Global Flooring Market Demand Is Expected To Reach 240.10 Billion Square Feet, Growing At A CAGR Of 5.9% From 2014 To …

San Francisco, California (PRWEB) September 25, 2014

The global flooring market is expected to reach USD 326.38 billion by 2020, according to a new study by Grand View Research, Inc. A growing focus on innovative flooring that is durable in nature is expected to drive market growth through the forecast period. Increased insulation demand is also expected to give impetus to the market over the next six years.

The market is characterized by changing customer preferences, with a considerable rise in home improvement and renovation projects. Development of hassle-free installation techniques and coupled with growing demand for environmentally sustainable products is also expected to contribute to industry growth. Environmental and health-related concerns regarding various flooring solutions may pose a challenge to industry participants.

The report Flooring Market Analysis By Product (Soft Coverings, Resilient Flooring, Non-Resilient Flooring, Seamless Flooring), By Application (Residential, Commercial, Industrial) And Segment Forecasts To 2020, is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/flooring-market-analysis

Request Free Sample of this report at http://www.grandviewresearch.com/industry-analysis/flooring-market-analysis/request

Further key findings from the study suggest:

Global flooring market demand was estimated at 161.19 billion square feet in 2013, and is expected to reach 240.10 billion square feet by 2020, growing at a CAGR of 5.9% from 2014 to 2020.

Soft coverings dominated flooring demand and accounted for over 35% of the overall market volume in 2013. Resilient flooring market is expected to witness substantial growth over the next six years, since it offers benefits such as cost effectiveness, easy installation and low maintenance. Increased demand for antimicrobial and antibacterial flooring is expected to favorably impact resilient flooring demand.

Residential segment was the largest application area in 2013 and accounted for over 50% of the market volume. Owing to growing demand across the construction industry and increased home improvement and renovation projects, the market for flooring products in residential applications is expected to witness growth over the forecast period.

Asia Pacific accounted for over 45% of the global demand in 2013, and is expected to continue dominating the market over the next six years. This can be attributed to increased demand for residential and non-residential building spaces due to population growth and urbanization.

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Global Flooring Market Demand Is Expected To Reach 240.10 Billion Square Feet, Growing At A CAGR Of 5.9% From 2014 To ...