Market Trends of Brazil Floor Covering Industry
The Increasing Population in Brazil is Driving the Flooring Covering Market
The floor covering market in Brazil is expected to grow due to a large number of consumers who are looking for quality products. The growth of the population and the increase of nuclear families will lead to the growth of the floor covering market over the forecasted period. The urbanization and growth of the urban population, as well as the industrialization and consumer's disposable income, have contributed to the healthy development of the market. The rising demand of floor coverings in Brazil due to an increase of the population has led to the need to upgrade the standard of living to higher capacities. Therefore, the demand of flooring products is increasing. Floor coverings, such as vinyl floor coverings, laminate floor coverings, wood floor coverings, and tiles floor coverings are needed for many places such as living rooms, bedroom, kitchen, and bathrooms in new home projects or restorations in the metropolitan areas. Commercial activities are concentrated in the urban areas. Therefore, the flooring market in Brazil will grow in the near future.
Rise in Residential and Commercial Construction is Driving the Market
As residential and commercial construction, remodeling and renovation operations increase, floor covering product demand is predicted to rise. Many people currently use renovation and remodeling processes for interior design and modifying the look and structure of buildings. Demand for remodeling and renovation will rise as consumer expenditure on interior design rises. The usage of these products for remodeling and reconstruction is growing due to their long-lasting and cost-effective qualities that keep structures up to date. Brazil's tourist business has expanded significantly, which has increased the number of projects for commercial building in the hotel industry. Brazilian renowned tourist locations are being constructed with hotels, resorts, and other lodging options in mind for both local and foreign visitors. For example, the Fasano at Itaim Bibi, in São Paulo, Anantara Mamucabo Bahia Resort which is set to open in 2025. In addition, greater government expenditure to enhance public leisure facilities, hospitals, schools, and transportation networks will fuel demand for these items. For instance, the Brazilian government plans to invest R$278 billion in popular housing and urbanization works by 2025. This amount will allow the contracting of up to 2.5 million housing units with very reduced interest rates, allowing vulnerable populations to finally own their homes. As a consequence, these factors will help drive market growth over the projection period.
