LONDON, May 04, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the resilient flooring market, rapid urbanization is contributing to the growth of the resilient flooring market. Economic, political, and social issues will combine with the circumstances of modernization to make people migrate from rural areas to urban areas. The expansion of modern offices, rapid urbanization, and evolving lifestyles are paving the way for the growth of newer flooring substances. For instance, according to flashpacking data from 2019, by 2050, 68% of the world population is projected to live in urban areas. Urbanization is attractive to rural citizens for many reasons, and it creates a quality of life. Thus, rapid urbanization will drive the growth of the resilient flooring market.
The global resilient flooring market share is expected to grow from $31.85 billion in 2021 to $34.45 billion in 2022 at a compound annual growth rate (CAGR) of 8.15%. The growth in the market is mainly due to the companies' resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global resilient flooring industry growth is expected to reach $47.27 billion in 2026 at a CAGR of 8.23%.
Technological advancement is a key trend gaining popularity in the resilient flooring market. More consumers are looking for ideas to make homes more sustainable. With trends such as solar panelling and energy efficiency, more and more homeowners are using eco-friendly building materials. Resilient flooring requires nonrenewable resources for manufacturing, which makes it difficult to deal with consumers’ preference for sustainable materials. For example, in 2021, Beaulieu Flooring is having hefty sales to deliver resilient flooring that answers design, function, and sustainability in the future.
Major players in the resilient flooring market are Mohawk Industries, Tarkett S.A, Shaw Industries Group Inc, Armstrong World Industries Inc, Forbo Flooring, Gerflor Group, Interface Inc, Beaulieu International Group, Novalis Innovative Flooring, Congoleum, IVC Group of Belgium, Amtico International Co. Ltd of the United Kingdom, Mannington Mills Ltd of the United States, Unilin of Belgium, Milliken and Company of the United States, Nora, Fatra a.s., American Biltrite Inc, Polyflor Ltd, Burke Industries Inc, Karndean International Limited, Berkshire Hathaway Inc, Alite floor, Pergo, Domco Tarkett Inc, and DLW Flooring.
The global resilient flooring market is segmented by product type into luxury vinyl tile, vinyl sheet and floor tile, rubber, linoleum, others (cork); by construction activity into resilient flooring for renovation, resilient flooring for new construction; by application into residential, commercial, others (industrial).
Asia-Pacific was the largest region in the resilient flooring market in 2021 and is also expected to be the fastest-growing region in the global resilient floorings market during the forecast period. The regions covered in the global resilient flooring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Resilient Flooring Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide resilient flooring market overviews, resilient flooring market analyze and forecast market size and growth for the whole market, resilient flooring market segments and geographies, resilient flooring market trends, resilient flooring market drivers, resilient flooring market restraints, resilient flooring market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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