Resilient Floor Covering Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Resilient Floor Covering Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The resilient floor covering market is expected to grow with a CAGR of 5.5% during 2018-2024.

• Growing urbanization and industrialization has resulted in high and immediate requirement for resilient flooring in industrial areas, housing projects, and IT parks.
• A large number of home improvement and renovation activities in light of changing customer trends and lifestyles is resulting in an increased demand for resilient flooring in the residential sector.
• The growth of new luxury vinyl tile and fiberglass-backed sheet vinyl, has resulted in a strong growth in the recent years.
• Rubber, linoleum, and cork products offer commercial users eco-friendly and sustainable flooring products.
• North America is projected to hold the dominant share in the resilient floor covering market.
• The millennials workforce in the region is exceptionally driven, demanding, influential and increasingly affluent.

• Vinyl flooring is a finished flooring material predominately made from a combination of limestone-base material mixed with composites of natural and synthetic polymer materials, such as polyvinyl chloride and plasticizers. It is a type of robust and resilient flooring, which is primarily used in construction application related to commercial and residential projects.
• Other factors, such as the development of infrastructures in various sectors, like healthcare, education, and industrial automotive, among others, along with the growth of residential construction and homeowners fuel the market growth.

• The residential market has now fully embraced the product due to its durability, ease of installation, and perceived value as a result of its thickness and rigidity. At the present scenario, consumers equate thickness with quality, and rigid core products are in demand.
• The residential segment gained popularity over commercial, with residential replacement and residential builders, with residential replacement segment alone accounting for 31.1% market share in 2017.
• Residential remodel and replacement continue to strive in the market. Installers on the retail side view it as easier to install the product. This combination creates a dynamic where it’s easy to understand why rigid products are gaining a greater market share.

The report covers major international players operating in the resilient floor covering market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support