market. Moreover, the rise in demand for luxury flooring in both developed and developing the country is a key opportunity for the market.
Based on geography, the North-American is the sign of the region in the global floor covering market owing to growth in the construction sector which includes establishments of both residential and commercial spaces across the region. Whereas, the European and Asian-Pacific regions are estimated to witness higher growth rate due to the low cost of floor coverings coupled with high disposable income of the individuals over the forecast period. In upcoming years, it is expected that the future of the global market will be bright because of the rise in demand for luxury flooring by the customers coupled with growth in textile production in India and China during the forecast period. The global floor covering market is valued approximately at the US $290 billion in 2018 and is likely to grow with a healthy growth rate of more than 6.20% over the forecast period 2019 to 2026.
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Ankur Gupta, Head Marketing & Communications