The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global resilient flooring market size is projected to reach at USD 1.67 billion by 2025 expunging at a CAGR of 4.9%, according to a new report by Grand View Research, Inc. Increased demand for slip-resistant and anti-bacterial flooring solutions is one of the key factors propelling the market growth. Developing countries, such as Brazil, India, and Mexico, are likely to witness 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.
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Fiberglass is projected to remain one of the fastest-growing product segment on account of new product developments along with the incorporation of new designs and high warranty intervals. Vinyl Composite Tile (VCT) accounted for a significant share in 2018. These products are projected to have prominent growth owing to their impact abrasion and resistance, durability, low price, and resilience. 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.
Further Key findings from the study suggest:
- Favorable government initiatives for infrastructural development in emerging regions are said to have a positive impact on the demand for floorings systems in building and bridge construction, thereby boosting market growth
- Asia Pacific is expected to be the fastest-growing and largest regional market over the forecast period expanding at a CAGR of 6.9% over the forecast period
- This growth can be attributed to the presence of emerging economies like China and India with numerous untapped growth opportunities
- U.S. resilient flooring market is projected to expand at a CAGR of 3.6% from 2019 to 2025 on account of growing construction sector
- Resilient flooring demand in U.K. was 35.1 million square meters in 2018 and is projected to increase in coming years
- Key companies in the market include Tarkett S.A.; Mohawk Group; Armstrong World Industries, Inc.; and Mannington Mills, Inc.