The “Global Decorative Flooring Market Analysis, 2020” market research report depicts a deep-dive market analysis of statistics of the Global Decorative Flooring market which consists of region-wise market size, market forecast, CAGR market segmentation, market share of various technologies, component types, floor material, application, etc.
According to MarkNtel Advisors’ research report titled “Global Decorative Flooring Market Analysis, 2020”, the Decorative Flooring market across the globe is estimated to grow at the exponential CAGR during 2020-25. Some of the major factors contributing to the growth of the Global Decorative Flooring are rapid urbanization and a constantly surging construction industry. However, the COVID-19 pandemic adversely impacted the Global Decorative Flooring market as the construction activities have been suspended temporarily across the globe. Moreover, a rise in the disposable income of consumers is resulting in an increasing demand for decorative flooring due to the escalating numbers of re-modeling and renovation activities. It was found that in 2020, the spending on the home renovation and repairs is expected to see a decline to reach USD 298 billion, which was USD 328 billion in 2019 and USD 313 billion in 2018 respectively.
|Study Period||Historical Data: 2015-19|
|Base Year: 2019|
|Forecast Period: 2020-25|
|Regions Covered||North America|
|Middle East & Africa|
|Unit Denominations||USD Million/Billion|
Furthermore, growth in organized retail and commercial offices across the globe is adding fuel to the pace of the advancement of the decorative flooring market. It was seen that, in India, the organized retail is expected to increase to 22-25% in 2021, as compared to 12% in 2017 and the trend for a growing organized retail sector across the globe is leading to further growth of the market of decorative flooring.
Asia-Pacific is Expected to Witness Substantial Growth
In 2019, North America and Asia-Pacific acquired the major market share. China was the leading country in the Asia-Pacific Decorative Flooring market. The demand for decorative flooring in the region is gradually surging on an account of increasing disposable income that results in the consumer’s inclination toward better living standards, including better housing infrastructure. Also, a surge in the number of hypermarkets, supermarkets, retail malls, and shopping complexes, coupled with the rise in the number of hotels, restaurants, and coffee chains are generating a growing demand for decorative floorings.
However, North America is expected to grow at a robust pace during the forecast period of 2020-25 owing to the increasing demand from industrial and commercial sectors. Also, rising investment for better quality house interiors in the region can contribute to the increasing market share of the North America region.
Commercial Sector is Estimated to Capture Major Market Share During 2020-25
The commercial sector is expected to dominate in the forthcoming years owing to the increasing spending on flooring in domains such as retail, healthcare, hotels, etc. due to better consumer comfort and more appealing interiors. Also, the popular culture of get-togethers and parties especially among millennials in countries such as the US, China, Australia, etc. are further augmenting the market of decorative flooring. Furthermore, the heavy footfalls in the commercial sectors are leading to emergence in the need for decorative flooring which is durable as well. Moreover, technological advancement such as ease of installation and benefits such as low maintenances, improved texture, and design is also some of the key contributing factors for the growth in the market share of the residential sector.
Furthermore, based on the floor material, the wood floor is majorly demanding owing to the benefits such as healthier indoor air, low maintenance, availability in a variety of types. The demand for wood floors is majorly emanating from residential users. However, non-residential users prefer the concrete or other type of floor material such as stone, granite, tiles due to the heavy footfall on the regular basis, as stated in the MarkNtel Advisors’ research report “Global Decorative Flooring Market Analysis, 2020”.
According to MarkNtel Advisors’, the Global Decorative Flooring market is highly fragmented. The availability of numerous local and foreign players in countries makes the industry highly competitive. The key players 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, and Tikkurila Oyi among others. The companies are doing strategic alliances, launching new products, expanding geographical territory to gain a competitive edge and increase market share in the industry.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation, and Statistics
Global Decorative Flooring Market Outlook, 2015-2025F
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on the Global Decorative Flooring Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What are the units or denomination for measuring market value and market volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Billion while the market volume is in Kilo Tons.
Q. What would be the growth rate or CAGR of the Global Decorative Flooring Market during 2020-25?
A. The Global Decorative Flooring Market is expected to grow at an exponential CAGR during 2020-25.
Q. Which region would grab the highest market share during 2020-25?
A. It is forecast that Asia Pacific will dominate the market with the majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating Global Decorative Flooring market?
A Sika AG, Sherwin Williams company, MAPEI, LATICRETE International Inc., BASF SE, Arkema S.AA, 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, etc. are the leading players in the global decorative flooring market.
Q. Which Floor Material would emerge as an opportunity area for players in the Global Decorative Flooring Market?
A. The wood material is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which End-user application would emerge as an opportunity area for players in Global Decorative Flooring Market?
A. The commercial application grabbed a significant market share continue to grow at the highest CAGR, presenting immense opportunities for manufacturers and suppliers of the Global Decorative Flooring Market.