Resilient Flooring Industry to Grow at a Moderate CAGR of 5.5% through 2026 - States Fact.MR
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Rapid urbanization and industrialization has resulted into immediate and high requirement for resilient flooring across industrial areas, IT parks, and housing projects.
Substantially increasing number of home improvement & renovation activities on account of changing consumer trends as well as lifestyles has meant that resilient flooring is witnessing high demand in the residential sector.
In addition, fiberglass flooring has been gaining high momentum recently, which can be attributed to its properties namely, excellent durability and lightweight.
Superior insulation properties of fiberglass because of presence of reinforced materials has further complemented its demand. A large number of technological advancements as well as product developments have been made by manufacturers of resilient flooring products, in order to enhance the performance of their products.
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Environment—friendly flooring that include rubber, cork, hardwood, bamboo, glass, and linoleum are witnessing significant demand in residential and non-residential spaces, thereby influencing growth of the global resilient flooring market in the near future.
5 Key Future Prospects of Resilient Flooring Market for Forecast Period 2017-2026 (In Terms of Volume)
Europe will continue to be the largest market for resilient flooring, followed by Asia-Pacific excluding Japan (APEJ) and North America.
Over 40% share of the market is projected to be accounted by sales of resilient flooring in Europe by 2026-end. APEJ and North America are collectively poised to account for approximately half share of the market during the forecast period.
The market for resilient flooring is anticipated to exhibit the fastest expansion in APEJ and North America through 2026. The market in Europe and Latin America is projected to ride on an above-average CAGR through 2026.
Based on material type, vinyl is pegged to account for lion’s share of the market, with sales forecast to exceed 1,200 Mn sq. meters by 2026-end. Linoleum is also slated to account for a major market share, with sales exhibiting a CAGR slightly higher than that of vinyl through 2026.
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Although cork is expected to account for the smallest market share, its sales are expected to exhibit the fastest expansion through 2026.
On the basis of construction activity, renovation will account for over three fourth market share throughout the forecast period.
Sales of resilient flooring for use in renovation activities are expected to exceed 1,500 Mn sq. meters by 2026-end. Sales for use in new construction activities will reflect a relatively faster expansion through 2026.
Resilient flooring is expected to seek the highest demand from non-residential end-users during the forecast period, with sales accounting for over two-third market share by 2026-end.
Nature of the global resilient flooring market is highly competitive, with players focusing on gaining a competitive edge and extending their market foothold. Prominent players identified by Fact.MR’s report that include Tarkett, Mohawk Group, Mannington Mills, Inc., Congoleum, Beaulieu International Group N.V., Berkshire Hathaway Inc., Forbo Holding AG, Burke Industries, Inc., Armstrong Flooring, and Karndean International Limited.
Manufacturers of resilient flooring are inclining their focus toward developing innovative products and making improvements in advertisements, such as online catalogue.
Product portfolio enhancement, production capacity expansion, mergers & acquisitions, and joint venture are likely to remain lucrative strategies employed by the market players.
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