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How Innovation & Technology are Shaping the Flooring Industry
The flooring industry has been facing explosive growth in the 21st century. Thanks to the influx of newer technologies, materials, and specialized machinery that makes it a lucrative market. An escalating number of participants creates a foray into the flooring market globally. For instance, when the entry barriers are low, there exists a better opportunity for sales and marketing of flooring materials. In a recent business study done by Transparency Marketing Research (TMR), it outlines that a large number of vendors supply to regional and national demands, whereas few participants are in a position of strength. In the year 2018, the global flooring market was valued at the US $31,300 million and projected to shoot to the whooping US $48, 400 at the end of 2025. This represents an annual average growth rate of 5.6% for the entire period. This article explores several factors that have led to the enormous growth of the flooring industry in the world;
Product innovation
The more unique the product is, the more attention it receives in the market. Product innovations permit firms not only to create new market segments but also to extend its current market dominance. As consumers begin to identify flooring more of a luxury than a necessity, more products trends are developed to meet the growing demand. As a result, soft and cozy carpeting, less polished wood flooring and upgraded luxury vinyl sales crazily, thus leading to ever ballooning profits.
Additionally, flooring companies always seek for luxury items to be included in their flooring products to add more attractiveness that makes impulse buying unavoidable. Squares and luxury planks are continually increasing in popularity as well as carpeting due to their uniqueness and easy cleaning and installation options. The demand leads to more sales, increasing investment in the building and construction industry, as well as a rise in the usage of recyclable raw materials, are part of the factors favoring global flooring market.
Technology change and manufacturing process innovation
Technological advancement is at the center of the skyrocketing profits of flooring products. Flooring companies continually develop new look products with better performance than the existing materials. For instance, the ultra-modern photographic techniques used to integrate the authentic appearance in luxury vinyl flooring has turned the robust growing segment of the flooring industry in the past few years. This technology makes luxury vinyl floors to look more elegant than the flooring materials with an ordinary look.
The technology innovation is also applicable in laminate flooring materials. Moreover, flooring companies that produce flooring materials that are easy to install by do-it-yourself (DIY), either using adhesives or click-and-lock techniques, will attract more buyers. For instance, most flooring industries have developed wood materials that they can fix easily without incurring a lot of human labor.
Marketing innovation
New marketing innovation can significantly increase your companies sales and give you an edge over your competitors. By offering free support services and warranties for dissatisfaction wins more customers to your products and services. Besides, your company may start offering discounts on a certain volume of purchase in the form of a voucher. A constantly heightening demand for non-slip and antibacterial flooring has significantly contributed to notable growth in the flooring industry.
Globalization and technology advancements
Technology advancement and globalization are the leading modern techniques that have increasingly led to rapid growth in the flooring industry. With internet technologies, the online business enables marketing that gives the vendor an excellent opportunity to access a wide variety of buyers globally. Revolutionized technology has not only led to increased marketing efficiency but also leads to a large volume of flooring sale online. More often, the flooring companies effectively use social media platforms for advertising and outreaching a large number of client worldwide.
Changing attitudes, lifestyle and societal concerns
The rapid rate of urbanization in many developing economies leads to a flourishing construction and building industries in those countries is the key driver of the global flooring industry. Nevertheless, the increasing disposable income among the professionals globally enables them to save and invest their money in high-quality residential homes with elegant flooring finishes. Thus, the commercial flooring sector has adjusted to providing more elegant infrastructure to its clients, thereby extending their business budget for premium flooring. On the other hand, an increase in consumers income leads to a shift in their spending patterns to buy more luxury flooring materials.
