Resilient Flooring Market Subjected to Expand to Showcase Rampant Growth by 2024
Market
Synopsis
The tremendous growth of the commercial sector and the demand for
innovative ways to design commercial buildings is projected to propel the
demand for Resilient Flooring Market 2020. The resilient flooring market is
estimated to expand at a CAGR of 4.3% during the forecast period of 2019-2024.
Moreover, the rising investments in the commercial real estate and the robust
expansion of tourism and hospitality verticals are some of the elements that
are estimated to affect the global resilient flooring market. Furthermore, the
requirement for environment-friendly and lightweight floor coverings is
estimated to bring an impact on the expansion of the global resilient flooring
market. The robust construction of commercial and residential buildings in
developing nations, such as India, South Korea, Malaysia, and China is one of
the prime elements driving the global resilient flooring market.
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Manufacturers
who have expertise in manufacturing resilient flooring offer a broad range of
flooring products that are lightweight and produced from recycled products. The
rise in research and development initiatives by the established manufacturers
with respect to the innovation of designs and effective services is estimated
to affect the worldwide resilient flooring market.
However, frequently changing prices of raw material are
estimated to obstruct the expansion of the global market.
The worldwide resilient
flooring market is ferociously competitive with several competitors, across the
globe. These key competitors have adopted several tactics to increase their
presence worldwide and expand their grip in the global resilient flooring
market. Some of the ideas include investments, acquisitions, expansions, and
securing contracts.
Global
Resilient Flooring Market Segmentation
The global resilient
flooring market has been divided on the basis of application, product, and
region.
On the basis of application,
the market is divided into industrial, commercial, and residential segments.
The residential application segment acquired the maximum market share in 2018,
which will maintain its position by 2024. This is accredited to the increasing
population in developing economies, such as India, Brazil, and China which
brings an impact on the demand for residential buildings. Hence, the
residential application vertical is estimated to display a considerable growth
rate during the review period.
On the basis of product, the
luxury vinyl tiles proved to be the most lucrative sector and are estimated to
maintain its position by 2023. This can be accredited to its beneficial
characteristics like easy maintenance, scratch & scuff resistance, and
water resistance which makes it the most demanded sector amongst the
manufacturers.
On the basis of region, the
resilient market is divided into the Asia Pacific, North America, Europe and
the Rest of the World (RoW).
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Regional Analysis
On the basis of region, the
global resilient flooring market is classified into Asia-Pacific, Europe, North
America, and the Rest of the World (RoW). In 2018, the APAC region acquired the
maximum market share of approximately 34%, followed by Europe and North
America. It is estimated to maintain its position till 2024. Furthermore,
Asia-Pacific is also estimated to experience the highest expansion rate in the
global resilient flooring market, due to the fast growth of the construction
sector in developing nations such as India, South Korea, and China, which is
further estimated to increase the requirement for resilient flooring in the forthcoming
period. China has proven to be a potent market in the APAC region due to the
presence of an enormous customer base and cheap raw material cost.
Key Players
The most distinguished
players in the market of global resilient flooring sector are Mannington Mills,
Inc. (US), Shaw Floors (US), NOX Corporation, Novalis (US),
Nora (Germany), Mohawk Industries (US), IVC Group (Belgium),
Unilin (Belgium), Milliken &
Company (US), and Amtico International Limited (UK).
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