Australian & New Zealand Flooring Market
Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Australia & New Zealand Flooring Market Size, Share & Trends Analysis Report by Product (Tiles, Wood, Laminate, Natural Stone), Channel Type (Retail, Commercial), Country, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering. Terrazzo Tile
The latest industry analysis on the Australia & New Zealand flooring market reveals a projected ascension to USD 6.30 billion by 2030, powered by a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period.
The remarkable expansion is primarily attributed to the burgeoning disposable incomes across middle-income segments and the traction gained by remodeling endeavors in urban residential spaces.
Extensive Product Offerings and Commercial Demand Driving Market Evolution
Unveiling the nuances of the market dynamics, the report accentuates the dominance of the tiles product segment, which marked a significant revenue share of 30.4% in 2023. A notable preference for tile floorings stems from their inherent water and moisture resistance—an attribute particularly favored in hospitality establishments near waterfronts. Moreover, the allure of wooden flooring continues unabated, with the segment capturing a substantial market presence. Wooden floors, known for their strength, aesthetics, and environmental benefits, are witnessing augmented demand in upscale construction projects and luxury living spaces. Retail and Commercial Channels: A Landscape of Opportunity
The commercial channel emerges as a frontrunner, leading the charge in revenue terms and poised to chart a swift CAGR of 5.4%. The trend towards bulk purchase allows for cost-effective procurement, thereby attracting a cohort of professional builders and architects intent on acquiring high-quality floor coverings.
The DIY Phenomenon and Construction Sector Growth Underpinning Market Progress
The DIY trend is reshaping consumer engagement with flooring solutions. With manufacturers providing detailed installation guides and tutorials, customers in Australia and New Zealand are increasingly embracing the self-installation of selected floor coverings.
The propulsion of the flooring market is also supported by robust construction industry trends, with both residential and commercial sectors experiencing a renaissance.
The appetite for contemporary and durable flooring options—ranging from natural stone to laminate—is widening amid an era of extensive development in public and private infrastructure.
Amidst a backdrop of urbanization and thriving tourism, the local landscape of hotels, resorts, and other commercial entities further fuels the demand for premium flooring solutions.
As Australia attains prominence as a choice destination for global citizens, the resultant upsurge in demand for residences and commercial spaces dovetails with the escalating need for diverse flooring offerings. The simultaneous migration flux and construction growth signal a vital period of opportunity for market stakeholders in Australia and New Zealand alike. In essence, the Australian and New Zealand flooring markets are perched on the threshold of a renaissance, with indicators pointing towards a robust trajectory of growth and innovation spanning the decade leading to 2030. The deluge of investments, coupled with the predilections of urban residents, is crafting a fertile ground for flooring advancements in this geo-economic theatre. Key Attributes:
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2030
Godfrey Hirst Australia Pty Ltd
For more information about this report visit https://www.researchandmarkets.com/r/vf0i6j
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