Flooring Market Growth 2021, Latest Trends, COVID-19 Impact, and Forecast to 2028
The global flooring market size was $342.88 billion in 2020. The market is projected to grow from $359.20 billion in 2021 to $517.74 billion by 2028 at a CAGR of 5.4% during the 2021-2028 period.
This information is presented by Fortune Business Insights™, in its report, titled, “Flooring Market, 2021-2028.”
According to our expert analysts, surging novel construction projects is likely to offer growth prospects for the market growth. Furthermore, the products utilized for flooring application, offer characteristics such as protection against scratches, indents, dampness, as well as can be effortlessly cleaned, which further contribute to the bulging demand.
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Drivers and Restraints
Surging Demand for Vinyl Flooring in Construction Projects to Fuel Market Growth
Vinyl is used as a versatile component in tiling applications, where, luxury vinyl tile is used majorly. It is resilient to mold, dampness, and fungus, which makes it an appropriate flooring option for utilization where wetness and infrequent spills are the prime concerns.
Asia Pacific was worth USD 180.38 billion in 2020. Asia Pacific is the biggest and speediest-surging region and held the maximum flooring market share owing to large scale financing scheduled by governments of India, China, and Southeast Asia on infrastructure expansion.
Europe is likely to be administered by the utilization of ceramics and vinyl in non-residential structures.
The Flooring Market in the Middle East & Africa is in the growth phase of its life cycle, owing to growing demand for floor casings from numerous large-sized construction developments, and therefore, is expected to gain substantial market share during the forecast period.
February 2021: Forbo created a novel auditory assortment which unites the well-known Sarlon acoustic vinyl variety of the company and award-winning Modul’up adhesive free solutions. This freshly launched collection is estimated to be the point of reference for any development where impact-sound is required to be diminished.
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