US Residential Market Nearly 80% of the Total Flooring Industry
DUBLIN, Ireland --(BUSINESS WIRE)--Aug. 30, 2005-- Estimated at $17.4 billion in 2004, the residential flooring market in the United States represents nearly 80% of the total flooring industry, according to Research and Markets. It is driving overall industry growth due to positive homeownership economics, which include favorable interest and mortgage rates, advancing home equity, available new and existing housing stock and new segments of the population being able to afford purchasing a home.
One of the most compelling residential factors affecting flooring growth is the trend toward larger houses with open floor plans, high-end kitchens, multiple baths and specialized rooms such as media rooms, laundry rooms and personal gyms. These types of homes create demand for more flooring and an increase variety of flooring products than homes needed in the past.
The residential flooring market has two segments of products: soft-surface, which includes broadloom (wall-to-wall carpet) and area rugs; and hard-surface, which includes ceramic tile, stone hardwood, laminate and vinyl products. Though soft-surface products accounted for over 60% of sales in 2004, the tide is shifting toward hard surface products. Home decor trends and consumer demands for easy-care, custom and specialized flooring is driving this trend.
Current market trends include "crossover" product introduction, i.e., traditional carpeting companies adding hard surface products to their repertoire in order to hold and grow market share.
Given the current positive economic climate for housing, population increases and ongoing perception that homes not only provide a place to live but are also a long-term investment, the residential flooring market is likely to reap the benefits of these trends and advance accordingly.
A thorough analysis of the residential flooring consumer includes an evaluation of top concerns and priorities when choosing products, a breakdown of preferences by demographic characteristics, and statistics of purchasing location and frequency. A five-year market forecast estimates the future of the market, with a statistical forecast of market performance until 2009 and an outline of demographic and product trends.
Residential flooring is defined as any textile covering for private residences. This includes, but is not limited to: vinyl floors, tile (ceramic), laminate floors, hardwood floors, and carpeting (broadloom or wall-to-wall and area rugs). Other flooring materials noted within this report include stone, rubber, cork and other materials. For more information visit www.researchandmarkets.com.