New York, United States , July 18, 2024 (GLOBE NEWSWIRE) -- The Global Resilient Flooring Market Size is to Grow from USD 39.12 Billion in 2023 to USD 79.65 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.37% during the projected period.
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Resilient flooring is defined as any type of floor covering that is not made of wood, fabric, stone, concrete, or ceramics. Because of its mild bounce-back, resilient flooring is comfortable underfoot. Wooden floors are one type of resilient flooring. Given that it emphasizes durability and robustness, resilient flooring is a fitting moniker. Along with distinctive products including rubber, linoleum, and cork, this broad category of floor coverings also includes several varieties of vinyl flooring. Robust flooring is synonymous with comfort and longevity. Moreover, resilient flooring is highly prized in business environments such as hospitals, schools, and retail stores because of its robustness and variety of design alternatives, which provide customization and safety standard observance. Rising urbanization and the expansion of ultramodern workspaces and offices will drive the resilient flooring industry to higher heights. As construction projects are driven by urbanization and economic growth, there will be an increasing demand for resilient flooring options that are long-lasting, affordable, and attractive. Furthermore, the fluctuating pricing of the materials required for creating resilient flooring contributes to the industry's issues.
Browse key industry insights spread across 245 pages with 110 Market data tables and figures & charts from the report on "Global Resilient Flooring Market Size, Share, and COVID-19 Impact Analysis, By Product (Luxury Vinyl Tiles, Vinyl Sheet & Floor Tile, Linoleum, Cork, and Rubber), By Application (Residential and Non-Residential), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The luxury vinyl tiles segment accounted for the largest revenue share of the resilient flooring market during the projected timeframe.
Based on the product, the resilient flooring market is divided into luxury vinyl tiles, vinyl sheet & floor tile, linoleum, cork, and rubber. Among these, the luxury vinyl tiles segment accounted for the largest revenue share of the resilient flooring market during the projected timeframe. Luxury vinyl tiles are recognized for their longevity and resilience to scratches, dents, moisture, and stains. This makes luxury vinyl tiles an excellent flooring solution for giving high foot traffic or exposure to spills and wetness, such as kitchens, baths, and workplaces.
The non-residential segment is expected to grow at the highest CAGR of the resilient flooring market during the projected timeframe.
The resilient flooring market is divided by application into residential and non-residential. Among these, the non-residential segment is expected to grow at the highest CAGR of the resilient flooring market during the projected timeframe. The non-residential industry benefits significantly from the engineered product's ability to manufacture an infinite variety of designs and sizes. The positive characteristics of resilient flooring in terms of ease of maintenance, sterilization, slip resistance, and water resistance are expected to increase their adoption in hospital wards and clinics to maintain high levels of hygiene.
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Asia Pacific is expected to hold the largest share of the resilient flooring market over the forecast period.
Asia Pacific is expected to hold the largest share of the resilient flooring market over the forecast period. Attributed to the booming construction sector in the region. Rising commercial construction to support infrastructure development in nations like India and China is driving increased demand for resilient flooring. Furthermore, rapid urbanization and population growth have increased the demand for residential development in the region, propelling the market onward.
North America is predicted to grow at the fastest pace in the resilient flooring market during the projected timeframe. Rising demand for residential applications, a well-established service industry, highly developed manufacturing economic growth, and government initiatives to build social infrastructure throughout the region. Furthermore, opposition to government regulations restricting the use of hazardous flooring solutions will probably increase demand for linoleum and cork flooring during the projection period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the resilient flooring market include Shaw Industries Group Inc., Armstrong World Industries Inc., Karndean International Limited, IVC Group, Metroflor Corporation, Creative Panel Solutions, Pergo Pvt. Ltd., Mannington Mills, Inc., Beaulieu International Group, Mohawk Industries Inc., Forbo Flooring, Burke Industries Inc., LG HAUSYS, Gerflor Group, and others.
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Recent Developments
- In May 2023, Beaulieu International Group (BIG) finalized its acquisition of Signature Floors, a significant provider of residential and commercial flooring solutions in New Zealand and Australia. The acquisition would help Beaulieu International Group strengthen its presence in New Zealand and Australia.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the resilient flooring market based on the below-mentioned segments:
Global Resilient Flooring Market, By Product
- Luxury Vinyl Tiles
- Vinyl Sheet & Floor Tile
- Linoleum
- Cork
- Rubber
Global Resilient Flooring Market, By Application
- Residential
- Non-Residential
Global Resilient Flooring Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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