Pune, March 22, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global resilient flooring market is expected to grow from USD 27.41 billion in 2020 to USD 67.10 billion by 2030, at a CAGR of 12.70% during the forecast period 2021-2030.
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The resilient flooring market has been grown at a substantial rate over the past few years. Due to its high durability, less maintenance, modern look, and easy installation, resilient flooring has come into demand recently. Furthermore, the resilient flooring offers sound absorbency, comfort, and easy cleaning. Changing trends of the construction industry and floor designs are boosting the demand for innovative flooring such as resilient flooring.
Resilient flooring is considered the most durable type of flooring which suits both commercial and residential spaces. These floors are firm but can also offer a degree of bounce back. Some of the materials used for the resilient flooring are rubber, cork, vinyl, linoleum, etc. There are three most common types of resilient flooring available in the market such as WPC (Wood Plastic Composite), LVT (Luxury Vinyl Tile), and SPC (Stone, Plastic Composite). LVT (Luxury Vinyl Tile) is cost-effective, and the most common type of resilient flooring found in the market.
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The resilient flooring market is experiencing high growth, owing to rising construction activities across the globe. Innovations in product development and hassle-free installations are some of the factors which are augmenting the growth of the market. Growing industrialization in developing countries is resulting in the rising demand for new infrastructure development and the immediate requirement of resilient flooring. Increasing remodeling and renovation projects of commercial premises across the globe are estimated to offer various growth opportunities for the key vendors in the market over the forecast period. However, the availability of substitutes products may hinder the growth of the market over the forecast period.
Major players in the global resilient flooring market are Armstrong World Industries, Inc., Tarkett, Congoleum Corporation, Mohawk Group, Shaw, Beaulieu International Group N.V., Burke Industries Inc., Karndean International Limited, Mannington Mills, and Berkshire Hathaway Inc., among others. The key players of the global resilient flooring market are majorly focusing on the adoption of various strategies such as product innovations, mergers & acquisitions, geographical expansion, widening the product portfolio, and forming a strong distribution network to gain a significant market share in the industry.
• In August 2020, Shaw Industrial announced that the company is expanding its resilient flooring manufacturing capabilities in Ringgold, Georgia. The company has invested USD 20 million to its existing manufacturing plant.
• In March 2021, Mohawk Group announced the launch of four new LVT (Luxury Vinyl Tile) designs including terrazzo stone, and abstract textile visuals complimenting the existing 6” X 48” wood.
• In February 2020, Karndean International Limited announced the launch of eight new commercially-driven looselay stone visuals, its innovative and award-winning range.
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The vinyl resilient flooring segment accounted for the major market share and valued at USD 17.90 billion in the year 2020
The material type segment includes vinyl resilient flooring, linoleum resilient flooring, cork resilient flooring, rubber resilient flooring, and fiberglass resilient flooring. The vinyl resilient flooring segment accounted for the major market share and was valued at USD 17.90 billion in the year 2020. The high growth of vinyl resilient flooring is mainly due to increasing installations of vinyl resilient flooring in both commercial and residential spaces.
The resilient flooring for new construction is anticipated to grow at the highest CAGR of 13.5% over the forecast period
The construction activity segment includes resilient flooring for renovation and resilient flooring for new construction. The resilient flooring for new construction is anticipated to grow at the highest CAGR of 13.5% over the forecast period. The growth is mainly due to rising new construction projects such as housing projects, commercial premises, IT parks, and other new infrastructure development is driving the demand for resilient flooring across the globe.
The non-residential resilient flooring segment held the largest market share of 70.56% in the year 2020
The end-user industry segment is divided into residential resilient flooring and non-residential resilient flooring. The non-residential resilient flooring segment held the largest market share of 70.56% in the year 2020. The resilient flooring can withstand water, sunlight, and heavy use. In addition, the resilient floorings are easy to install and require less maintenance. Furthermore, there are many designs of resilient floorings available in the market, so customers have a lot of options to choose from.
Regional Segment Analysis of the Resilient Flooring Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
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The Asia Pacific region dominated the global resilient flooring market and vales at USD 11.12 billion in the year 2020. The factors such as rising urbanization, increasing populations, and industrialization across the countries such as India, China, Thailand, and other Asian countries are creating the lucrative demand for resilient flooring in the Asia Pacific region. In addition, the booming real estate sector of India, particularly interior, has gained considerable importance in recent years, which is boosting the market growth. Moreover, the European region is expected to grow at the highest CAGR over the forecast period. Consumers' growing interest in resilient flooring due to its easy installations, modern look, and affordability is propelling the market growth.
About the report:
The global resilient flooring market is analyzed on the basis of value (USD Billion) and Volume (Million Sq. Meters). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
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