Top Facts You Didn’t Know About Resilient Flooring market & Impact of COVID-19

Posted by Mrudula Anil Karmarkar on January 24th, 2024

San Francisco, 24 January 2024: The ReportResilient Flooring Market Size, Share, & Trends Analysis Report By Product (LVT, Vinyl Sheet & Floor Tile, Linoleum, Cork, Rubber), By Application (Residential, Non-residential), By Region, And Segment Forecasts, 2024 - 2030

The global resilient flooring market size is expected to reach USD 65.29 million by 2030 and is expected to expand at 7.4% CAGR from 2024 to 2030, according to a new report by Grand View Research, Inc.. The demand for resilient floorings is predicted to escalate over the forecast period as a result of increased investments in the construction industry and rising demand for aesthetic building enhancements. Furthermore, the growing construction spending in the emerging Middle Eastern and Asia Pacific economies would further bolster the market growth.

The technological advancements in the industry have resulted in the production of stable cores along with resilient flooring products having scratch & scuff resistance and noise mitigation properties. In addition, major market players are focused on the development of new products having high aesthetic values and additional properties such as waterproof, indentation resistance, and other performance characteristics.

Major players in the resilient flooring are focused on acquiring small players and brands and selling them along with the existing product portfolio. In addition, these players outsource these products to small enterprises or invest in the manufacturing of the product at the production facilities of the acquired companies. Furthermore, few companies have long-term contracts with manufacturers for providing an uninterrupted supply of products. Moreover, players in the resilient flooring market give contracts to new entrants and local manufacturers for obtaining unbranded products at low prices and later invest in the branding and packaging of these products before selling.

Interface; Shaw; Gerflor; Mannington; Forbo; and Beaulieu are also some major companies operating in the industry. These companies are market followers and operate in line with major players. However, Gerflor implements the new product development and specialized services strategy to engage consumers and enhance its customer base. In addition, the company focuses on expanding its existing product portfolio rather than expanding into new markets.

This growth is attributed to the benefits of resilient flooring, such as impact & scratch resistance, waterproofing, odor-proofing, and durability, in comparison to other flooring alternatives. In addition, the expansion of ultramodern workspaces and offices and rapid urbanization would further escalate the growth of the resilient flooring market.

Request sample report of Resilient Flooring Market@https://www.grandviewresearch.com/industry-analysis/resilient-flooring-market/request/rs1

The U.S. dominates North America resilient flooring market, accounting for the highest revenue share in terms of consumption, owing to the increased penetration of the product in the residential sector, with an increasing number of single-family houses as well as the strengthening of the residential replacement market across the country. Recovery of the residential construction industry after the great recession in historic years has played an essential role in driving the demand for resilient flooring in a residential application.

Resilient Flooring Market Report Highlights

• Luxury vinyl tiles led the market and accounted for the largest revenue share of more than 39% in 2023. Luxury Vinyl Tile (LVT) is one of the favorable product segments in the global resilient flooring market on account of the durability and low-cost benefits of these tiles.
• The non-residential segment led the resilient flooring market in 2023. Improved technology used in the manufacturing of resilient flooring helps imitate natural stone and wood flooring and create textures and patterns similar to such flooring, which is projected to play a major role in driving the product demand from application industries.
• The residential application segment of resilient flooring is inclusive of residential buildings, apartments, complexes, and small houses. Resilient floorings are majorly used in residential applications on account of their low cost, highly durable nature, and resistance to shock, stain, and dirt.
• Asia Pacific region dominated the market and accounted for a revenue share of over 37% in the global resilient flooring demand in 2023. The growing economic prominence of China, India, and countries in Southeast Asia owing to the presence of a large consumer base, low labor cost, and abundant resources are expected to drive the construction industry in the region, which, in turn, is expected to propel the demand for resilient flooring in the region.

Vinyl flooring involves the manufacturing of PVC, which causes environmental problems by releasing mercury and asbestos into the atmosphere. Furthermore, once vinyl floorings serve their purpose, they cannot be recycled or do not decay in landfills and release hazardous dioxins. These factors are expected to restrict the growth of vinyl flooring market and parallelly impacting the market growth of resilient flooring negatively.

The emergence of India, Taiwan, and Mexico as the upcoming manufacturing hubs will not only result in the establishment of factories but also in the migration of large population close to these centers, thus resulting in the development of new cities or expansion of the existing cities. This factor is expected to play an important role in developing the market for resilient flooring over the forecast period.

With an ever-increasing growth in interior segment and real estate, floor covering solutions, accessories, and equipment have gained considerable importance. The product is expected to continue its dominance, as it is economical and offers considerable longevity in comparison to conventional solutions.

Resilient flooring Market Report Scope

Tarkett S.A. and Mohawk Industries, Inc. are two significant players in the industry with a large number of subsidiaries operating across the globe. Tarkett S.A. is the leading player in the European flooring market and caters to a wide range of flooring products including resilient and non-resilient floorings across the globe. Mohawk is a North American company with numerous subsidiaries including IVC Group, Unilin, Pergo, etc., which account for a significant share of the global market.

List of Key Players of Resilient Flooring Market

• Beaulieu International Group
• Mohawk Industries Inc.
• Shaw Industries Group, Inc.
• Gerflor
• Forbo Flooring Systems
• Fatra a.s.
• Interface, Inc.
• Tarkett S.A
• IVC Group
• MONDO S.p.A