Global Flooring Demand To Pick Up, Report Says
Cleveland, OH, Dec. 19, 2014 -- Global demand for floor coverings is forecast to grow 4.5% annually through 2018 to 19.4 billion square meters, valued at $325 billion, according to the Fredonia Group.
Growth should result from an expected rebound in housing construction in many higher income countries, including the U.S. and some in Western Europe, according to Fredonia's report called World Flooring & Carpet.
In less developed countries, demand for flooring and carpet will benefit from continued strong growth in building construction activity and rising per capita incomes that will allow households to purchase more expensive floor coverings.
Through 2018, the fastest demand growth for floor coverings is projected for North America, the study said.
The Asia/Pacific region is expected to post the second fastest gains, with China alone forecast to account for 36% of the new demand generated.
However, rebounds in new housing construction in both Australia and Japan and many countries in Western Europe will boost floor covering demand compared to recent years, the study said.
Worldwide, non-resilient flooring products represented nearly three-fifths of floor covering demand in 2013, and these products are expected to post the fastest demand growth through 2018.