[195+ Pages Report] According to recent study released by Facts and Factors, the global vinyl flooring market was valued at about USD 26.36 Billion in 2019 and is projected to generate revenue of about USD 43.72 Billion by end of 2026, growing 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 measurable mixed with naturally derived and synthetic derived polymer materials such as plasticizers and polyvinyl chloride. 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 healthcare, education, commercial automobile, and others, as well as the development of residential construction.
Over the forecast period, the market for vinyl floorings is expected to be driven by escalating demand for low-maintenance, cost-effective, and portable building materials in residential construction. The market is expected to expand due to rising demand for the commodity in high-traffic areas such as homes and commercial spaces. The commodity is regarded as a low-cost alternative to carpet and wood tiles. Furthermore, the superior convenience and noise control provided by these floors are projected to boost for them in multi-storey buildings over the forecast era. Manufacturers' technological advances in the introduction of self-adhesive floorings have aided the industry's growth in recent years. Furthermore, key manufacturers are growing their investments to deliver personalized product solutions in a variety of colours, design patterns, textures, and dimensions, which is boosting product penetration in the construction industry. When compared to wooden predecessors, the product has a shorter lifetime. The goods are both unrepairable and expensive to substitute. Vinyl flooring is often thought to be less eco-friendly than its non-resilient counterparts since it emits VOCs and is difficult to recycle. Over the forecast period, the foregoing impacts are believed to stifle market growth.
In 2020, luxury vinyl tiles will be the leading segment of the vinyl flooring industry. In contrast to regular vinyl tiles, luxury vinyl tiles are more durable and perform better, giving it an edge over its competitors. Since the product is available in a variety of designs and textures, the Luxury Vinyl Tiles category has piqued market interest in recent years. Over the forecast period, the implementation of digital printing to the flooring industry, which allows for easy texture printing on such tiles, is expected to help market growth. In 2018, the commercial application segment held the largest share of the vinyl floor market, with sales expected to rise at a significant CAGR over the forecast period. Commercial building markets such as restaurants and shopping centers are likely to be the primary consumers of these tiles because they are both cost-effective and attractive.
The growing influence of designers and architects in the use of vinyl flooring in commercial applications is expected to drive up demand for the product. These products' ease of maintenance and sterilization, as well as their trendy designs and slip and water resistance, are expected to drive their demand in commercial applications over the forecast period.
Because of the increasing number of construction activities, shifting customer tastes, and the desire to improve the aesthetics of the property, Asia-Pacific dominates the vinyl flooring industry. Because of the region's growing construction industry, North America is projected to have the fastest growth rate.
Individual market influencing factors and improvements in regulation in the domestic market are also discussed in the country portion of the research, which affects the market's current and future trends. Some of the key pointers used to forecast the business scenario for individual countries include demand rates, processing facilities and volumes, international trade analysis, price pattern analysis, price of raw materials, and applications and upstream supply chain analysis. While providing forecast analysis of the country data, the role and availability of global brands, as well as the challenges they face due to large or fragmented competition from international and local brands, the influence of domestic tariffs, and trading posts are all taken into account.
Key participants in the Vinyl Flooring market are Tarkett S.A., Armstrong Flooring, Inc., Beaulieu International Group, Mannington Mills, Inc., Forbo Group, Shaw Industries Group, Inc., Mohawk Industries, Inc., and others.
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