New York, May 26, 2020 (GLOBE NEWSWIRE) -- The global Resilient Flooring market is forecast to reach USD 59.43 Billion by 2027, according to a new report by Reports and Data. The rising construction industry is likely to fuel the growth of the market. It is also expected that a major increase in commercial and residential construction will boost demand for resilient flooring in the next few years. Rapid urbanization has generated a wave of renovation and remodeling activities, increasing demand in the flooring industry. Along with growing investments in the construction industry, the rise in infrastructure to keep up with lifestyle changes contributes to increased demands. Product innovation and customization are just a few parameters which drive market growth.
During the past few years, the development of creative floor covering technologies and changing developments in building solutions and floor design has been crucial in industrial growth. There is also an expectation of increased government spending on infrastructure growth to further boost the global economy.
The unpredictable raw material expense represents near-headache. With another recession looming and rising global trade war, the raw material's fluctuating price has become a problem for the industry, making demand and supply unpredictable. This hinders not only the producers but also the entire industry due to the increase in the price of the finished product. High risk of cutting due to low-pressure points such as table legs restricts this market's growth. The presence of toxic chemicals such as phthalates and high sensitivity to hot items also acts as a market restraint.
The COVID-19 impact:
With the slowdown in global economic growth, the resilient flooring industry also suffered some impact but maintained a relatively positive performance, and analysts believe that the size of the market will be further expanded in the next few years, the pandemic's debilitating effect has delayed demand resumption, both domestic and overseas. Therefore, the operating levels are expected to shrink in May further. Yet the year-on-year decline is likely to narrow from April as operating levels have fallen sharply in May due to reduced demand as there is slow flow in the construction industry. But by the end of the crisis, it is anticipated that the sale for resilient flooring would rise because of more focus on antibacterial and healthy flooring.
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Further key findings from the report suggest
- Government regulations restrict any use of harmful flooring materials and mandate producers to abide by the Leadership in Energy, and Environmental Design (LEED) certification for the Volatile Organic Compound (VOC) emissions are increasing the scope for the market.
- Increased demand for slip-resistant and antibacterial flooring solutions is one of the main factors that drive resilient growth in the flooring market
- Developing the nation's government has promoted and invested in infrastructural development and creative I.T construction. SEZs, and parks, among others. This has resulted in the commercial flooring growing at a CAGR of 7.1% and increased further with a focus on urbanization and industrialization.
- Due to its durability, ease of installation, and perceived value due to its thickness and stiffness, the residential market has now fully embraced the product. Consumers are equating thickness with quality in the current scenario, and demand is for rigid core products.
- Europe is expected to lead the industry by 2027, comprising 37.5% of the global share. The main factor accelerating market demand seems to be the regulatory support for infrastructure growth.
- Key participants include Mohawk Industries, Inc., Tarkett S.A., Forbo Flooring, Shaw Industries, Inc., Mannington Mills, Inc., Gerflow, Beaulieu, Nora System, Armstrong World Industries Inc., and DLW Flooring among others.
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For the purpose of this report, Reports and Data have segmented into the global Resilient Flooring market on the basis of product, application, distribution channel, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Luxury Vinyl Tiles
- Vinyl sheet & Floor tiles
- Linoleum
- Cork
- Rubber
Application Outlook (Revenue, USD Billion; 2017-2027)
- Residential
- Commercial
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Retail Distribution Channel
- Wholesale & Distribution Business Trend
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/resilient-flooring-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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