19-Apr-2021 | Facts and Factors
According to a recent Facts and Factors report, the global vinyl flooring market was estimated at around USD 26.36 Billion in 2019 and is expected to produce revenue of around USD 43.72 Billion by the end of 2026, expanding at a CAGR of around 7.5% between 2020 and 2026.
Vinyl flooring is a form of finished flooring that is made primarily of a limestone base material mixed with natural and synthetic polymers such as polyvinyl chloride and plasticizers. It is a form of durable and resilient flooring that is predominantly used in commercial and residential construction applications. Other factors that drive the market growth include the development of infrastructure in various areas such as retail, education, industrial automobile, and others, as well as the growth of home building and homeowners. In terms of volume, the vinyl sheets & vinyl composite tile category of the vinyl flooring industry accounted for over half of the global market in 2019. Luxury vinyl tile, on the other hand, is expected to rise at the fastest rate in 2019, surpassing vinyl sheet and vinyl composite tile. As compared to other conventional materials like wood, marble, and concrete, luxury vinyl tile (LVT) offers superior design capabilities due to the flexibility of its graphic layer. It's a popular choice in commercial settings like workplaces, retail, and hospitality.
Water-resistance is an advantage of vinyl sheets and vinyl composite tiles. They're also easy to clean, which is why they're used in healthcare and educational buildings. Furthermore, the shock-absorbing and cushioning properties of vinyl floor tiles have increased their use in sports surfaces, sports facilities, and gymnasiums.
The residential segment had the largest market share in the global market in 2019. Vinyl flooring is useful in the preparation of boards, tiles, and planks, and it is used in the construction and renovation of homes because it is impact-resistant and easy to maintain. Low cost and availability in a wide variety of sizes, patterns, colors, and textures have increased its demand for use in kitchens, bathrooms, laundry rooms, and other areas of the home.
Top Market Players
Major players in the market are Tarkett S.A., Armstrong Flooring, Inc., Beaulieu International Group, Mannington Mills, Inc., Forbo Group, Shaw Industries Group, Inc., Mohawk Industries, Inc., and among others.
Rising Demand for Lightweight Material in Construction Industry
The materials that need the least amount of structural reinforcing steel and smaller foundations are known as lightweight building materials. Since they are more fire-resistant, they can be used as insulation materials. These materials are lightweight and simple to transport, and they also increase storage capacity. As opposed to traditional building materials, lightweight construction materials are more environmentally friendly and need less energy to manufacture. Wood, concrete, bricks, and other lightweight building materials are examples. Foaming agents such as aluminum powder or lightweight aggregates are often used in lightweight concrete. These materials have a lower density than water while having a higher strength-to-weight ratio than steel or aluminum. To improve product quality, increase strength, improve functionality, and lower manufacturing costs, lightweight construction materials are used. The lightweight materials have a high strength-to-weight ratio, are corrosion resistant, and allow for more design flexibility. Its effectiveness is determined by the alloys or composites used. Lightweight and high-strength steel, titanium alloys, magnesium alloys, and aluminum alloys make up the metal alloys segment. These non-ferrous metal alloys have a low density, a high strength-to-weight ratio, and a high corrosive resistance. Therefore, a rise in the demand for lightweight material in the construction industry which in-turn, is expected to exhibit a vinyl flooring market.
COVID-19 Impact on the Global Vinyl Flooring Market
The COVID-19 pandemic has had a major effect on the vinyl flooring industry. The epidemic has impacted a wide range of sectors, resulting in a global economic downturn. Prior to the outbreak of COVID-19, rising customer buying power was driving demand for residential flooring. Consumers, however, are only able to invest in basic goods and services due to the global economic downturn triggered by the pandemic. The COVID-19 pandemic has dramatically altered consumer preferences and purchasing habits. Furthermore, vinyl flooring demand is heavily influenced by new building projects and economic activity. Lockdowns enforced by many governments during the current recession have temporarily halted building activities, halting new construction projects and home renovations, and lowering demand for vinyl flooring around the world. The COVID-19 pandemic has wreaked havoc on the flooring supply chain and disrupted production. Materials and components are highly reliant on Chinese factories. However, activity at Chinese manufacturing facilities has decreased dramatically in the last month, putting a damper on the vinyl flooring market's growth.
Asia Pacific Region Dominates the Global Vinyl Flooring Market
Asia-Pacific had the leading market growth over the forecast period in 2020, and this trend is expected to continue throughout the forecast period. The demand is primarily driven by the increase in the number of healthcare, academic, and manufacturing infrastructures being built in India and China. Furthermore, as the population grows, disposable income rises, and lifestyles shift, the demand for changed and improved home construction increases, necessitating the renovation and development of family homes, residences, and condominiums. This factor contributes to the market's expansion in this area. Furthermore, India and China are experiencing growth in a variety of industries, including sports, automobile, hospitality, and others, which is driving up demand for vinyl flooring. Over the forecast period, demand for vinyl flooring in the United States is projected to rise at a significant CAGR.
Browse the full “Vinyl Flooring Market By Product (Vinyl Tiles, Vinyl Sheets, and Luxury Vinyl Tiles), Application (Commercial, and Residential): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/vinyl-flooring-market.
The global vinyl flooring market is segmented as follows:
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