ALBANY, NY - Rising construction will drive global flooring growth at a 7 percent compound annual growth rate, reaching $391 billion by 2023. In 2014 the figure was $214 billion, including everything from carpets and vinyl to hardwood and laminate flooring. Rising lumber costs will pinch profits in the wood flooring segments, say analysts at Transparency Market Research.

The report, titled "Flooring Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023" covers all construction materials used to cover the floor area of residential, commercial, and industrial buildings.

Fluctuating prices of the raw materials for flooring products will restrain the global flooring market during the period, with volatile prices of lumber expected to negatively impact the growth of the overall market. On the basis of product type, the report segments the global flooring market into tile flooring, carpets and rugs, wood flooring, vinyl and rubber flooring, and others including laminate flooring.

In 2014, the demand for carpets and rugs was the highest with the segment accounting for a market volume of 6,556.9 million square meters. During the forecast period vinyl and rubber flooring is expected to grow at the fastest rate owing to the cost efficiency and high durability of these flooring products.

In 2014, residential application emerged as the largest segment in the flooring market, generating a revenue worth US$121.93 billion, a result of a rise in construction. Growing interest in green building has led to the increased demand for eco-friendly flooring products in various commercial construction projects.

The report profiles some of the key players in the global flooring market such as Armstrong World Industries, Mohawk Industries Inc., Gerflor Group, Tarkett Group, and Avant Holding GmbH.