Resilient Flooring market COVID-19 Impact, Trends & Business Statistics By 2025
Posted by Mrudula Anil Karmarkar on March 24th, 2022
The global resilient flooring market size is projected to reach USD 54.78 billion by 2025 registering a CAGR of 6.9%, according to a new report by Grand View Research, Inc. Developing countries including Brazil, India, Mexico, and others are witnessing drastic development in the infrastructure sector owing to rapid urbanization and industrialization resulting in rising need for IT parks, industrial areas, and housing projects.
Development of innovative floor covering solutions and changing trends in construction solutions and floor design have been critical in the industrial development over the last few years. Increasing government spending on infrastructure development is also anticipated to drive the global market further.
Rapid urbanization and growth in building & construction industry, especially in the Asia Pacific region, have substantially driven the commercial end-use segment of the industry. India led the APAC resilient flooring market in 2018 and is expected to continue the dominance from 2019 to 2025 due to favorable government initiatives for infrastructural development.
Vinyl Composite Tiles (VCTs) accounted for the largest market share in 2018. The segment is expected to maintain its dominance on account of low cost, excellent durability, and abrasion and impact resistance of VCTs. Commercial application is projected to be the second-largest segment. Rapid urbanization along with rising need for workspaces has led to the growth of this segment.
This growth is attributed to the drastic development in the infrastructure sector as a result of the rising need for IT parks, housing projects, and other such big projects. Government regulations restrict the use of hazardous floor covering materials and mandate manufacturers to comply with the Leadership in Energy and Environmental Design (LEED) certification for Volatile Organic Compound (VOC) emissions.This has resulted in constant innovation, in terms of floor covering solutions, thereby augmenting the market growth. Moreover, changing trends in construction solutions and floor designs have been critical factors in industrial development over the past few years. Rapid urbanization along with the growing construction sector in India, China, and other developing countries, is also contributing to the market expansion.
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The rising importance of reinforcement in the polymer industry along with increasing awareness about the benefits of fillers for improving the properties of the main material is expected to force Vinyl Composite Tile (VCT) manufacturers to increase their R&D capabilities. However, the high market share of soft coverings and non-resilient floorings including ceramic tiles in developing markets is expected to remain a concerning factor over the forecast period.
Further key findings from the report suggest:
The market is fragmented in nature owing to the presence of numerous manufacturers on a global level and regional level. Some of the prominent companies in this market include Armstrong World Industries, Inc.; Tarkett S.A.; Mohawk; Shaw; and Mannington Mills are some of the leading manufacturers of resilient floorings. Together, these companies accounted for over 50% of the market share in the market. Most of the companies are majorly concentrated in mature markets, such as Europe and North America, and are expected to dominate the industry. Key companies are investing heavily in R&D to introduce innovative designs with upgraded capacities to augment their market position.
Grand View Research has segmented the resilient flooring market on the basis of product, application:
Resilient Flooring Product Outlook (Volume, Million Sq. Meters, Revenue, USD Million; 2014 - 2025)
Resilient Flooring Application Outlook (Volume, Million Sq. Meters, Revenue, USD Million; 2014 - 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 982
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