Commercial Flooring Market: Overview
The growth of commercial flooring market is directly depending upon the growth of construction industry. The construction industry is flourishing for the past few decades owing to increasing per capita income and swiftly changing people’s lifestyles. Additionally, increasing demand for more isolated homes and offices is propelling growth of the global commercial flooring market. In addition, product innovation, which reduces hassle during installation, is fuelling further adoption of commercial floorings and inducing growth of the overall market.
Commercial Flooring Market: Competitive Analysis
The key players in the global commercial flooring market include LG Hausys, Hanwha, Flowcrete, Tkflor, James Halstead, Nora, China National Building Material Co. Ltd., Novalis, Tajima, NOX Corporation, Milliken Floor Covering, and Toli flooring.
The market reflects a highly fragmented nature owing to the presence of a large number of players. In order to survive in the market, the players are constantly trying to offer innovative products. Moreover, the players are offering online services such as advanced catalogs and virtual assistants to attract consumers. The majority of players in the market are offering a broad range of products and solutions, to cater to a larger audience. Some of the players including Flowcrete, Changzhou Liberty Diseno New Material Co., Ltd., and Congoleum Corporation are offering solutions, especially for the education sector.
Further, the players are focusing on upgrading the quality of materials and replacing the conventional material with improved ones. Also, these players are looking for acquisitions and collaborations to increase customer reach.
Commercial Flooring Market: Market Dynamics
The key factor inducing government spending on infrastructural advancements especially in non-private structures. Additionally, increasing per capita income coupled with development in countries such as India, Taiwan, and Mexico is estimated to propel the commercial floorings market. This factor is likely to induce market growth in the coming years as well.
Increasing adoption of green buildings is one of the opportunities traced by key players than the construction with traditional building practices. These are practical structures, which reduce consumption of energy by 33%, which leads to lesser the general burdens incited on metal structures, and are equipped for improved indoor air quality guidelines.
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Furthermore, the development of economic structures is increasing demand for lightweight and delicate floor covers, including wood, fired tiles, and rugs that limit the emission of VOC content, have great warm protection and give acoustic solace. These factors are accounting further in the adoption of commercial flooring and benefiting the market in terms of growth and revenue.
Commercial Flooring Market: Regional Analysis
The commercial flooring market is segmented on the basis of region into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The market in Asia Pacific is estimated to hold a significant share in the global commercial flooring market and is expected to remain the fastest-growing region over the forecast period. This growth of the region is primarily attributed to developing infrastructure facilities coupled with the flourishing real-estate industry in China and India. Additionally, increased demand for non-residential building spaces from past decades in the region is estimated to account for the growth of the global commercial flooring market.
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North America and Europe are estimated to hold a substantial share in the overall commercial flooring market owing to the increasing adoption of green buildings and increasing consumption of eco-friendly and lightweight materials in floor coverings.
The existence of stringent VOC regulations and government-defined policies over the use of materials in both regions are contributing to the growth of the commercial flooring market. In addition, the growing commercial construction sector, development of the hospitality industry, and upcoming infrastructure projects are the major growth drivers of the market.