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Jan 16, 2020 7:24 AM ET

Resilient Market is Forecast to Reach $53.4 Billion by 2025, After Growing at CAGR of 6.5% During 2020-2025

Resilient Market is Forecast to Reach $53.4 Billion by 2025, After Growing at CAGR of 6.5% During 2020-2025

iCrowd Newswire - Jan 16, 2020

Resilient Market is forecast to reach $53.4 billion by 2025, after growing at a CAGR of 6.5% during the forecast period from 2020-2025. Due to the rise in renovation and remodeling construction activities resulting from rapid industrialization and urbanization, the market is projected to witness steady growth in the forecast timeframe. Rising expenditure in the construction industry, increasing population and raising emphasis on interior decoration are also key factors driving the resilient flooring market growth.
Key Takeaways
  • Asia-Pacific dominates the resilient flooring market owing to rising disposable income of middle class, increasing new housing units, investment in infrastructural projects, remodeling and maintenance activities. 
  • The increasing number of DIY projects would fuel the market growth due to reduced price of home improvement, the availability of necessary technical skills, and the expansion of supply of DIY products. 
  • Adoption of premium products to enhance the overall building structure’s esthetic appearance will support the expansion of the flooring business. Increasing disposable incomes and increased socialization are also prompting consumers to spend more on improving their homes
Product – Segment Analysis
Vinyl segment held the largest share in the resilient flooring market in 2019. Vinyl resilient flooring has similar aesthetics to stone, wood, and ceramic tiles. In addition, the stream in remodeling and renovation activities supported by low lending rates and the change in green building regulations fuel the business expansion from residential applications. Further, vinyl resilient flooring properties such as quality, durability, superior performance, low maintenance, and lower lifecycle cost and ease of installation is making it more preferable across residential sector. 
Application – Segment Analysis
Residential sector accounts for the highest market share in the global market. The resilient flooring has ability to imitate expensive flooring types and less effort makes it a favorable flooring type. The residential floor coverings benefited because of increase in residential construction spending. The Construction sector is expected to grow strong in economies such as India and Indonesia when comes to Asia-pacific region and in Europe UK is a stand out growth market for construction, where as in the Latin American region developing countries as such Brazil, Mexico and Argentina are expected to witness good construction growth. The rising demand for green buildings in the construction sector is driving the consumption of resilient flooring.
Geography – Segment Analysis
APAC dominated the resilient flooring market with a share of more than 40%, followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Globally, the commercial construction sector is expected to stand out amongst the most dynamic industrial sectors in the following fifteen years and is completely essential to the advancement of prosperous societies around the world.  
Major factors contributing in the growth of the market are rapid urbanization, resurgence of construction industry, rising infrastructure spending in both developed and developing nations, rising per capita income of the population in emerging economies, rising demand for aesthetically appealing products and technological advancements.
Drivers – Resilient Flooring Market
  • Growing demand for Green Buildings
A current survey shows that global green building activity continued its ascent, with significant increases expected in 19 countries over the next three years. Almost half of the total respondents say they expect to build more than 60 percent of their projects as green buildings by 2021. Building owners, especially, were excited about the growth in green building, with 57 percent planning to make the majority of their projects green by 2021.
  • Presence of Innovative Product in Vinyl Flooring 
The major innovation in the vinyl flooring sector is the presence of multilayer flooring products. The multilayer flooring products such as wood plastic composite, rigid core, and other hybrid flooring options primarily made up of vinyl is up surging the market. Multilayer flooring reduces pre-installation subfloor preparation costs and efforts, and has greater resistance to humidity and temperature variation which strengthen it position for the residential flooring. 
Challenges – Resilient Flooring Market
  • Lacks of standards and specifications is constraining the market growth
Problems arise when standards conflict with specifications and product performance, or lack of standards. There may be a paradox when over-expectation and mis-specification outweigh the capacity of material performance and the struggle to save the resources of the planet. Inspection and consulting work is required due to over-expectation of the product, low-quality workmanship and misconception of the characteristics of product performance. We have entered an exciting, yet challenging, and sometimes frustrating, time with recent technological advances. Materials are becoming stronger, more chemically resistant, more biodegradable, and more recyclable due to new technologies and sustainability. But these positive changes come with unintended consequences and conditions created by complacency with the status quo, naivety, and, unfortunately, ignorance of the subject matter.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the resilient flooring market. In 2019, the market of resilient flooring has been consolidated by the top five players accounting for xx% of the share. Major players in the resilient flooring Market are Armstrong World Industries, Inc., Berkshire Hathaway Inc., CBC Flooring, Congoleum Corporation, Forbo Holding AG, Tarkett S.A., and Mannington Mills, Inc, among others. 
Acquisitions/Technology Launches
  • In June 2017, Armstrong Flooring Inc. acquired the Vinyl Composition Tile (VCT) business of Mannington Mills. The acquisition will help the Armstrong Flooring Inc. to accommodate the additional vinyl composite tile (VCT) volume. 
  • In July 2018, Beaulieu International Group (B.I.G.) has announced the acquisition of Beaulieu Canada and Beaulieu Australia (privately-owned companies) which will be integrated into its Flooring Solutions business unit. 

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