According to a recent study by an ESOMAR-certified market research and consulting firm, the global resilient flooring market is forecast to rise at a steady 5.6% CAGR, in value terms, reaching US$ 10 billion by 2026. Long-term projections for the market appear even more lucrative, with an expected CAGR of over 7% from 2021-2031, with an expected valuation of over US$ 14 billion.
From 2016 to 2020, the market for resilient flooring expanded at around 5% CAGR. At that point, it reached US$ 7.2 billion by the end of the historical period. The substantially increasing number of home improvement & renovation activities on account of changing consumer trends as well as lifestyles has meant that resilient flooring is witnessing high demand in the residential sector.
In addition, fiberglass flooring is gaining high momentum recently. This is because of its properties, namely, its excellent durability and lightweight format. Superior insulation properties of fiberglass because of the presence of reinforced materials have further complemented its demand. Amidst the COVID-19 pandemic, prospects dipped in the first half of 2020. This came with the enforcement of restrictions on commercial activities to curb further infection spread.
Key Takeaways from the Market Study
- Projections show that Europe will acquire over 40% revenue by 2026-end.
- U.S. to capture over 2/5th of the global demand for resilient flooring through 2031
- Vinyl sales to exceed 1.2 billion sq. meters by the next half-a-decade, by material type
- There is an expectation that sales of resilient flooring for use in renovation activities will exceed 1.5 billion sq. meters by 2026
- Asia to emerge as an opportunistic market, registering over 2 out of 5 sales
- Non-residential end-users sales to account for over 66% market share
“As urbanization swells, governments are spending a huge portion of their budgets in sanctioning housing and other infrastructure projects. This is a trend which will majorly spur resilient flooring sales,” says Senior Research Analyst.
Key players operating in the resilient flooring market include Tarkett, Mannington Mills Inc, Mohawk Group, Congoleum, Berkshire Hathaway Inc., Beaulieu International Group N.V., Forbo Holding AG, Armstrong Flooring, Burke Industries Inc., and Karndean International Limited, among others.
Companies are not only limited to R&D investments. They are also focusing on product launches to gain a competitive advantage.
For instance, in May 2021, Armstrong Flooring, a leader in the design and manufacture of innovative flooring solutions, announced the launch of three new luxury flooring collections. These collectionsare Biome, Terra, and Coalesce. The company manufactures each collection in the USA. They also feature a 2.5 mm structure with a 20 mil wear layer.
In January 2020, Mannington introduced five new looks into the ADURA® Selling Solution. Featuring clean and modern designs that reflect the latest home trends, the four wood, and one tile designs offer colors and styles in a variety of constructions to satisfy any customer.
These insights are based on a report on Resilient Flooring Market by Fact.MR.