Report says flooring market’s set to grow
Shifting focus on infrastructure development in the residential, commercial, hospitality, sports and health care industries will drive growth in the flooring market, according to a new report from Global Market Insights.
Demand for floor protection coupled with efficient and visually appealing products has propelled the trend. The rise of construction spending, particularly in emerging nations, is also a factor. Global construction spending is anticipated to reach USD 16 Trillion by 2024.
The emergence of eco-friendly solutions, such as energy efficient insulation, will drive business growth as well. Stringent regulations for sustainable construction and industrial safety has pushed consumers to invest in flooring.
Soft coverings accounted for 35 percent of the market in 2016, as demand for carpet and rugs increased due to a desire to reduce noise and dust.
The North America flooring market is expected to grow more than 5 percent up to 2024. Growth in construction industry along with increasing investment on restoration of deficient structures will drive the demand.