The global resilient flooring market size is projected to reach USD 58.11 billion by 2027, exhibiting a CAGR of 1.7% during the forecast period. Development and availability of eco-friendly flooring and tiling solutions will be a major growth determinant for this market, observes Fortune Business Insights™ in its report, titled “Resilient Flooring Market Size, Share COVID-19 Impact Analysis, By Product Type (Luxury Vinyl Tile, Vinyl Sheet Floor Tile, Rubber, Linoleum, and Others), By Application (Residential, Commercial and Others), and Regional Forecast, 2020-2027”. The heightened need for making brick-and-mortar structures more sustainable and low carbon-emitting is nudging builders and homebuyers to opt for environment-friendly interiors. Flooring and tiling are essential components of home aesthetics and recycled and natural materials are being increasingly utilized to produce innovative solutions. For example, cork, which is derived from the oak tree, is fire-resistant, has antimicrobial properties, and is relatively less expensive, all of which make it a highly attractive flooring option. Similarly, bamboo floor tiles are gaining popularity as bamboo is natural and recyclable as well as durable and easy to maintain. The growing availability of resilient flooring products made from natural materials is expected foster healthy growth of this market in the foreseeable future.
Information Source - https://www.fortunebusinessinsights.com/resilient-flooring-market-102945
The report states that the global market value stood at USD 29.62 billion in 2019 and offers the following:
- Intelligent insights on the current and upcoming trends and opportunities in the market;
- Detailed analysis of the market drivers, restraints, and segments;
- Comprehensive profiling of key players and careful examination of their strategies; and
- In-depth assessment of the regional developments impacting the market.
Sharp Contraction in Construction Activities Triggered by COVID-19 to Dampen Market Spirits
The outbreak of the coronavirus pandemic has caused unprecedented upheavals in the construction industry across countries and will inevitably stymie the resilient flooring market growth. According to the UK-based Royal Institute of Chartered Surveyors (RICS), 25% of the construction projects worldwide were paused in the second quarter of 2020 and productivity at sites dropped by 12% as governments imposed lockdowns and social distancing measures to contain the spread of the virus. The RICS predicts that cost escalation because of delays, cancellations, and reduced on-site workforce will put enormous pressure on the construction industry in the next twelve months. Country-wise scenario for this industry appears equally grim. In India, for instance, the Ministry of Statistics and Program Implementation reported a staggering 50.3% contraction in construction activities since the pandemic outbreak. With the demand for resilient flooring being solely dependent on construction activities, this market is likely to undergo a period of shock as a result of the COVID-19 pandemic.
Robust Pace of Urbanization to Favor the Market in Asia Pacific
Asia Pacific is expected to dominate the resilient flooring market share period owing to the strong growth displayed by the regional construction industry over the past few years. This growth is underpinned by the rapid urbanization witnessed in Asia Pacific, especially in India and China. Moreover, rising disposable incomes is encouraging consumers to demand advanced and premium flooring solutions, which bodes well for this market. For example, the India Brand Equity Foundation estimates that the country’s real estate sector will touch USD 1 trillion in value by 2030. The region’s market size stood at USD 12.02 billion in 2019 and is predicted to register a CAGR of 10.3% during the forecast period.
Strengthening of Production Capacities by Key Players to Stoke Competition
Key companies in this market are heavily investing in strengthening their existing production facilities as well as establishing new ones in developing markets. Using this strategy, players in this market are aiming to retain their leading position and expand their global market footprint.
- January 2020: Novalis Innovative Flooring announced its plans to build its first manufacturing facility in the US to produce advanced luxury vinyl tile (LVT) solutions. With an aim to establish presence in the flourishing US flooring tiling industry, the company will be investing USD 30 million for the project.
- November 2019: US-based commercial flooring leader, Interface, Inc., announced that its “Mission Zero” was a success, powered by key improvements made by the company to achieve sustainability in its production and supply chain processes. To further entrench the sustainability trend in the industry, Interface also declared its next mission called “Climate Take Back”.
List of Key Players Profiled in the Resilient Flooring Market Report:
- NOX Corporation (South Korea)
- Polyflor Ltd. (UK)
- Beaulieu International Group (Belgium)
- Gerflor Group (Germany)
- Forbo Flooring (The Netherlands)
- Armstrong World Industries Inc. (USA)
- Tarkett S.A. (France)
- Congoleum (USA)
- Novalis Innovative Flooring (China)
- Interface Inc. (USA)
- LG HAUSYS (South Korea)
- Mannington Mills, Inc. (USA)
- Shaw Industries Group Inc. (USA)
- Mohawk Industries (USA)