Persistence Market Research
?Resilient flooring is the term used for the type of flooring that lies in between soft floors such as carpet and hard floor such as stone. Resilient flooring is made from materials that are essentially elastic in nature. The demand for resilient flooring is anticipated to grow significantly over the forecast period owing to the numerous advantages such as durability, impact resistance, water proof, odor proof, scratch resistant and is easier to clean. Moreover, resilient flooring is flexible in nature and removes the slight bumps and gaps. The increasing number of renovation, reconstruction and new construction projects have boosted the demand for resilient flooring.
Global Resilient Flooring Market: Market Dynamics
Global Resilient Flooring Marker Drivers
The most important factor driving the growth of the global resilient flooring market is the availability of these flooring at economy prices. Resilient flooring are considerably durable and are easier to afford. Thus creating significant demand.
There has been massive shift in consumer preference and lifestyle. Increasing demand for aesthetics and appearance coupled with rising demand for surfaces with greater wear and tear resistance is expected to be significant factor driving the growth of the global resilient flooring market.
The increasing number of construction activities especially in developing countries of Asia Pacific region is expected to drive the global resilient flooring market.
Global Resilient Flooring Market Restraints
Small pressure points such as table legs and other such things could create a permanent indent on the resilient flooring thus restraining the growth of the market.
Another challenge faced by the global resilient flooring market is the presence of chemicals such as phthalates and heavy metals which are toxic for contact for children, pets and other things which are in direct contact with floor.
Moreover, the resilient flooring should be protected from hot items such as cigarette and other extremely hot items which could pose a major damage to resilient flooring. Additionally, frequent standing water or flood mopping can loosen the adhesive. As a result, due to a number of precautions to be taken, many of the customers are reluctant to the use of resilient flooring.
Global Resilient Flooring Market Trends
The global resilient flooring market is fragmented with a number of local/regional players. In order to win a competitive edge over the other players in the market, the manufactures are focusing on expansion of their product portfolio through product innovation. A number of manufacturers have introduced products with greater impact and abrasion resistance, improved visual appeal and shine.
Another major trend in the global resilient flooring market is that the manufactures have started offering customized product offerings specific to the customer demand.
Global Resilient Flooring Market: Segmentation
The global resilient flooring market can be segmented on the basis of product type, application and region.
On the basis of product type, the global resilient flooring market can be categorized as:
On the basis of application, the global resilient flooring market can be categorized as:
Global Resilient Flooring Market: Regional Outlook
North America is projected to hold the dominant share in the global resilient flooring market. The increasing number of renovation projects and development of new infrastructure is expected to upsurge the demand for North America. Europe and North America presently hold a dominant share but are relatively mature market. Therefore are expected to show a relatively slower growth. Asia Pacific on the other hand is expected to remain a lucrative region in terms of CAGR. The region is expected to witness significant growth opportunities owing to the increasing construction activities and infrastructural development, the region has witnessed an increasing demand for such flooring owing to the rapid urbanization. Moreover, the growth in the industrial sector is also expected to unfold many opportunities in the Asia Pacific region. China and India are expected to lead the Asia Pacific resilient flooring market. Regions such as Middle East and Africa and Latin America is projected to grow at moderate CAGR over the forecast period.
Global Resilient Flooring Market: Key Players
Some of the market participants identified across the value chain for global resilient flooring market are:
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