In 2019, the Asia Pacific flooring market held a valuation of $144.13 billion. It is expected to exhibit a favorable CAGR of 8% between 2020 and 2026.
The aesthetic value of a home is being increasingly appreciated, with more and more home-owners spending leniently on home decoration and redecoration. Although the economy is still coping with the COVID-induced shock, the drop in the costs of properties across Asia Pacific certainly illuminate the picture for the flooring market in this region. Flooring solutions are a key aspect of the living space as they can effortlessly transform the décor while conferring a distinct personality to it.
Several studies in the area of psychology have revealed how interior design of a home can significantly affect one’s happiness, well-being, and creativity. The emotional impacts of a space can make or break one’s productivity and success. Not only do colors, shapes, patterns, and textures affect one’s mood, the incorporation of superior quality flooring solutions can influence the aura of the living space. Flooring options such as vinyl flooring can strike a fine balance with the other components in a room by complementing wall décor.
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The demand for eye-catching patterns and intricate designs has been spiraling over the past few years. Hence, by the end of 2026, the Asia Pacific flooring market is anticipated to command a considerably large revenue in Asia Pacific.
Supported by the commercial application, non-resilient flooring to exhibit remarkable demand
Since tiles occupy a vast space in a house, the choice of material used is pivotal in enhancing the overall appearance. The non-resilient flooring alternative is being increasingly used across public and private infrastructure due to their cost-efficiency and ease of maintenance. The upsurge in the demand for non-resilient flooring can also be credited to the upheaval in demand from commercial quarters.
Due to the mounting number of construction activities and the high rate of industrialization across Singapore, Malaysia, China, Indonesia, and India, the segment is poised for monumental growth. It seized a whopping share of over 40% in 2019 and is expected to grow at a high CAGR over the upcoming years.
Ceramic tiles to contribute vast share due to increased demand from residential and commercial sectors
The ceramic tiles sub-segment was the major contributor of the non-resilient flooring segment in the past and is likely to keep progressing at a rapid pace, due to the ease of availability of the raw materials required in their manufacturing. High quality ceramic tiles are water and stain-resistant, apart from being highly durable. They can last up to 20 years. The glazed ceramic tiles are receiving much more acceptance than unglazed ones as they offer an added advantage of resistance to moisture.
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Innovative flooring options to fuel growth
In the recent times, numerous innovative flooring options have been cropping up. These include the vinyl planks, laminate floors, and linoleum flooring. Several prime manufacturers of floor and wall tiles have been adding innovative varieties to their portfolios. For instance, in November 2020, a new range called Elevation tiles was introduced in the India flooring market by Orientbell. Consisting of nearly 24 fresh nature-inspired designs, the new range makes cleaning and maintenance hassle-free, apart from rendering a rustic look to living spaces, thus pushing the growth of the Asia Pacific flooring market.
Table of Contents (ToC) of the report:
Chapter 3 Asia Pacific Flooring Market 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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