Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. Resilient Flooring market.
Trusted Business Insights presents an updated and Latest Study on U.S. Resilient Flooring Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. Resilient Flooring market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: U.S. Resilient Flooring Market
The U.S. resilient flooring market size was valued at USD 20.93 billion in 2020 and looks set to grow at a compounded annual growth rate (CAGR) of 6.3% from 2021 to 2027. Rising awareness regarding insulation, owing to increasing energy costs and growing importance for energy conservation is expected to drive the market growth.
The surging demand for flooring in the construction industry and the demand for insulation are expected to increase industry growth. The increased availability of innovative construction solutions with attributes, such as low maintenance and high durability, is anticipated to impact the market favorably.
The U.S. accounts for highest consumption in terms of volume. This can be attributed to the high penetration of the product in the residential sector, with an increasing number of single-family houses as well as the strengthening of residential replacement market across the country.
Technological advancements in the manufacturing of vinyl products have provided the manufacturers with an ability to develop realistic tiles duplicating natural looks of other flooring products such as stone and wood. Furthermore, manufacturers offer customized products having decorative and unique looks that are unavailable in different flooring types.
The market for resilient flooring is highly competitive in nature and companies can grab a larger share of the market only by innovating products they have and by further developing new products. Majority of the companies in the market spend a significant amount of money on R&D to develop new products that will be better than any other product available in the market.
The NSF/ANSI 332 Sustainability Assessment Standard for Resilient Floor Coverings offers means to evaluate the sustainability profile of resilient floor coverings, which aids in providing a thorough communication of information which is accurate, accurate, and not misleading about the social and environmental aspects associated with the production and use of resilient floor coverings
Product Insights: U.S. Resilient Flooring Market
Luxury vinyl tiles (LVT) led the U.S. resilient flooring market and accounted for more than 56.0% share of the total revenue in 2019, attributed to the durability and low-cost benefits of LVT. The product can be used to create exceptional visual appeal replicating concrete, natural stone, metal, wood, and several other unique finishes in both designs and texture.
Linoleum is a natural ingredient-based floor covering, comprising all-natural ingredients including linseed oil, which is 100% biodegradable and obtained from flax plant; wood flour; limestone; and jute resin. Rising awareness toward the use of biodegradable materials in the U.S. on account of increasing importance of waste management and recycling is expected to open new growth opportunities for linseed oil-based linoleum in resilient flooring market.
Vinyl sheets and floor tiles are expected to witness a CAGR of 7.2% over the forecast period, owing to their cost-effectiveness, high durability, and low maintenance cost. In addition, water resistance property of vinyl sheets and floor tiles makes them the most preferred flooring material for use in bathroom, kitchen, laundry rooms, and moisture-prone areas in homes.
Rising demand for eco-friendly flooring materials is expected to generate the demand for cork resilient flooring over the projected period. Cork flooring is a natural product and shows the natural variations occurring in the bark obtained from the tree. However, the flooring is not suitable for bathrooms and other such moisture-prone areas as it absorbs moisture.
End-use Insights: U.S. Resilient Flooring Market
Residential construction led the market and accounted for 58.0% of the total revenue share in 2019. This can be attributed to its wide use in residential applications on account of their low cost, highly durable nature, and resistance to shock, stain, and dirt. The growing housing sector in the U.S. in light of regulatory support is expected to increase the product demand owing to their high anti-slip and scratch resistance properties.
The growth in the number of single-family houses in the country along with increase in disposable income of the consumers are among the various factors that are projected to drive product demand in residential application sector. Favorable growth of housing sector in the country on account of easy availability of home loans to individuals is expected to have a strong impact on the market growth over the projected period.
Use of resilient flooring for the non-residential sector is estimated to reach 778.1 million square meters by 2027, owing to rising demand for highly durable and cost-efficient resilient flooring for use in high-traffic commercial and industrial sectors. The development of new products and hassle-free installation techniques has considerably driven the commercial flooring market.
The industry is projected to witness growth over the forecast period in various sectors including healthcare, office, institution, retail, and other commercial areas with the rising demand for flooring solutions having anti-bacterial, anti-slip, and water-resistant properties that will also be cost-effective and eco-friendly.
Key Companies & Market Share Insights: U.S. Resilient Flooring Market
The market is characterized by strong competition by prominent players operating across the U.S. A high degree of integration is observed between the prominent players to achieve optimum business growth in the market. Contracts, agreements, mergers and acquisitions, and joint ventures are undertaken in order to extend the business portfolio and reduce the overall costing of the product.
Key players primarily compete on the basis of product quality, customer service, and product pricing. However, product quality is considered a minimum competing for factor by the industry players. Customer service is estimated to be the most influencing factor for the industry players to maintain the competition. Some of the prominent players in the U.S. resilient flooring market include:
Key companies Profiled: U.S. Resilient Flooring Market Report
This report forecasts volume and revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the U.S. resilient flooring market report on the basis of product and end use:
Product Outlook (Volume, Thousand Square Meters; Revenue, USD Million, 2016 – 2027)
- Luxury Vinyl Tiles
- Vinyl Sheet & Floor Tile
End-use Outlook (Volume, Thousand Square Meters; Revenue, USD Million, 2016 – 2027)
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