The tremendous growth of the commercial sector and the demand for innovative ways to design commercial buildings is projected to propel the demand for Resilient Flooring Market 2020. The resilient flooring market is estimated to expand at a CAGR of 4.3% during the forecast period of 2019-2024. Moreover, the rising investments in the commercial real estate and the robust expansion of tourism and hospitality verticals are some of the elements that are estimated to affect the global resilient flooring market. Furthermore, the requirement for environment-friendly and lightweight floor coverings is estimated to bring an impact on the expansion of the global resilient flooring market. The robust construction of commercial and residential buildings in developing nations, such as India, South Korea, Malaysia, and China is one of the prime elements driving the global resilient flooring market.
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Manufacturers who have expertise in manufacturing resilient flooring offer a broad range of flooring products that are lightweight and produced from recycled products. The rise in research and development initiatives by the established manufacturers with respect to the innovation of designs and effective services is estimated to affect the worldwide resilient flooring market.
However, frequently changing prices of raw material are estimated to obstruct the expansion of the global market.
The worldwide resilient flooring market is ferociously competitive with several competitors, across the globe. These key competitors have adopted several tactics to increase their presence worldwide and expand their grip in the global resilient flooring market. Some of the ideas include investments, acquisitions, expansions, and securing contracts.
Global Resilient Flooring Market Segmentation
The global resilient flooring market has been divided on the basis of application, product, and region.
On the basis of application, the market is divided into industrial, commercial, and residential segments. The residential application segment acquired the maximum market share in 2018, which will maintain its position by 2024. This is accredited to the increasing population in developing economies, such as India, Brazil, and China which brings an impact on the demand for residential buildings. Hence, the residential application vertical is estimated to display a considerable growth rate during the review period.
On the basis of product, the luxury vinyl tiles proved to be the most lucrative sector and are estimated to maintain its position by 2023. This can be accredited to its beneficial characteristics like easy maintenance, scratch & scuff resistance, and water resistance which makes it the most demanded sector amongst the manufacturers.
On the basis of region, the resilient market is divided into the Asia Pacific, North America, Europe and the Rest of the World (RoW).
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On the basis of region, the global resilient flooring market is classified into Asia-Pacific, Europe, North America, and the Rest of the World (RoW). In 2018, the APAC region acquired the maximum market share of approximately 34%, followed by Europe and North America. It is estimated to maintain its position till 2024. Furthermore, Asia-Pacific is also estimated to experience the highest expansion rate in the global resilient flooring market, due to the fast growth of the construction sector in developing nations such as India, South Korea, and China, which is further estimated to increase the requirement for resilient flooring in the forthcoming period. China has proven to be a potent market in the APAC region due to the presence of an enormous customer base and cheap raw material cost.
The most distinguished players in the market of global resilient flooring sector are Mannington Mills, Inc. (US), Shaw Floors (US), NOX Corporation, Novalis (US), Nora (Germany), Mohawk Industries (US), IVC Group (Belgium), Unilin (Belgium), Milliken & Company (US), and Amtico International Limited (UK).
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