Asia Pacific flooring market could gain significant momentum in the next few years as new trends and designs enter the market. Aesthetic, durable, and effective flooring is currently a popular trend in interior design for both residential and commercial settings.
Urbanization and industrial growth in the region are continuously driving new investments in new construction. Currently, there is a need for infrastructure which is smart, sustainable, and economical. Flooring solutions are constantly evolving in order to meet these needs.
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Considering the need for residential industrial, and commercial, experts are expecting the flooring market in Asia Pacific to expand at a robust CAGR up to 2026. The residential sector could account for a significant market share in the future as urban population growth drives the need for new, affordable housing solutions. In 2020, for example, the Indian government had announced a nearly US$271 million investment in incomplete housing projects across the country.
Many homeowners are also looking to upgrade their interior flooring to keep up with the latest design trends. Both new construction projects and renovation activities will create promising opportunities for the regional flooring solutions providers, some of which include Milliken & Company, AFI Licensing LLC, RAK Ceramics, Shaw Industries Group, Inc., Karndean Design Flooring, and Atlas Concorde.
Projections show that the demand for resilient flooring in the Asia Pacific region will increase at a 10% CAGR up to 2026. Designed to offer robust surface protection against stains, scratches, and odor, this type of flooring is generally made of wood, rubber, or cork, providing excellent elasticity or bounce back effect. Their elasticity makes them a popular choice in gyms, yoga studios, playschools, and other settings.
The non-resilient flooring segment, on the other hand, is likely to capture about 40% revenue share of Asia Pacific flooring market by 2026. It is commonly used in firm exteriors and floor coverings in a variety of residential and non-residential applications.
China, Japan, and India are key markets for flooring companies in the Asia Pacific. China could dominate the regional market with over 50% volume share by the end of 2026. The country has been focusing on developing consumer oriented construction. Investments from foreign players are accelerating rural and urban development projects in the country.
China is also home to some of Asia Pacific’s largest construction, manufacturing, and real-estate companies extending their products and services to major global markets. Fast growing economic conditions and government investments in sustainable infrastructure should bolster China flooring market outlook.
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In wake of the COVID-19 pandemic and subsequent disruptions, the industry witnessed a weakened demand for flooring market. Many major construction projects had been suspended during 2020 to contain the spread of the virus. Home renovation activities also experienced a drop throughout the year due to lockdown and social restrictions imposed by respective governments. Also, not to mention supply chain disruptions and raw material shortage.
The impact of these disruptions, however, is expected to be temporary as governments introduce necessary measures to safely resume industrial operations and lockdown restrictions are lifted.
Table of Contents (ToC) of the report:
Chapter 1 Methodology And Scope
1.1 Research Methodology
1.2 List of data sources
Chapter 2 Market Snapshot
2.1 Asia Pacific flooring market snapshot
Chapter 3 Asia Pacific Flooring Trends
3.1 Industry coverage
3.2 Industry size and forecast, 2016 – 2026
3.3 Value chain analysis
3.3.1 Company product snapshot
3.4 Innovation landscape
3.5 Regulatory norms & directives
3.6 Drivers & restraints
3.6.1 Market drivers
3.6.2 Market restraints
3.7 COVID-19 impact on industry
3.8 Industry analysis – Porter’s
3.9 Product growth mapping
3.10 Competitive benchmarking, 2019
3.10.1 Strategy dashboard
3.11 PESTLE analysis
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