Asia Pacific Flooring Market Size, Share & Trends Analysis Report By Product (Ceramic Tiles, Wood & Laminate Flooring), By Application (Residential, Non-residential), And Segment Forecasts, 2020 - 2027

Report Overview

The Asia Pacific flooring market size was estimated at USD 209.04 billion in 2019. It is expected to expand at a compound annual growth rate (CAGR) of 4.0%, in terms of revenue, from 2020 to 2027. Rising demand for aesthetically pleasing, durable, and easy to maintain products such as vinyl flooring and ceramic tiles is expected to drive the growth over the forecast period. The market is competitive and dynamic on account of the significant presence of manufacturers and associated businesses. Divestments, investments, and geographic expansion are the major strategies adopted by various major players to strengthen their market presence. However, fluctuations in prices of raw material are expected to emerge as a key restraining factor for the players.

China contributed the largest revenue share in 2019 and accounted for over 36% of the market on account of the construction industry's upward trend. Growing investments in residential and commercial construction and renovation activities are expected to drive the market in China. China is well flourished with the presence of multinational manufacturers and the availability of a skilled workforce and raw materials.

The penetration of multinational brands backed by favorable trade policies contributes to the growth of the commercial sector in Asia Pacific. The consequent rise in the construction of shopping malls, offices, lodging spaces, and other utility spaces across the region is likely to propel the demand for ceramic tiles.

The construction industry is also expected to be driven by an increase in spending on affordable housing development. Governments of countries such as Indonesia and India actively provide subsidies on land and construction costs and reduce the red tape in planning and approval processes. These initiatives are positively impacting the overall construction industry in the region.

Asia Pacific construction industry is anticipated to witness growth at an accelerated pace over the forecast period. However, short- to medium-term factors such as the U.S.-China trade war, tighter access to credit, and elevated prices of commercial and residential properties are expected to restrain construction activities in the region.

Product Insights

The ceramic tiles segment led the Asia Pacific flooring market and accounted for over 43% of the revenue share in 2019. Ceramic tiles are among the top-rated options available in the market. These tiles have low porosity and are resistant to fungus, bacteria, humidity, and stains. These factors make them easy to maintain, and the tiles are considered a long-term solution for residential and commercial applications.

The vinyl sheet and tiles segment is projected to attain a significant market share over the forecast period because of its ease of maintenance and durability. The products are highly resistant to water and are preferred for application in moisture-prone areas such as a bathroom, kitchen, and laundry room.

The products include vinyl sheets, vinyl tiles, luxury vinyl tiles, ceramic tiles, wood and laminate floorings, and carpets available in various colors, textures, and shapes. The rising number of constructions in residential and non-commercial segments is anticipated to drive the demand over the horizon.

The availability of different textures, patterns, colors, and sizes also offers consumers more choices when choosing a product. The product's cost plays a crucial role in helping consumers choose from a wide range of products. Fluctuating raw materials prices are expected to hamper the production cost of the products they are used in. 

Application Insights

The residential application led the market with a revenue share of around 60% in 2019 and is expected to witness a significant CAGR of over 4.0% from 2020 to 2027, attributed to the rise in demand for multi-family and single-family homes. Increasing constructions for multi-family dwellings in the region is anticipated to boost products' demand over the forecast period.

The products catered in the region include carpet floorings, wood and laminate flooring, vinyl sheets, luxury vinyl tiles, linoleum, ceramic tiles, etc. Various flooring products such as vinyl sheets and tiles are widely used in applications, including offices, educational buildings, retail spaces, government offices, airports, hotels, restaurants, hospitals, clinics, and factories.

The market is primarily driven by the demand for ceramic and vinyl flooring products for residential and commercial structures. Significant availability of raw materials, such as ceramic, natural stone, and others, has created a stronghold in the market. Moreover, increasing new constructions and renovation activities of old buildings have surged the demand for products in the region.

The demand for flooring products in the region aligns with the growth of the construction sector, which includes renovation and new construction activities. Increasing industrial operations in the area, especially in India and China, supported by population expansion, has led to the increased building construction activities, thereby driving the demand.

Regional Insights

China held the largest market share and accounted for over 36% of the overall revenue in 2019 due to increased demand from non-residential and residential applications. The market is segmented into Australia, New Zealand, Hong Kong, China, Taiwan, South Korea, Japan, India, Sri Lanka, Singapore, Malaysia, Indonesia, Thailand, Philippines, and Vietnam.

The market in China is well flourished with multinational manufacturers, industrial development, and the availability of raw materials and a skilled workforce. The products, including carpets, broadlooms, vinyl, ceramics, hardwood, laminates, are manufactured and imported from other countries in China.

Vietnam is estimated to register the fastest CAGR of 5.7% from 2020 to 2027 owing to government initiatives taken to develop the transportation and commercial sectors coupled with advancements in its financial status. Moreover, the Socio-Economic Development Plan (SEDP) and the Seventh Five-year Plan have supported the country's construction industry growth.

The manufacturers are likely to establish their sales and distribution offices in India, China, and Indonesia to provide doorstep services. Industrial development in these countries is also expected to witness a rise due to consumers' increasing disposable income, allowing them to choose from a wider choice of solutions.

Key Companies & Market Share Insights

The market is characterized by healthy competition based on prominent vinyl flooring manufacturers serving significant countries across the region. These prominent manufacturers compete based on product quality and prices to increase their residential and commercial flooring applications.

Players focus on achieving optimum business growth and a strong market position by adopting various strategies, including joint ventures, integration by acquisitions, production capacity expansions, and promotion of crucial product brands, new product developments, and significant investments in research & development activities. Some prominent players operating in the Asia Pacific flooring market include:

• Karndean Design Flooring

• Armstrong Flooring, Inc.

• Carpet One Australasia Pty. Ltd.

• Kajaria Ceramics Limited

• Toli Corporation

• Shaw Industries Group, Inc.

• RAK Ceramics

• Atlas Concorde S.P.A.

• Others

Asia Pacific Flooring Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Grand View Research has segmented the Asia Pacific flooring market report based on product, application, and region:

• Product Outlook (Volume, Million Sq. m.; Revenue, USD Million, 2016 - 2027)

  • Ceramic Tiles

  • Vinyl Sheets & Floor Tiles

  • Luxury Vinyl Tiles

  • Wood & Laminate Flooring

  • Carpet Flooring

  • Others

• Application Outlook (Volume, Million Sq. m.; Revenue, USD Million, 2016 - 2027)

  • Residential

  • Non-residential

    • Offices

    • Education

    • Retail

    • Government

    • Hospitality

    • Healthcare

    • Industrial

    • Others

• Regional Outlook (Volume, Million Sq. m.; Revenue, USD Million, 2016 - 2027)

  • Asia Pacific

    • Australia

    • New Zealand

    • Hong Kong

    • China

    • Taiwan

    • South Korea

    • Japan

    • India

    • Sri Lanka

    • Singapore

    • Malaysia

    • Indonesia

    • Thailand

    • Philippines

    • Vietnam