According to a report by Grand View Research, Inc., the worldwide resilient flooring market is predicted to attain around USD 9.9 billion through 2024. Resilient flooring is a mixture of synthetic as well as natural materials. It is an outstanding substitute for traditional wood flooring. It provides aesthetic look, better strength, and has excellent insulation properties. Different types of material used to manufacture resilient flooring includerubber, linoleum, vinyl, cork, wood, and asphalt.
Rapid urbanization and industrialization havegiven rise tourgent requirement of IT parks, industrial areas, and housing projects, which can impel the market over the forecast period (2016 to 2024). Increasing insulation demand in residential as well as non-residential applications owing to increasing cost of energy and growing need of energy conservation is also predicted to drive the market. Increasing government investments in infrastructural development in developing countries can also have a positive impact on the market. Growing use of linoleum due to its eco-friendly nature is expected to support market growth as well. It also offers better durability and greater longevity. However, increasing concerns regarding environmental impact of vinyl may restrain the market during the forecast period.
Full Research Report On Resilient Flooring Market Analysis:
U.S. resilient flooring market volume, by application, 2013 – 2024 (Million Square Meters)
Recently, nora systems, Inc.developed a new rubber floor covering called “norament arago”. This product isavailable in wide range of cool gray shades. Norament arago can offer ergonomic comfort, slip resistance, and sound absorption.
The worldwide resilient flooring market can be fragmented on the basis of product and application. Based on product, the market can be classified into vinyl composite tiles (VCT), luxury vinyl tiles (LVT), vinyl sheets, linoleum, fiberglass sheets,and others. The LVT segmentis estimated to exhibit significant growth in terms of volume, registeringa CAGR of 6% by 2024. This product has low installation cost as compared to VCT and widely accepted as an aesthetic and durable material. On the basis of application, the market can be categorized into residential and commercial. The commercial application may include healthcare, education, retail, commercial offices, public buildings, leisure, and hospitality. In 2015, the commercial segment accounted for over 30% of the overall volumesince resilient flooring can be utilized in various corporate settings such as back office, break rooms, corridors, and cafeterias.
Geographically, the market can be divided into North America, Asia Pacific (APAC), Europe, Latin America, and Middle East and Africa (MEA). In 2015, Asia Pacific captured the largest market share and accounted for 32.2 % of the total volume. This growth is attributed to increasing disposable income, improving standard of living, and flourishing construction industry in developing countries in this region. Additionally, government support for infrastructure development and loan facilities in the housing sector is expected to increase the demand for resilient flooring products in APAC. Also, increasing number of commercial and businessestablishments,including corporate offices, retail stores, and hospitals is expected to impel market growth in this region. Copious farmland for linseed in India is leading to easy availability of linoleum in the form of raw material, which is predicted to have a favorable effect on the market.
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In 2015, North America accounted for around 27.6% of the total revenue. The region is predicted to experience substantial growth due to increasing use of the product in residential as well as commercial applications in the U.S. Additionally, growing development of retail spaces and supermarkets is expected to offer new opportunities in this region.
Latin America is anticipated to exhibit strong revenue growth at a CAGR of 7% from 2016 to 2024. This growth is associated with expandingcommercial spaces by several companies in thechemicals, personal care, and automotiveindustries. In addition, risingspending in commercial and housing sectors and transport facilities is projected to boost the market over the forecast period.
In 2015, MEA reported a value of around USD 878 million and is expected to display high growth due to increasing government efforts for infrastructure development and growing construction of commercial offices in this region.
Some of the leading companies operating in the market are Mannington Mills, Inc.; NOX Corporation; Amtico International Limited; Mohawk Industries; and Armstrong World Industries. The market looks extremely competitive due to existence of numerous vendors worldwide. Increasing efforts for developing high-performance floorings is expected to increase the demand forthe product over the next few years. These companies are also competing with each other by providing different products at varying prices.
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