Rubber Floor Tiles Market by Construction Type (New Construction, Replacement and Renovation) by Product Type (Interlock Rubber Floor Tiles, Non-Interlock Rubber Floor Tiles) by End-users (Residential, Commercial): Global Industry Size, Share, Statistics and Forecast 2015 - 2027
Rubber floor tiles are one of the most widely used floor coverings in the world, and they can be found in a variety of settings. Rubber flooring tiles are used in a variety of industries, including commercial, industrial, and sporting events. Rubber flooring tiles are environmentally friendly, perform well in terms of traction, slip resistance, and fire resistance, and are very simple to install and maintain. Electrical resistance, chemical resistance, abrasion resistance, cigarette burn resistance, and an appealing range of colours and finishes were previously only a pipe dream for interior designers. The Rubber floor tiles had a market value of $ 2,077.1 million in 2020, and it is expected to reach $ 2,851.2 million by 2027. The market is expected to grow at a CAGR of 4.0% over the forecast period. One of the major factors driving up demand for rubber floor tiles is rising population. Furthermore, the global population shift from rural to urban areas has accelerated the rate of increase even further. According to the United Nations Population Division, the global population will reach 9.5 billion by 2050, with urban populations accounting for at least 66.4 percent of the total. Improved hygiene and sanitation are required for a positive change in living conditions.
Interesting Facts of Rubber Floor Tiles Market.
Population growth, higher disposable income, and increased investment in the residential and commercial sectors all contribute to market expansion.
During the forecast period, Asia Pacific is expected to have the largest share of the rubber floor tiles market.
The commercial category is expected to have the largest market share in 2020 and will continue to do so throughout the forecast period.
The residential end-use category is expected to grow at the fastest CAGR during the forecast period.
In 2020, the new construction category is expected to account for the majority of the market.
COVID-19 Impact
COVID-19 has had a significant impact on the GDP of each country. The global economy has suffered as a result of world-wide lockdown and the shutdown of non-essential businesses. Customer demand has pushed the world into a global recession, with no signs of recovery in sight. Many construction projects and activities, including government infrastructure projects, came to a halt as a result of the lockdowns. The construction industry downturn also had an impact on the rubber floor tile market. Aside from the closure of manufacturing facilities, several projects in the commercial and industrial building sectors have been cancelled, resulting in a decrease in demand for rubber floor tiles in 2020.
Over the forecast period, commercial end-use is expected to have the largest share.
The rubber floor tiles market is divided into two segments based on end-user: commercial and residential. The commercial category is expected to have the largest market share in 2020, and this trend is expected to continue throughout the forecast period. In the commercial category, increased demand for premium rubber floor tiles in hotels, resorts, and villas is a major driver of market growth.
During the forecast period, Asia Pacific will hold the largest share of the global rubber floor tile market.
The rubber floor tile market segmented into North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America. During the forecast period, Asia Pacific is expected to have the highest value share of the rubber floor tiles market. Rubber floor tiles are being used in a variety of applications as a result of the region's growing population and lavish infrastructure upgrades. The rubber floor tile industry is expected to decline in 2020 as a result of the economic crisis caused by COVID-19. As a result of the global lockdown, most major construction projects are on hold in the majority of countries around the world. These projects are expected to reopen once the lockdown in their respective countries is lifted; thus, current and future construction projects are expected to contribute to the growth of the rubber floor tiles market over the forecast period.
Global Rubber Floor Tiles Market key Players:
Some of the key players are Nora systems, Inc., Mohawk Carpet Corporation, Gerflor, Mannington Mills Inc., Tarkett S.A., Mondo, LX Hausys, Polyflor Ltd, Altro USA, Inc.
Frequently asked questions about global Rubber Floor Tiles market
The rubber floor tiles market is expected to grow from US$ 2,077.1 million in 2020 to US$ 2,851.2 million by 2027, with a CAGR of 4.0% from 2021 to 2027.
The market's enormous potential is being driven by the expansion of the organised retail sector, as well as rising demand from emerging markets.
Increasing construction spending, as well as rising population and urbanization, are some of the market's driving forces.
Asia Pacific dominated the global market for rubber floor tiles.
The commercial end-user segment accounts for the largest share of the rubber floor tiles market.
