The resilient flooring market is expected to grow at a CAGR of over 4% during the forecast period. Major factor driving the market studied is growing residential building construction in developing countries. On the flip side, increasing concern over environmental impact during manufacturing of flooring materials and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- Increasing innovations in resilient flooring is forecasted to offer various opportunities for the growth of the market over the forecast period.
- Resilient flooring from residential building construction is expected to dominate the market studied over the forecast period.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Growing Residential Building Construction in Developing Countries
- Resilient flooring is usually a mixture of fillers, binders, and color. Filler materials can include synthetic fibers, ground wood or limestone, and the material that binds the mixture together is either asphalt (asphaltum) or resin.
- Resilient flooring system is denser and non-absorbent in nature and assures a pliant surface which makes comfortable walking. Additionally, these flooring also assure guarantee in having lesser maintenance.
- Resilient flooring a lot cheaper than non-resilient and comparably durable nature makes it a rather cost-effective option for residential homes and commercial buildings.
- The increasing focus on customization in flooring of residential buildings and manufacturing processes had a significant impact on the growing demand of resilient flooring from the residential buildings counstruction.
- Hence, owing to the above-mentioned factors, the application of resilient flooring from residential building construction is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for resilient flooring during the forecast period. The rising demand of resilient flooring from residential building construction and growing application in commercial sector in developing countries like China, Japan and India is expected to drive the demand for resilient flooring in this region.
- The largest producers of resilient flooring are located in Asia-Pacific region. Some of the leading companies in the production of resilient flooring are Armstrong World Industries, Inc, Mohawk Industries, Mannington Mills, Inc. and Shaw Industries Group, Inc. among others.
- According to Global Construction 2030 (published by Global Construction Perspectives and Oxford Economics), Southeast Asia’s construction market is anticipated to exceed USD 1.0 trillion, by 2030 which in turn boosts the demand for resilient flooring in residential building construction.
- The Indian government has been actively boosting housing construction, as it aims to provide home to about 1.3 billion people. The country is likely to witness around ~USD 1.3 trillion of investment in housing over the next seven years and is likely to witness construction of 60 million new homes in the country.
- Owing to the above-mentioned factors, the market for resilient flooring in the Asia-Pacific region is projected to grow significantly during the study period.
The global resilient flooring market is partially consolidated in nature with only few major players dominating the market. Some of the major companies are Tarkett USA & Canada, Armstrong World Industries, Inc, Mohawk Industries, Mannington Mills, Inc. and Shaw Industries Group, Inc. among others.
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