The market for decorative flooring is emerging on account of the rapid industrialization, rise in the commercial sector and the surge in disposable income which are resulting in the demand for decorative flooring from the residential sector also. Moreover, the rise in organized retail across the globe coupled with the opening or remodeling & refurbishment of hotels, healthcare facilities, shopping malls, and complexes has resulted into the demand for decorative flooring due to heavy footfall and need for an appealing look.
According to MarkNtel Advisors’ research report “Global Decorative Flooring Market Analysis, 2020”, the market size of Decorative Flooring across the globe is forecast to grow at an exponential CAGR during 2020-25. The key factors contributing to the market growth is the presence of numerous decorative flooring manufacturers coupled with their wide distribution network across the globe. Furthermore, the offering such as customized design, colors variants as per demand, and dimensions, etc. by the manufacturer are contributing to the market growth of decorative flooring.
In addition, increasing spending on the refurbishment and renovation of home interiors by the residential consumer and the theme-based flooring in the café, restaurants and retail sector is contributing to the growth of the market.
The Asia Pacific to Continue to Witness Increased End User Spending
In 2019, Asia Pacific grabbed the major market share owing to the surging number of retail malls, hypermarkets, supermarkets in the region. Also, the trend of theme-based restaurants, cafes and parks in countries such as India, China, Japan, etc., is resulting in the increasing demand for decorative flooring. Furthermore, the demand for high-end decorative flooring from the customers with the increasing disposable income is one of the key contributing factors for the growth of the global decorative flooring market.
However, it is expected that North America would grow with a robust pace during 2020-25 on account of the increased spending by the consumers on home interior in countries such as U.S and Canada.
Industrial Sector to Surge the demand for Decorative Flooring during 2020-25
In 2019, the commercial sector grabbed the major market share owing to the surge in the number of hotels & restaurants, shopping centers & complexes, Entertainment hub, etc., which requires durability and the appealing look of the floor to be matched with the theme to attract the visitors and customers. Moreover, the offering of matched furniture, Countertops along with decorative flooring is surging the demand for the commercial sector.
However, the demand for decorative flooring is expected to witness an uptick from the industrial sector on account of the escalating number of hospitals, libraries, museums, and schools, etc. and the need for anti-dust, anti-allergic flooring. Therefore, the market share for the industrial sector in the decorative flooring would surge during the forecast period. Moreover, the wood and other floor material such as Stone, granite, and tiles would emerge as the demand driver in the forecast period of 2020-25 owing to the benefits such as availability of suppliers, customized designs, ease of installation of wood flooring etc. Furthermore, based on the technology the cementitious technology would expect to dominate the market in the forthcoming years too, as revealed by MarkNtel Advisors’ research report “Global Decorative Flooring Market Analysis, 2020”.
According to MarkNtel Advisors’, the market of the Decorative Flooring across the globe is highly fragmented due to the presence of numerous local and foreign players operating in the market. The companies with a considerable market share in the industry are Sika AG, Sherwin Williams Company, MAPEI, LATICRETE International Inc., BASF SE, Arkema S.A, Henkel AG & Company, KGaA, RPM International Inc, Akzo Nobel N.V, PPG Industries, Covestro AG, Kansai Paint Co., Ltd., The Jotun Group, Nippon Paint, Asian Paints, Teknos Group, Tikkurila Oyi among other. The players in the industry are expanding geographical coverage, doing strategic alliances to gain a significant market share in the industry. For instance, Alston announced the launch of “Flooxta” in India, a flooring material in 2018. The company launched the product for sustainability in all the climate.
“Global Decorative Flooring Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the Decorative Flooring provider across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Floor Material (Wood, Concrete, Others)
2. By Technology (Epoxy, Polyurethane, Cementitious, Acrylic, Polyuria, Polyaspartic, Polymethyl Methacrylate (PMMA))
3. By Component Type (Primer, Base Coat, Grout/ Seal Coat/ Top Coat)
4. By End-User Application (Residential, Commercial, Industrial)
5. By Region (North America, Europe, Asia-Pacific, Rest of the World (Middle East, South America, Africa
6. By Countries (U.S, Canada, Mexico, Germany, France, Italy, U.K, China, Japan, South Korea, India, South-East Asia)
7. By Company (Sika AG, Sherwin Williams Company, MAPEI, LATICRETE International Inc., BASF SE, Arkema S.A, Henkel AG & Company, KGaA, RPM International Inc, Akzo Nobel N.V, PPG Industries, Covestro AG, Kansai Paint Co., Ltd., The Jotun Group, Nippon Paint, Asian Paints, Teknos Group, Tikkurila Oyi, Others)
Key questions answered in the study:
1. What are the current and future market trends of the Global Decorative Flooring industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the region followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global Decorative Flooring industry?
5. What are the customer orientation, purchase behavior, and expectations from the Global Decorative Flooring firms across various regions?