Resilient Flooring Market Size, Share, & Trends Analysis Report - Forecasts, 2021-2028

Resilient Flooring Market Size, Share, & Trends Analysis Report – Forecasts, 2021-2028

January 17, 2022 from Research and Markets Company

The global resilient flooring market size is expected to reach USD 67.7 billion by 2028. The market is expected to expand at a CAGR of 7.2% from 2021 to 2028. Product benefits including cost efficiency, lower maintenance, and improved aesthetics are anticipated to drive the demand for resilient floorings over the forecast period.

Factors such as rapid urbanization, changing consumer lifestyle along rising disposable income in the emerging economies of India, China, Brazil, Mexico, and others have spurred market growth. The increasing real estate sector in these economies has substantially driven the market demand for resilient flooring solutions.

The market is struggling due to the underperformance of the construction sector caused by the Covid-19 pandemic. This has resulted in a decline in the demand for resilient flooring products from the residential and non-residential sectors. Despite the relaxation in restrictions, construction and manufacturing sectors are not expected to resume normal operations until the end of 2021.

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Resilient Flooring Market Size, Share, & Trends Analysis Report – Forecasts, 2021-2028

The market has witnessed extensive competition on account of increasing innovations and growing demand for resilient flooring products. A large number of manufacturers are engaged in R&D activities to introduce sustainable flooring materials. Moreover, players in the market are extending their geographical presence and enhancing their product portfolios to sustain the competitive environment

Resilient Flooring Market Report Highlights
– The Luxury Vinyl Tile (LVT) segment accounted for USD 14.8 billion in 2020 and is projected to grow at a CAGR of 8.3% from 2021 to 2028 owing to its utilization for creating exceptional visual appeal replicating concrete, wood, and natural stone flooring
– The residential segment accounted for the revenue share of 35.8% in 2020 and is expected to witness significant growth on account of the growing housing sector in developed and emerging markets including the U.S., China, and India
– Asia Pacific is projected to witness a substantial CAGR of 11.6% from 2021 to 2028 on account of the surging real-estate industry and developing infrastructure facilities across the region
– China contributed the largest revenue share of 27.3% in 2020 and is anticipated to continue its dominance in the estimated time owing to increasing demand from residential and commercial constructions
– Major players in the industry are focused on mergers and acquisitions, joint ventures, contract and agreements, and new product developments in order to enhance their market presence

In light of the current Covid-19 Pandemic, it may be possible to have this report customised.