Pune, March 22, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global resilient flooring market is expected to grow from USD 27.41 billion in 2020 to USD 67.10 billion by 2030, with a CAGR of 12.70% over the forecast period 2021-2030.
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The resilient flooring market has grown tremendously over the past few years. Due to its high durability, low maintenance, modern look and ease of installation, resilient flooring has recently become in high demand. In addition, the resilient flooring offers sound absorption, comfort and easy cleaning. Changing trends in the construction industry and flooring design are driving the demand for innovative flooring such as resilient flooring.
Resilient flooring is considered the most durable type of flooring that is suitable for both commercial and residential spaces. These floors are firm but can also provide some degree of bounce. Some of the materials used for resilient flooring are rubber, cork, vinyl, linoleum, etc. SPC (stone, plastic composite). LVT (Luxury Vinyl Tile) is economical and the most common type of resilient flooring on the market.
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The resilient flooring market is witnessing strong growth, owing to the increase in construction activities across the globe. Innovations in product development and hassle-free installations are some of the factors increasing the market growth. The increasing industrialization in developing countries leads to a growing demand for the development of new infrastructure and the immediate need for resilient flooring. It is estimated that the increase in commercial property remodeling and renovation projects across the globe will provide various growth opportunities for the major market vendors over the forecast period. However, the availability of substitute products may hamper the market growth over the forecast period.
The major players in the global resilient flooring market are Armstrong World Industries, Inc., Tarkett, Congoleum Corporation, Mohawk Group, Shaw, Beaulieu International Group NV, Burke Industries Inc., Karndean International Limited, Mannington Mills, and Berkshire Hathaway Inc. , including others. The major players in the global resilient flooring market are majorly focusing on adopting various strategies such as product innovations, mergers and acquisitions, geographic expansion, product portfolio enlargement and formation of a strong distribution network to win a large market share in the industry. .
• In August 2020, Shaw Industrial announced that the company was expanding its resilient flooring manufacturing capabilities to Ringgold, Georgia. The company has invested $20 million in its existing manufacturing plant.
• In March 2021, Mohawk Group announced the launch of four new LVT (Luxury Vinyl Tile) designs featuring terrazzo stone and abstract textile visuals complementing the existing 6″ X 48″ wood.
• In February 2020, Karndean International Limited announced the launch of eight new commercially oriented loose stone designs, its innovative and award-winning range.
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The resilient vinyl flooring segment accounted for the major market share and was valued at USD 17.90 billion in 2020
The Material Types segment includes resilient vinyl flooring, resilient linoleum flooring, resilient cork flooring, resilient rubber flooring and resilient fiberglass flooring. The resilient vinyl flooring segment accounted for the major market share and was valued at USD 17.90 billion in 2020. The strong growth of resilient vinyl flooring is mainly due to increase in flooring installations resilient vinyl in commercial and residential spaces.
Resilient flooring for new construction is expected to grow at the highest CAGR of 13.5% over the forecast period
The construction business segment includes resilient flooring for renovation and resilient flooring for new construction. Resilient flooring for new construction is expected to grow at the highest CAGR of 13.5% over the forecast period. The growth is mainly due to the increase in new construction projects such as housing projects, commercial premises, IT parks and other new infrastructure developments which are driving the demand for resilient flooring across the world .
The non-residential resilient flooring segment held the largest market share of 70.56% in 2020
The end-user industry segment is divided into residential resilient flooring and non-residential resilient flooring. The non-residential resilient flooring segment held the largest market share of 70.56% in 2020. Resilient flooring can withstand water, sunlight, and heavy usage. In addition, resilient flooring is easy to install and requires less maintenance. Moreover, there are many resilient flooring designs available in the market, so customers have many options to choose from.
Regional Segment Analysis of Resilient Flooring Market
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
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The Asia-Pacific region dominated the global resilient flooring market and was worth USD 11.12 billion in 2020. Factors such as increasing urbanization, rising population and industrialization in countries such as the India, China, Thailand and other Asian countries are creating the lucrative demand for resilient flooring in the Asia-Pacific region. Additionally, India’s booming real estate sector, especially the inland, has gained tremendous prominence in recent years, which is driving the growth of the market. Moreover, the European region is expected to grow at the highest CAGR during the forecast period. Growing consumer interest in resilient flooring owing to its ease of installation, modern appearance and affordable price is propelling the growth of the market.
About the report:
The global resilient flooring market is analyzed on the basis of value (USD billion) and volume (million square meters). All segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s five forces model, attractiveness analysis and competitor position grid analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our repository of union reports is diverse across all categories and sub-categories of domains. Our customized solutions are designed to meet customer requirements, whether they are looking to expand or planning to launch a new product in the global market.
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