ID: MRFR/CO/6187-HCR | February 2021 | Region: Global | 110 pages
Market Synopsis: Global Resilient Flooring Market
The global resilient flooring market has witnessed tremendous growth in the last few years, owing to the growing demand for green building materials and the increasing construction of residential buildings, across the globe. The rapid expansion of tourism and hospitality industries as well as the growing construction of commercial and residential buildings in developing countries such as China, India, and South Korea, are expected to boost the demand for resilient flooring. Manufacturers that specialize in producing resilient flooring offer a wide range of flooring products that are lightweight and made of recycled raw materials. The increasing research and development activities by the major manufacturers in terms of innovative designs and efficient services is projected to drive the global resilient flooring market.
However, fluctuating raw material prices are likely to hinder the growth of the global market.
Global Resilient Flooring Market: Regional Analysis
Geographically, the global resilient flooring market is segmented into North America, Europe, Asia-Pacific, and rest of the world (RoW). In 2019, Asia-Pacific accounted for the largest market share of around 34%, followed by Europe and North America; it is anticipated to retain its position till 2026. Additionally, Asia-Pacific is also expected to witness maximum growth rate in the global resilient flooring market, owing to the robust growth of construction industry in emerging economies, such as China, India, and South Korea, which is further expected to increase the demand for resilient flooring in the next few years.
Global Resilient Flooring Market: Segmentation
The global resilient flooring market has been segmented based on product, application, and region. The product segment is classified into– luxury vinyl tiles (LVT), vinyl composite tiles (VCT), vinyl sheets, linoleum, and others. The application segment is segmented into– residential, commercial, and industrial.
On the basis of product, the luxury vinyl tiles segment emerged as the largest segment and is anticipated to retain its position by 2026. This can be attributed to its beneficial features such as water resistance, scratch & scuff resistance, and easy maintenance, which makes it the most popular choice amongst the manufacturers.
On the basis of application, the market is segmented into residential, commercial, and industrial segments. The residential application segment accounted for the largest market share in 2019, which will retain its position by 2026. This is attributed to the growing population in emerging economies, such as China, India, and Brazil, which in turn drives the demand for residential buildings. Hence, the residential application segment is anticipated to exhibit a sustainable growth rate over the forecast period.
Some of the key players operating in the global resilient flooring market are IVC Group (Belgium), Mannington Mills, Inc. (US), Mohawk Industries (US), NOX Corporation, Shaw Floors (US), Nora (Germany), Novalis (US), Milliken & Company (US), Unilin (Belgium), and Amtico International Limited (UK).
The global resilient flooring market is highly competitive with many players, across the globe. These major players have adopted various strategies to expand their global presence and increase their foothold in the global resilient flooring market. Some of their key strategies include expansions, investments, acquisitions, and securing contracts.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Product, By Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||IVC Group (Belgium), Mannington Mills, Inc. (US), Mohawk Industries (US), NOX Corporation, Shaw Floors (US), Nora (Germany), Novalis (US), Milliken & Company (US), Unilin (Belgium), and Amtico International Limited (UK).|
|Key Market Opportunities||Increasing construction of residential buildings|
|Key Market Drivers||Volatile raw material prices may limit|
Frequently Asked Questions (FAQ) :
The three most common types of resilient flooring are LVT (Luxury Vinyl Tile), WPC (Wood Plastic Composite), and SPC (Stone, Plastic Composite).
The Asia Pacific is predicted to have the largest share in the resilient flooring market.
Resilient flooring market is projected to grow at a 4.3% CAGR between 2019-2024.
The residential application segment will lead the resilient flooring market.
Volatile raw material prices may limit the resilient flooring market growth.
Growth of the commercial sector and demand for eco-friendly floor coverings are the key factors driving the resilient flooring market.