Demand for hard-surface flooring in the United States is forecast to advance 6.1% per year to 11.3 billion square feet in 2019, valued at $16.7 billion, according to a new study from the Freedonia Group (Cleveland, OH). As building construction and improvement and repair spending increase under a recovering economy, hard-surface flooring as an alternative to traditional installed carpeting continues to gain converts. Vinyl and its luxury vinyl tile (LVT) subset are expected to post the most rapid gains in demand, says Freedonia.
The residential market accounted for the largest share of hard-surface flooring demand in 2014 and it is expected to post the fastest growth through 2019. Gains in housing completions will spur demand in the new housing segment, while homeowner makeovers will support replacement and remodeling demand. According to analyst Matt Zielenski, "Consumers are showing interest in using hard surface flooring in rooms—such as living and dining areas—where carpeting has predominated in the past. In these cases, products such as hardwood, vinyl and decorative tile benefit from their long lifespans and pleasing appearance."