Resilient Flooring: Maintaining Strength in 2024
The flooring industry’s landscape is evolving, potentially necessitating adjustments to product portfolios. A recent survey by Floor Covering News revealed a 10.1% decline in U.S. flooring sales volume and a 9.1% decrease in square footage sold in 2023. This downturn stems from various factors, including inflation, economic recession, and pandemic impacts. However, the Federal Reserve’s 0.5% interest rate cut on September 18th – the first in two years – has sparked renewed optimism among builders.
1.Accelerated Market Recovery
The real estate sector has gradually rebounded since the 2009 U.S. economic crisis, nearly reaching pre-crisis levels. This recovery is expected to stimulate growth in related industries, including flooring.
2.Expanding Market Share of Resilient and Laminate Flooring
Between 2019 and 2023, resilient and laminate flooring categories saw increases in both sales value and volume, projected to account for over half of total sales by 2023. This trend underscores the growing acceptance and potential of resilient flooring (SPC, WPC, LVT) and laminate options. FOKIA, with its six production lines dedicated to SPC flooring, exemplifies this growth. Their facility spans 100 acres, housing 20 extrusion lines and 6 grooving lines.
3.Commercial Project Resurgence
Despite a decline in commercial procurement between 2018 and 2022 due to economic and pandemic pressures, 2023 saw an uptick in commercial projects. These projects typically demand flooring materials that are easily sourced, installed, and durable – characteristics well-met by resilient and laminate flooring. This sector is anticipated to see continued growth.
4.FOKIA: A Trusted Innovative Building Material Manufacturer
With over a decade of experience, FOKIA leverages global production bases to offer premium OEM and ODM services across 80+ countries. Annual shipments exceed 9 million square meters, encompassing various flooring types (SPC, laminate, waterproof laminate, wood-core SPC, LVT, WPC) and wall panel options (SPC, sound-absorbing). Their expertise and wide-ranging product line position them as a reliable partner in the evolving flooring market.
