Resilient Flooring Market Research Report, Information: by Product (Luxury Vinyl Tiles, Vinyl Composite Tiles, Vinyl Sheets), By Application (Residential, Commercial, Industrial), and by Region (North America, Europe, APAC, RoW) Global Industry Forecast till 2030
New York (US), April 10, 2023 (GLOBE NEWSWIRE) — Resilient Flooring Market Overview
The MRFR analysis reports predict that the “Resilient Flooring Market Research Report, by Product, Region, and Application – Forecast Till 2030”, the global market for Resilient Flooring is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 10{171d91e9a1d50446856093950b947460c67b1ae5766d3d173ffede4594e3fbfb}. The reports anticipate the market acquiring a valuation of around USD 73.34 billion by the end of 2030. As per the reports, the market was worth around USD 35.84 billion in 2020.
Market Scope
The global market for Resilient Flooring has recently displayed massive development. The main aspect causing a surge in the performance of the market is the key players investing a huge sum of money. The contractors of the residential and construction sites are performing new resilient flooring techniques. These products make the surface clean and smooth and are easy to maintain. Their power to resist moisture makes them an ideal choice for use in the bathroom and kitchen.
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Competitive Analysis
The listing of the prominent leaders across the global market for Resilient Flooring includes players such as:
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NOX Corporation
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IVC Group of Belgium
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Shaw Floors of the United States
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Amtico International Co. Ltd of the United Kingdom
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Novalis of the United States
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Mannington Mills Ltd of the United States
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Milliken and Company of the United States
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Unilin of Belgium
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Nora of Germany
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Mohawk Industries of the United States
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Among others.
Report Scope:
|
Report Attribute |
Details |
|
Market Size in 2030 |
USD 73.34 billion |
|
CAGR |
10{171d91e9a1d50446856093950b947460c67b1ae5766d3d173ffede4594e3fbfb} (2022-2030) |
|
Base Year |
2021 |
|
Forecast Period |
2022–2030 |
|
Historical Data |
2020 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Product Type and Application |
|
Geographies Covered |
North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
|
Key Market Drivers |
Increasing construction of residential buildings |
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Market USP Covered
Market Drivers
The global market for Resilient Flooring has displayed massive development in recent times. The main aspect causing a surge in the performance of the market is the key players investing a huge sum of money. The contractors of the residential and construction sites are performing new resilient flooring techniques. These products make the surface clean and smooth and are easy to maintain. Their power to resist moisture makes them an ideal choice for use in the bathroom and kitchen. The utilization of vinyl flooring is also projected to cover LEED ratings and has caused a major surge in market performance in the last few years.
Furthermore, the increasing urbanization and industrialization are projected to enhance the market performance over the coming years. Resilient Flooring has assisted in enhancing the infrastructural beauty of the house and performing several renovation activities, which have caused a rise in the market revenue share. Some renovation activities have emphasized the change in users’ behavior. Implementing new luxury vinyl tiles has caused an escalation in demand for fiberglass vinyl sheets in the review period.
Market Restraints
On the other hand, certain aspects may impede the market’s growth. The primary parameter restricting the market’s growth is the stringent rules and regulations increase. Furthermore, the growth in the usage of resilient innovative flooring solutions is also projected to affect the development of the market over the assessment period. In addition, the volatility in the prices of raw materials is also projected to limit the performance of the market.
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COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Resilient Flooring market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Segment Analysis
Among all the products, the luxury vinyl tiles segment is projected to secure the top position across the global market for resilient Flooring over the assessment era. The luxury vinyl tiles comprise several resistance to water, resistance towards scuff, and scratch and maintaining easily. It is considered the most common choice among the key players across the global market.
Among all the application areas, the residential segment is anticipated to ensure the top spot across the global market for resilient Flooring over the assessment era. The increase in population growth and the setting up of more residential buildings are the main parameters supporting the segment’s growth.
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Regional Analysis
The global Resilient Flooring market is analyzed across five major geographies: North America, Latin America, the Middle East & Africa, Europe, and Asia-Pacific.
The MRFR analysis reports suggesting that the Asia-Pacific region secured the maximum expansion across the global market for Resilient Flooring in 2019. The regional market covered around 34{171d91e9a1d50446856093950b947460c67b1ae5766d3d173ffede4594e3fbfb} of the share of the global market revenue. The main parameter supporting the growth of the regional market is the steady rise in the growth of the construction industry across some emerging nations such as South Korea, India, and China.
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