The growth of the resilient flooring market 2020 is attributed to the need for material that can last for a longer duration without compromising on functionality. The insights into the construction industry are advanced by Market Research Future, which concentrates on reports on industry verticals that review the market options for growth. The market is expected to acquire a marvelous CAGR in the duration of the forecast period ending in 2024.
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The resilient flooring industry is expected to grow at an accelerated rate in the coming years as construction requirements vary in line with consumer preferences. Resilient flooring is also made from materials such as recycled raw materials, which is expected to gain more demand in the coming years as end-users prefer to opt for eco-friendlier options.
Segmental Analysis
The segmentation of the resilient flooring market has been conducted on the basis of application, product, and region. Based on the product, the resilient flooring market has been segmented into linoleum, vinyl composite tiles (VCT), luxury vinyl tiles (LVT), vinyl sheets, and others. Based on the application, the resilient flooring market residential, commercial, and industrial. On the basis of regions, the resilient flooring market is segmented into Europe, Asia Pacific, North America, and other regions around the world.
Detailed Regional Analysis
The regional examination of the resilient flooring market includes regions such as Europe, Asia Pacific, North America, and other regions around the world. In 2018, the Asia Pacific region was responsible for the major market segment of approximately 34%, shadowed by the European and North American regions. It has been noted that the APAC region may preserve its position in the market till 2024. Moreover, the Asia Pacific region is also projected to observe a top growth degree of growth in the resilient flooring market, due to the healthy development of the construction industry in emerging economies, such as South Korea, China and India which is additionally projected to surge the necessity for resilient flooring in the coming years.
Competitive Analysis
The diversification in inclinations of the consumers in the market is expected to boost the progress of the market in the forecast period. The innovation levels in the market are likely to rise in the coming years due to increased investment and availability of talent in the market. The regulations being put into operation by the government and trade specialists on the global level are indicative of the favorable they have on the international market development. The market is projected to acquire an increased momentum owing to the demand levels that are prevalent in the market. The stakeholders in the market are undertaking strategies that will accelerate and revitalize the growth of the market on a global scale. The revamping of the product range in the market is expected to open up new opportunities for advancement in the coming period. The development of assets of the supply chain is expected to set a favorable tone for the growth of the market in the forecast period.
The distinguished contenders in the resilient flooring market are Mannington Mills, Inc. (US), Milliken & Company (US), IVC Group (Belgium), Mohawk Industries (US), Nora (Germany), Novalis (US), Unilin (Belgium), NOX Corporation, Shaw Floors (US), and Amtico International Limited (UK).
Industry Updates:
Jan 2020 The Resilient Floor Covering Institute, along with the SCS Global Services has announced a novel program called ASSURE CERTIFIEDTM to guarantee the continual development and approval of Rigid Core Luxury Vinyl Tile (LVT) that is to be advertised and retailed in the North American region. Rigid Core LVT is the quickest developing resilient flooring type. It has grown rapidly from a pioneering “multilayer” resilient model.
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