The global resilient flooring market size is projected to reach USD 54.78 billion by 2025 registering a CAGR of 6.9%, according to a new report by Grand View Research, Inc. Developing countries including Brazil, India, Mexico, and others are witnessing drastic development in the infrastructure sector owing to rapid urbanization and industrialization resulting in rising need for IT parks, industrial areas, and housing projects.
Development of innovative floor covering solutions and changing trends in construction solutions and floor design have been critical in the industrial development over the last few years. Increasing government spending on infrastructure development is also anticipated to drive the global market further.
Rapid urbanization and growth in building & construction industry, especially in the Asia Pacific region, have substantially driven the commercial end-use segment of the industry. India led the APAC resilient flooring market in 2018 and is expected to continue the dominance from 2019 to 2025 due to favorable government initiatives for infrastructural development.
Vinyl Composite Tiles (VCTs) accounted for the largest market share in 2018. The segment is expected to maintain its dominance on account of low cost, excellent durability, and abrasion and impact resistance of VCTs. Commercial application is projected to be the second-largest segment. Rapid urbanization along with rising need for workspaces has led to the growth of this segment.
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Further key findings from the report suggest:
- Increased demand for slip-resistant and anti-bacterial flooring solutions is one of the key factors propelling the resilient flooring market growth
- In terms of revenue, the market in U.S. is projected to reach USD 8.28 billion by 2025. Recovery of the construction industry in the country is anticipated to be a favorable factor for the market growth
- The product demand in U.K. was 52.3 million square meters in 2018 and is projected to have a CAGR of 2.2% from 2019 to 2025
- China contributed the largest revenue share of 32.1% in 2018 and is anticipated to continue its dominance over the forecasted period owing to increasing demand from residential and commercial constructions
- Some of the prominent companies in this market include Armstrong World Industries, Inc.; Tarkett S.A.; Mohawk; Shaw; and Mannington Mills