Non-resilient flooring segment by product type registered a substantial revenue share in the Philippines Flooring Market – 6Wresearch
Non-resilient acquired had dominance over the market in 2022 owing to its cost-effectiveness as well as popularity among people living in the country. This category includes long-lasting and durable materials like granite, ceramic tiles, and marble. Resilient flooring was the second most popular alternative and this flooring is used in the commercial sector.
According to 6Wresearch, the Philippines flooring market revenues are projected to grow at a CAGR of 6.8% during 2023-2029. The growing number of skyscrapers and other high-rise & mid-rise buildings in the country are driving the demand for flooring materials such as vinyl composite tile, Vinyl sheet, wood laminate flooring, and others. Growth in the office supply, residential, and hospitality sectors is also leading to the increasing development of high-rise buildings, which serves as a major revenue source for flooring manufacturing companies. The Infrastructure Development Program in the Philippines is a government initiative aimed at improving the country's infrastructure and connectivity. It is part of the “Build, Build, Build program”, which is the centerpiece of the government's economic agenda. The program has identified 100 flagship projects to be implemented over the next few years, with an estimated budget of over US$180 billion. Some of the key projects under the Infrastructure Development Program include the New Manila International Airport, the North-South Commuter Railway, and others. There will be a high demand for flooring with these projects by the government.
According to Ravi Bhandari, Research Head, 6Wresearch, the residential sector was the top revenue generator in the Philippines Flooring Industry in 2022. The high population density, particularly in urban areas, drives demand for new and improved residential properties. A similar segment will dominate the market in the country even in the years to come since the Philippines is ushering in a new era of infrastructural development which would demand new designer homes and homes which would entail high demand for high-quality and durable flooring material in the forecast period.
The Philippines Flooring Market (2023-2029) report provides an in-depth analysis with 12 figures and 5 tables, covered in 63 pages. The report comprehensively covers the market by product types and applications. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.