Resilient flooring market worth $9.96 billion by 2024

Creation of more industrial, leisure and residential spaces will push the global resilient flooring market’s value to $9.96 billion by 2024, Grand View Research reports. In 2015, the industry was worth $6.42 billion.

Among the high-demand flooring categories are fiberglass and luxury vinyl tiles. The former is increasingly used in the US, Germany, Japan and China markets because it is lightweight and strong. The latter is also said to be durable but less pricey than vinyl composite versions. Luxury vinyl is expected to gain a 6 percent CAGR throughout the forecast period but vinyl composites will still hold a big volume share.

In terms of market size, the Asia Pacific got 32.2 percent of the overall volume in 2015 thanks to China, India and Thailand’s construction activities. The Middle East and Africa, meanwhile, will also grow along with the support for tourism and rise in office spaces.

Prominent industry players include Mannington Mills, Inc., Armstrong World Industries, Mohawk Industries, Polyflor, Shaw Floors, and Pergo which released a 24-hour spill-resistant laminate floor recently.