(MENAFN- GlobeNewsWire - Nasdaq) The rubber flooring market has witnessed significant growth during the projection period. This is attributed to rise in demand from various end-use industries, including commercial, residential, sports, and healthcare sectors.Wilmington, Delaware, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Rubber Flooring Market by Type (Natural Rubber and Synthetic Rubber), Distribution channel (Direct Sales, Distributors and Wholesalers, Retail Outlets and online Retail Platforms), and Application (Commercial, Residential and Industrial): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the rubber flooring market was valued at $1.1 billion in 2023, and is estimated to reach $1.6 billion by 2032, growing at a CAGR of 4.3% from 2024 to 2032.
Prime determinants of growth
Moreover, surge in awareness regarding the benefits of rubber flooring such as durability, safety, and sustainability has propelled the market growth. In addition, the rubber flooring industry has experienced substantial expansion due to advancements in technology, resulting in the creation of innovative rubber flooring options with enhanced features. Furthermore, implementation of strict regulations recommending the use of eco-friendly materials, economic progress, urbanization, and variety of infrastructure have contributed to this growth.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $1.1 billion |
| Market Size in 2032 | $1.6 billion |
| CAGR | 4.3% |
| No. of Pages in Report | 220 |
| Segments covered | Type, Distribution channel, Application, and Region |
| Drivers | Increasing demand for sustainable and recycled materials Development of electric and hybrid vehicles Increasing awareness and demand for eco-friendly materials. |
| Opportunities | Growing interest in rubber flooring for residential applications Opportunities to offer highly customized and aesthetically appealing products |
| Restraints | High initial cost |
The synthetic rubber segment is expected to maintain its leading position throughout the forecast period
Depending on type, the synthetic rubber segment dominated the rubber flooring market in 2023, capturing majority of the market share. It is anticipated to continue leading the market throughout the forecast period due to its versatility, durability, and cost-effectiveness. With consistent quality and customizable properties, synthetic rubber meets diverse application needs across industries. Its resilience against abrasion, chemicals, and environmental factors makes it ideal for various demanding environments. Moreover, advancements in synthetic rubber production technology have improved performance characteristics, drove its adoption and solidifying its position as the dominant choice in the rubber flooring market.
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The distributors and wholesalers segment held the highest market share in 2023.
By distribution channel, in 2023, the distributors and wholesalers dominated the global rubber flooring market, capturing more than one-fourth of the market share. Their significant market presence is attributed to their extensive networks and efficient ability to meet the diverse requirements of customers. These channels offer a diverse selection of products, granting easy access to rubber flooring solutions for contractors, retailers, and end users. Their value-added services, including bulk purchasing options, inventory management, and logistical support, enhance customer satisfaction and loyalty, reinforcing their dominance in the rubber flooring market.
The Commercial segment expected to grow at fastest CAGR during the forecast period
By application, the commercial segment dominated the global rubber flooring market, capturing half of the market share in 2023. The commercial segment holds the highest market share in the rubber flooring market due to its high foot traffic, requiring durable and resilient flooring. Rubber flooring's safety features, ease of maintenance, and aesthetic versatility make it ideal for offices, retail spaces, and hospitality. Its cost efficiency over time, due to durability and low maintenance, further drives its popularity in commercial environments.
North America held the highest market share in terms of revenue in 2023
Region-wise, North America held the highest market share in terms of revenue in 2023, accounting for more than two-fifths of the share of the rubber flooring market. The region's robust construction industry, stringent safety regulations, and rise in adoption of sustainable building materials contributed to market dominance. In addition, surge in trends toward renovation and remodeling projects in commercial and residential sectors enhanced demand for rubber flooring solutions. In addition, North America's robust and steady economy, technological progress, and change in consumer tastes have contributed to positioning the region as a leader in the rubber flooring market.
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Leading Market Players : -
KRAIBURG Relastec GmbH & Co. KG
The report provides a detailed analysis of key players operating in the global rubber flooring market. These players have adopted different strategies such as product launch, acquisition, agreement and partnership, and others, to expand their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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