Asia Pacific Flooring Market Size, Share, Growth, Trends, Application Analysis and Forecast Reportby Susan Hill Business Consultant
The Asia Pacific flooring market size is anticipated to be valued at USD 232.1 billion by 2024, accelerating at a CAGR of 4.5% over the forecast period, as per a new report by Grand View Research Inc. High demand for different flooring materials such as ceramic tiles, vinyl tiles, and wooden sheets to cater to the robust construction sector in Asia Pacific is driving the market growth.
Commercial availability of several types of the product across Asia Pacific and increasing popularity of resilient flooring materials are the factors ascending the market growth. However, ceramic and natural stone floorings have consumed a significant share in the market owing to their low cost, early acceptance, and abundant availability in the region. Rising investments in residential construction in China and India are also among the factors that are likely to drive industry growth.
Products such as LVT find an increasing demand in high-traffic commercial applications such as in hotels, healthcare facilities, educational buildings, and government offices on account of their aesthetic appeal and durability. LVT is projected to witness remarkable growth over the coming years owing to its properties including low maintenance, easy cleaning, and resistance to water & dust and affordability. Moreover, population expansion and rising income levels in Asia Pacific have led to their growing demand in residential construction applications.
Key players in Asia Pacific market compete based on pricing, product quality, and distribution channel. Brand reputation and affordable pricing are the key success factors for the market players to sustain in the competitive environment. RAK Ceramics; Kajaria Ceramics Ltd.; Interface, Inc.; and Mohawk Industries are the prominent market players in Asia Pacific.
Further key findings from the report suggest:
- LVT segment is
expected to grow at the fastest CAGR of 9.5%, in terms of volume, over the
- Chinese ceramic
tiles segment stood at USD 41.1 billion in 2018 and is expected to grow at
a CAGR of 3.4% over the projected period owing to increasing demand for
the product in new residential constructions
- A majority of
the demand was driven by multi-family residential, hospitality, and office
- India was a
significant shareholder in terms of the product consumption in 2018 in
Asia Pacific flooring market. It is anticipated to expand at a CAGR of
5.7%, in terms of revenue, over the estimated period on account of
increasing construction spending on multifamily constructions in cities
across the country
- A large number of product manufacturers are expanding their operations in Asia Pacific to provide floor designing and installation services, which is likely to support the market growth.
research report on Asia Pacific flooring market:
Created on Oct 22nd 2019 08:19. Viewed 49 times.