The global Commercial Flooring market is forecast to reach USD 50.31 Billion by 2027, according to a new report by Reports and Data. Technology innovation and trouble-free installation advancements in the floor covering sector are anticipated to widen the size of the industry over the next few years. Rising demand in the construction industry, along with shifting customer lifestyles and increasing competition for insulation, are the key drivers of the market. Rising consumer spending on home interiors, offices, and hotels are expected to boost global market growth from 2019 through 2027. Besides this, it was noticed that various automobile companies are also using commercial flooring to enhance the look of the vehicle. However, the different pricing of the raw material is becoming a market hurdle, making production and distribution uncertain.
Commercial flooring is widely used in educational, institutional, healthcare / hospital, hospitality, light commercial, light industrial, office, retail / shops, transportation / public venues, and others. As the market for downstream industries increases exponentially, the demand for commercial flooring will increase correspondingly. With production released, the price of commercial flooring has gradually decreased over the past few years, and the amount expected will not rise. At the same time, improving energy, transportation costs, employee salaries, and depreciation of equipment will play a vital role in promoting commercial flooring costs.
Developing nations around the world have aimed at increasing investment opportunities in the construction industry and also boost innovation, increasing market scope. The drastic market development in the Asia-Pacific region, followed by North America accounts for this. Rapid urbanization and industrialization in major developing countries in the region influence the demand.
The COVID-19 impact:
The Commercial Flooring industry has suffered some impact but maintained a relatively positive performance; analysts believe that the size of the market will be further expanded in the next few years. The pandemic’s debilitating effect has negatively impacted production and demand, established supply chain, and market disruption. This pandemic has affected Asia Pacific region the most, with China at the center of the cause. Numerous plans in different countries, affected by the disease, have come to a temporary stop. Its economic impact on companies and financial markets is also not favorable. Stock market volatility and decreasing global growth are anticipated, which will affect the sale for Commercial Flooring.
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Key participants include Mannington Mills, Inc., Amtico, Mohawk Industries, Inc., The Armstrong Flooring Inc., Flowcrete, Forbo Flooring, Interface Inc., Gerflor, Hanwha, and Congoleum, among others.
Further key findings from the report suggest
- North America, as well as Europe, dominated the regions that held an important commercial flooring market in 2019. The growth in green building construction in the U.S. is expected to raise the use of lightweight and environmentally friendly floor coverings.
- Due to the highly developed distribution channel industries, advanced processing capabilities, combined with a highly skilled workforce and growing R&D initiatives, the U.S. is among the leading countries in the market for commercial floorings. Developing applications and strong demand encourage producers to concentrate on new technologies to expand the market.
- The rapid urbanization, rising government spending on infrastructure and construction, integrated retailing boosts the growth of the industry in APAC. The competitive environment between manufacturers has resulted in the adoption of technologies. This drives the market and is anticipated to grow further with a CAGR of 6.1%.
- Healthcare is expected to project volume growth from 2019 to 2027 at a CAGR of 6.0%. Throughout the healthcare sector, flooring materials are utilized for different architectural spaces that include passageways, hospital halls, critical care units, hospitals, and diagnostic centers.
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For the purpose of this report, Reports and Data have segmented into the global Commercial Flooring market on the basis of product, distribution channel, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Soft Covering Flooring
- Broadlooms
- Carpets
- Rugs
- Resilient Flooring
- Non-Resilient Flooring
- Seamless Flooring
- Wood & Laminate
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Retail
- Wholesale & Distributor
Application Outlook (Revenue, USD Billion; 2017-2027)
- Education
- Healthcare
- Hospitality & Leisure
- Retail
- Public Buildings
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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To summarize everything stated above, the report offers key insights into the Commercial Flooring market to allow the reader to gain a complete understanding of the Global Commercial Flooring Market through accurate estimations, a panoramic view of the market scenario, competitive landscape, factors influencing the growth of the market, driving factors, restraints, regulatory framework, growth prospects and opportunities, and factors propelling the market forward. The research study offers an in-depth view of the industry to offer a competitive edge to the reader and help them in formulating beneficial investment plans. The report provides a comprehensive overview of the market with facts relating to the past, present, and future of the Global Commercial Flooring Market.
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