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Demand for Resilient Flooring Market is forecasted to reach a value of US$ 14.74 billion by 2033

02-21-2024 06:49 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Fact.MR

Demand for Resilient Flooring Market is forecasted to reach

The global resilient flooring market (弾性床材市場) was valued at US$ 8.55 billion in 2023. Sales of resilient flooring worldwide are expected to grow steadily at a compound annual growth rate (CAGR) of 5.6%, reaching a market value of US$ 14.74 billion by the end of 2033.

Resilient flooring, also known as vinyl flooring, has emerged as a popular choice for commercial and residential spaces due to its durability, easy maintenance, and aesthetic appeal. The market for resilient flooring is driven by various factors such as increasing construction activities, growing demand for eco-friendly flooring solutions, and technological advancements in flooring materials.

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Market Dynamics

The resilient flooring market (Marché des revêtements de sol résilients) is witnessing significant growth, driven by the increasing demand for cost-effective and durable flooring solutions. The market is also influenced by factors such as the rising adoption of sustainable flooring materials, the growing construction industry, and the increasing focus on interior aesthetics. Additionally, technological advancements in flooring materials, such as the development of luxury vinyl tiles (LVT) and enhanced printing technologies, are driving market growth.

List of Key Companies Profiled in The Report

Mannington Mills Inc.
Tarkett S.A.
Mohawk Group
Berkshire Hathway Inc.
Congoleum Corporation
Beaulieu International Group N.V.
Armstrong Flooring Inc.
Forbo Holding AG
Burke Industries Inc.
Karndean International Limited

Market Future Outlook

The resilient flooring market is expected to continue its growth trajectory in the coming years. The market is projected to witness substantial growth due to factors such as increasing urbanization, rising disposable incomes, and the growing trend of home renovation and remodeling. Moreover, the market is expected to benefit from the increasing adoption of eco-friendly flooring materials and the growing demand for innovative and customizable flooring solutions.

Market Insights

The resilient flooring market (탄력있는 바닥재 시장) is segmented based on product type, application, and end-user. Based on product type, the market is segmented into vinyl composite tile (VCT), luxury vinyl tile (LVT), vinyl sheet, and others. Among these, the LVT segment is expected to witness significant growth due to its superior durability, design flexibility, and ease of installation. In terms of application, the market is segmented into residential, commercial, and industrial. The commercial segment is expected to dominate the market due to the increasing demand for durable and aesthetically pleasing flooring solutions in commercial spaces such as offices, hospitals, and retail stores. Based on end-user, the market is segmented into healthcare, education, retail, hospitality, and others.

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Recent Developments

Industry players are focusing on investing in research and development (R&D) activities to meet the diverse requirements of various end-use industries. They are also launching new products to gain a competitive edge.

For example:

Armstrong Flooring, a leading manufacturer of innovative flooring solutions, announced the launch of three new luxury flooring collections - Biome, Coalesce, and Terra - in May 2021. These collections, manufactured in the United States, feature a 2.5 mm structure and patented Diamond 10 Technology.

In January 2020, Mannington introduced five new designs into its ADURA@ Selling Solutions lineup. These designs feature modern and clean aesthetics that reflect the latest home trends. The tile designs offer a variety of styles and colors in different constructions to meet consumer needs.

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