09 January 2020
Visiongain’s new report Asia Pacific Flooring Market Report: Forecasts by Product (Broadloom, Carpet Tile, Ceramic Tile, Laminate, Luxury Vinyl Tile, Wood, Rubber, Others), Application (Education, Healthcare, Hospitality, Government, Retail, Offices, Industrial, Transportation), and by region and analysis of leading companies operating in this industry.
Asia Pacific Flooring market is anticipated to surpass USD 290 billion by 2030 while growing at a lucrative CAGR of 4.9% during the forecast period from 2020 to 2030.
Increasing investment in the construction sector in the Asia Pacific, including building structures such as offices, homes, retail spaces, educational facilities, health care units, and hospitality, is likely to support market growth. There is a high demand for aesthetically pleasing interiors in the region. Higher residential demand is expected to fuel the growth of the Asia Pacific flooring industry.
Increasing demand for robust, stable, and inexpensive flooring materials is projected to improve the life of building structures over the forecast period which is anticipated to stimulate growth in the Asia Pacific flooring market. Also, changing consumer lifestyle and housing preferences are expected to drive the regional market demand for premium products.
The adoption of innovative flooring materials for building structures has resulted in new technologies and continuous product development in the Asia Pacific region. Also, the use of green products is likely to trigger demand for specialized flooring materials over the forecast period to match current industry trends and government standards.
The growing investment in the construction industry by public and private entities across the Asia Pacific region is projected to increase construction activities, which, in turn, is anticipated to boost the flooring market across the region. Increasing commercial buildings are expected to support market growth due to the industrial and economic development of countries like Japan, China, and India.
The growth of the industrial sector in India & China has attracted multinational players to establish their presence in the Asia Pacific, thus creating an opportunity for them to expand their presence. Moreover, growing medical tourism in the Asia Pacific is likely to support the construction of healthcare facilities. These factors are anticipated to boost market growth further over the forecast period.
In the year 2018, China dominated the Asia Pacific flooring market by accounting for over 30% market share and is anticipated to continue to dominate over the forecast period owing to the established construction industry, rising investment, & growing demand from the country's growing population.
It is anticipated that the construction industry in Australia will experience the highest growth rate over the forecast period due to rising construction demand from end-use sectors like education, retail, and hospitality. Furthermore, rising construction activities are expected in Melbourne, Sydney, and New South Wales which in turn is anticipated to boost flooring materials demand in the region.
The Indian flooring market is anticipated to grow at a lucrative growth rate, due to the increasing construction of residential and commercial buildings over the forecast period. The Indian government's initiative to build smart cities and boost medical tourism have supported the construction of the country's industrial spaces, offices, and accommodation facilities, which, in turn, is likely to increase market growth in the Asia Pacific region.
Some of the key flooring market players include AFI Licensing LLC, Atlas Concorde S.P.A., Carpet One Australasia Pty. Ltd., EGGER Group, Kajaria Ceramics Limited, Karndean Design Flooring, Milliken & Company, RAK Ceramics, Shaw Industries Group, Inc., Toli Corporation among other prominent players.
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