Global demand for flooring to rise
Worldwide demand for flooring and carpets is forecast to rise 4.9% annually through 2016, according to a study by the Freedonia Group, a Cleveland-based industry market research firm. This will be an improvement from the rate during the 2006-2011 period, as countries rebound from the 2008 global economic crisis.
In terms of dollars, demand for floor coverings is projected to advance 6.8% per year to $270 billion. The primary driver of demand in developed areas will be rebounds in the residential construction markets of many countries, particularly the United States. In developing regions, rising building construction activity and growing per capita incomes will spur demand and allow households to afford more expensive floor coverings, the report said. Rising motor vehicle production in many areas will also boost overall demand for floor coverings.
The Asia/Pacific region is forecast to see the fastest gains in floor covering demand, driven by the rapid industrialization of many countries in this region and rising personal incomes. China alone is projected to account for more than one-third of all new