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APAC Flooring Market Share is Set to Register Lucrative Gains by 2026
Published Date: 2020-11-09
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According To Graphical Research, The New Growth Forecast Report Titled “Asia Pacific Flooring Market Forecast, By Product (Soft Coverings, Resilient Flooring [LVT, VCT, Vinyl Sheet, Fiberglass, Linoleum], Non-Resilient Flooring [Ceramic, Stone], Seamless Flooring), By Application (Residential, Commercial, Industrial), Industry Analysis Report, Country Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026” To Witness Steady Growth By 2026.
The Asia Pacific flooring market is predominantly driven by the increasing need for houses along with investments in infrastructure development, which is anticipated to propel the regional industry growth. The emergence of smart cities and increased construction expenditure to economically stabilize countries are expected to propel the market size. Population growth, consumer awareness of sustainability, and urbanization have surged the need for smart and sustainable infrastructure solutions. Large markets including India and China are set toward a more positive outlook for the construction industry as fallout from the global financial crisis recedes and public finances & household incomes improve.
The constant evolution in design aspects and evolving consumer taste in styling have also driven renovation activities in established cities. Developers and contractors are also switching to cost-effective and eco-friendly materials from conventional flooring solutions. These materials include reclaimed wood, Berber, rubber, glass, bamboo, polyester, cork, and linoleum. Customers are striving to obtain a visually appealing, cost-effective, durable, and holistic solutions. The market is also witnessing a demand for insulated products that prevent noise disturbance and enhance privacy. Ventilated floors serve as a façade below the building, additionally, intermediate floors must be adequately insulated to prevent noise transmission between the floors.
In Asia Pacific, non-resilient flooring holds a sizeable share in the overall industry, accounting for more than 40% share in the total product share. Growing industrialization has led to an increased demand for non-resilient materials in the construction industry. Ceramic sub-segment held a major share in the non-resilient flooring segment as ceramic tiles are produced from unprocessed materials that are freely accessible. Natural stones held the second-largest share; however, they are obtained through digging and are relatively costly. Technological growth in the processing and mining of factory-made natural stones will lead to decreased prices in the coming years. Non-resilient flooring is comprehensive of firm exteriors and is used as floor coverings in a wide variety of applications. The growing market demand can also be accredited to growing non-resilient flooring applications in the commercial sector.
The commercial segment held significant share in Asia Pacific flooring market. Rapid commercialization and the subsequent expansion of workspaces will propel growth in the product demand utilized in commercial applications. Asia Pacific is home to rapid infrastructure development and foreign investments. The presence of major construction companies amidst the booming demand for commercial spaces is set to increase the demand for flooring products.
The Asia Pacific flooring market is predominantly driven by large markets including China, India, and Japan. China is the largest market in the Asia Pacific flooring industry and is anticipated to hold this position by 2026. The country boasts the presence of many manufacturing facilities and major construction & real-estate companies. The supportive economic effort to promote affordable housing construction coupled with fast-growing economic conditions has conjugately driven the market toward a growth trajectory. The rising middle-class population is also expected to drive market growth.
The Asia Pacific industry participants include AFI Licensing LLC, Kajaria Ceramics Limited, Toli Corporation, Karndean Design Flooring, Atlas Concorde, Milliken & Company, Shaw Industries Group, Inc., RAK Ceramics, and EGGER Group.