LONDON, Sept. 26, 2016 /PRNewswire/ -- The global resilient flooring market is expected to reach USD 9.96 billion by 2024, according to a new report by Grand View Research, Inc. Rising demand for resilient flooring in light of increasing government spending on infrastructural development is expected to spur industry size. Furthermore, excellent insulation properties of the product will propel market growth over the forecast period. Increasing consumption of linoleum as it is eco-friendly and offers high longevity and durability will promote industry growth.
Commercial applications were a prominent segment and accounted for over 30.0% of the overall volume in 2015. It will witness significant gains in light of the expansion of workspaces and ultramodern offices, rapid urbanization coupled with high living standard. Moreover, growing consumption of luxury vinyl tiles (LVT) in corporate sector applications including cafeterias, corridor, back office, and break rooms will augment industry growth.
The luxury vinyl tiles (LVT) is expected to witness significant volume rise at a CAGR of 6.0% from 2016 to 2024 owing to its low installation cost as compared to vinyl composite tiles (VCT). Furthermore, increasing acceptability as durable and aesthetic materials will fuel product demand over the forecast period.
Further key findings from the report suggest:
The global resilient flooring market demand was 1,046.1 million square meters in 2015 and is expected to show high gains in light of growing housing sector in the U.S., India, and China.
North America accounted for 27.6% of the global revenue share in 2015. The region will witness significant gains on account of high penetration of building and non-building structures for residential and commercial applications in the U.S. Furthermore, increasing the prevalence of supermarkets and retail spaces in Mexico is expected to open new industry avenues over the next eight years.
Latin America will show significant revenue growth at a CAGR of 7.0% from 2016 to 2024 as a result of increasing number of commercial spaces by companies operating in automotive, chemical and personal care sectors. Furthermore, new investments in the housing industry, commercial areas, and transport facilities will fuel product demand over the forecast period.
Resilient flooring industry is dominated by key participants including Tarkett, Mohawk Industries, Shaw Floors, Armstrong World Industries, and Mannington Mills, Inc. accounting for over 60.0% of the overall share. Ongoing product development by various companies to manufacture high-performance floorings is expected to propel product consumption over the next eight years.
In April 2016, IVC (now under Mohawk Industries) announced plans to invest approximately USD 100 million in its Dalton plant to increase the manufacturing capacity to cater to the growing demand. In June 2016, Mannington introduced Teles, a high resiliency rubber flooring that has an indentation resistance of 1500 psi, which is double the industry standard.
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