Report : Asia Pacific Indoor Flooring Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Ceramic Tiles, Carpet, Vinyl Linoleum and Rubber, Wood and Laminate, and Others); End-user (Residential, and Non-Residential).
Ceramic Tiles segment has the Largest Share of Type in the Asia Pacific Indoor Flooring Market during 2021–2028
According to a new market research study on “Asia Pacific Indoor Flooring Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, End User and Country” is expected to reach US$ 107.14 billion by 2028 from US$ 73.17 billion in 2021. The market is estimated to grow at a CAGR of 5.6% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific indoor flooring market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to rising in number of commercial and residential construction projects and surge in product innovations and launches are the key factors driving the market growth. However, the market is expected to experience slow growth during the forecast period owing to stringent government regulations and high cost of installation and maintenance.
APAC is characterized by many developing countries, a positive economic outlook, high residential and industrial presence, huge population, and rising disposable income. All these factors make APAC a major growth driving region for various markets, including indoor flooring. The lockdown of various factories in China affects the global supply chains and negatively impacts development, delivery schedules, and various products and services. Even as the factories in China are beginning to reopen, several businesses have reduced or hit pause on their operations. According to world meter till 24th March, 2021 90,147 cases have been registered in China. The region comprises of several developing countries, which consist of old indoor infrastructure with the old interiors such as flooring. During lockdown the process of maintenance and renovation of home and other infrastructure got hampered, with the deployment of advanced indoor flooring. Besides, the most commonly recorded consequence of COVID-19 is a significant labor shortage in China. The construction industry in China is heavily reliant on rural migrant labor, with 54 million rural migrant workers employed in the industry, according to the National Bureau of Statistics of China. Since the lockdown, migrant workers who had returned to their hometowns for the Lunar New Year holiday were unable to return to work. In a survey conducted by the China Building Industry Association and released on 15 April 2020, 90.55 percent of respondents said development had been hampered, and 66.04 percent reported a labor shortage. Besides, According to Oxford Economics, China's annual construction production will slip by 8% this year but increase by 14.5 percent in 2021. India's production is forecast to fall 5.4 percent this year, before rebounding to 7.7 percent in 2021.
The market for Asia Pacific Indoor Flooring Market is segmented into the type, end user and country. Based on type, the Asia Pacific Indoor Flooring Market is segmented into ceramic tiles, carpet, vinyl linoleum & rubber, wood & laminate and others. In 2021, the carpet segment accounted for the largest market share. The growth of these segments is attributed to extensively use flooring decor. However the vinyl linoleum & rubber segment is estimated to register the highest CAGR during the forecast period.
Forbo International SA, Armstrong Flooring, Inc., Beaulieu International Group, Interface, Inc., Toli Corporation, Mohawk Industries, Inc. ,Shaw Industries Group, Inc. Among the leading companies in the Asia Pacific indoor flooring market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The market for Asia Pacific indoor flooring market is segmented into type, and end user. Based on type, the Asia Pacific indoor flooring market is segmented ceramic tiles, carpet, vinyl linoleum & rubber, wood & laminate and others. Based on end user, the Asia Pacific indoor flooring market is segmented into residential, and non-residential. By Geographically, Asia Pacific indoor flooring market is segmented into (Australia, China, India, Japan, South Korea and Rest of APAC).
Asia Pacific Indoor Flooring Market , By Country, 2021 and 2028 (%)
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