The global resilient flooring market is anticipated to reach USD 67.10 billion by 2030, at a CAGR of 12.70% from 2021 to 2030. Increasing demand for durable and easy-to-clean flooring is one of the major factors driving the market growth.
Resilient flooring is a type of flooring material that is made with a combination of synthetic, natural, and recycled materials, such as vinyl, linoleum, cork, rubber, and bamboo. It is highly resistant to moisture, stains, and scratching and is often used in commercial and residential settings. The product is gaining popularity in the market due to its properties, such as water and fire resistance, durability, and ease of maintenance.
Challenges of the Resilient Flooring Market
- Increasing Competition: The resilient flooring market is highly competitive, with several major players offering valuable products and services. This has resulted in reduced market share and increased pricing pressures for the industry’s players.
- Environmental Regulations: The resilient flooring industry is subject to stringent environmental regulations, particularly concerning emissions and waste disposal. These regulations can lead to increased costs and potentially limit the market growth.
- Rising Raw Material Prices: The cost of raw materials used in the manufacture of resilient floorings, such as PVC and vinyl, has been increasing in recent years. This has driven up the cost of production, which may hurt the market.
- Lack of Awareness: Despite resilient flooring’s superior performance and durability, many consumers are still unaware of its benefits and features. This lack of awareness may limit the growth of the market.
The market is segmented based on product type and geography. By product type, the market is divided into vinyl sheet flooring, vinyl tile flooring, linoleum flooring, and other products. Vinyl sheet flooring is expected to hold the largest share of the market during the forecast period, owing to its superior quality and performance.
By geography, North America held the largest share in 2019 and is expected to witness significant growth during the forecast period. The region is home to some of the leading market players, such as Armstrong Flooring, Inc., Mannington Mills, Inc., and Congoleum Corporation, which are continuously investing in research and development to develop products with enhanced properties.
The Asia Pacific region is expected to witness the fastest growth during the forecast period, owing to increasing urbanization and rising disposable income. China is expected to be the key market in the region and is expected to witness rapid growth, driven by increasing demand from the hospitality and healthcare sectors.
Some of the key players in the global resilient flooring market are Armstrong Flooring, Inc., Forbo Holding AG, Tarkett SA, Congoleum Corporation, Mannington Mills, Inc., IVC US, Inc., Mohawk Industries, Inc., Shaw Industries Group, Inc., Beaulieu International Group, and Gerflor Group.
These players are focused on expanding their product portfolio and increasing their production capacity to cater to the growing demand from the residential and commercial sectors.