According To Graphical Research, The New Growth Forecast Report Titled “Europe Flooring Market Size, 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 flourishing construction sector will propel the Europe market growth. Rising government spending on the construction sector will boost residential and commercial construction activities in Europe. In recent years, the UK government spent USD 130 billion on the construction of new hospitals, roads, and schools through a Private Finance Initiative (PFI). Similarly, in August 2020, the UK government offered USD 1.2 billion in funding to speed up the construction of homes and infrastructures. This project includes the construction of town & city centers, development of hosing & business sites, transport & digital connectivity improvements, and green infrastructure & clean energy. Such trends will generate huge flooring requirements, thereby supporting Europe flooring industry expansion.
The coronavirus pandemic has severely crippled the Europe construction sector. The construction output will decline by more than 10% in 2020. Due to the imposition of strict lockdown measures, construction activities at various sites were stopped in many countries. These activities were further affected due to the shortage of construction materials as supply chains were largely hampered. However, these losses are expected to remain for a short period and the market will gain momentum & return to its normal position in a few years. These factors will potentially create a temporary adversity in the industry.
The Europe flooring market is segmented based on product and application. Seamless flooring will grow at a CAGR of more than 8.5% by 2026. Seamless flooring is developed to offer dense protective coatings from external surroundings. The coating is resistant to chemicals, dirt penetration, and scratch. Seamless flooring usually includes latex urethane, epoxy, or polyester compounds that are used in a liquid form to deliver a completely seamless floor covering. It gives the floor a glossy, aesthetic, skid-resistant, reflective, and spotless look. Renovation of buildings is one the largest end-users of seamless flooring as it properly settles down on old surfaces. The floorings include troweled mortars, terrazzo floors, and slurry or broadcast floors. Slurry or broadcast floors are majorly used in hospitals, laboratories, warehouses, common areas, shower rooms, equipment rooms, and food-processing facilities. Low maintenance costs coupled with better aesthetics & longevity will support the demand for these floorings. However, the high cost of installation may hamper segment growth.
The residential segment will cross USD 65 billion by the end of the forecast period. The segment will grow at a rapid pace largely due to rebounds in residential construction expenditures in several high-income countries, particularly in Europe. Rising renovation projects in Western European countries including the UK, France, Belgium, Spain, Luxembourg, Ireland, and the Netherlands will support product penetration in the regional residential construction sector. The rising awareness regarding the advantages of using eco-friendly substances in flooring will create new avenues for future growth and expansion in the Europe flooring market.
The major manufacturers in the Europe flooring market include Flowcrete, Marazzi Group, Forbo Group, Amtico, Instarmac, Polyfor Ltd., and Pergo. These manufacturers are investing in research & development capabilities to develop new products with improved operational capabilities. In January 2014, Parador launched a new product, Eco Balance PUR, which can be used as an imitation leather on mattresses, cockpit trims, and car seats.