Vinyl Flooring Market: Segmented by Product Outlook (Vinyl Sheets, Vinyl Tiles, Luxury Vinyl Tiles); By Application Outlook (Residential, Commercial) and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
170+ Pages Research Report Vinyl Flooring market to surpass USD 61.24 billion by 2030 from USD 29.58 billion in 2020 at a CAGR of 7.55% in the coming years, i.e., 2021-30.
Vinyl flooring, also known as resilient flooring, is created from a mix of natural and synthetic polymer materials that are laid out in a pattern. It's a flexible synthetic flooring material that's water and stain-resistant. Vinyl flooring is cost-effective and offers a variety of benefits such as durability, flexibility in handling, and design options, making it ideal for usage in hospitals, schools, businesses, and homes. Furthermore, because vinyl flooring is easy to walk on and decreases impact noise, it is commonly used as a substitute for more high-maintenance flooring such as carpet. Advanced print and texture techniques are now available, allowing vinyl flooring to replicate the look of a range of flooring alternatives such as hardwood, marble, stone, and so on.
Vinyl Flooring market is expected to project a notable CAGR of 7.55% in 2030
The demand for residential flooring has been driven by rising purchasing power. Its cost-effectiveness and environmental friendliness are two aspects that are attracting an increasing number of customers. This industry is also being driven by rising consumer attention to aesthetic value in construction and shifting preferences toward environmentally friendly materials. Vinyl flooring may be utilized anywhere and is popular in the nonresidential sector since it is easy to install and maintain.
Recent highlights in the Vinyl Flooring Market
In January 2019, Genflor released Creation 30 and Creation 55, a new LVT–Luxury Vinyl Tiles & Planks–collection. More than 35 new colors and patterns are available in the company's LVT line. It also has ten different tile and plank layouts.
In July 2018, Mohawk Industries purchased Godfrey Hirst Group (Australia), a flooring firm based in New Zealand and Australia to extend its global operations. Godfrey Hirst's production, marketing, and distribution leadership will complement and improve Mohawk's present hard surface distribution channel and product line.
Luxury Vinyl Tiles segment to grow with the highest CAGR during 2020-30
Vinyl Flooring market is segmented by Product Outlook into Vinyl Sheets, Vinyl Tiles, Luxury Vinyl Tiles. Among these, the Luxury Vinyl Tiles sector is projected to remain the most popular vinyl flooring solution category, with revenue expected to grow at the fastest CAGR during the projection period. In comparison to ordinary vinyl tiles, LVT is more durable and performs better, giving it a competitive advantage over its competitors. Because the product is available in a variety of patterns and textures, the LVT market has aroused customer interest in recent years. Over the forecast period, the introduction of digital printing technology to the flooring sector, which allows for simple texture printing on these tiles, is expected to promote market expansion.
Segment to grow with the highest CAGR during 2020-30
Vinyl Flooring market is segmented by Application Outlook into Residential and commercial. Among these, the Commercial category had the highest revenue share in2019. Commercial construction segments like hotels and retail malls are projected to be the primary consumers of these tiles since they are both cost-effective and attractive. The growing influence of designers and architects in the usage of vinyl flooring in commercial applications is projected to drive up demand for the product. These products' ease of cleaning and sterilization, as well as their attractive designs and slip and water resistance, are expected to drive their demand in commercial applications throughout the forecast period.
Increasing disposable income
Consumers' disposable earnings have risen in recent years, allowing them to upgrade their lifestyles and invest in lavish housing projects and other infrastructure improvements. Furthermore, customers believe that a well-decorated house is a mark of status, and as a result, they have begun to improve flooring solutions such as vinyl flooring in order to improve their social image.
Increasing infrastructure construction
With the global economy recovering and stabilizing, the construction sector in developing countries such as Asia, Africa, Eastern Europe, and Latin America is anticipated to rise steadily over the next five years. The current state of urban infrastructure in these areas is insufficient to meet the needs of the urban population. As a result, there is a need for urban regeneration in existing cities as well as the construction of new, inclusive smart cities, both of which will help the vinyl flooring market thrive in the near future.
High raw material cost
The costs of raw materials, such as limestone, glass fiber, and vinyl, account for approximately half of the plant's overall expenditures. As a result, changes in the pricing of these raw materials have a direct influence on the entire production cost of vinyl flooring, restricting the global vinyl flooring market's growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Vinyl Flooring market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. In terms of both volume and revenue, Asia Pacific led the market in 2019, and this trend is expected to continue during the forecast period. Ceramic tiles have traditionally dominated the Asian flooring industry; however, changing consumer tastes that require product variety and improved designs are anticipated to have a beneficial influence on market growth. China is the region's largest construction market, as well as the largest vinyl flooring consumer. Changing building and construction trends in the region, which are leading to the development of modern architecture structures, are expected to boost the market growth.
Vinyl Flooring Market is further segmented by region into:
Vinyl Flooring Market Segments:
|Market size value in 2021||USD 31.80 billion|
|Revenue forecast in 2030||USD 61.24 billion|
|Growth Rate||CAGR of 7.55% from 2021 to 2030|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD billion and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Product Outlook, Application Outlook, and Region|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)|
|Key companies profiled||Tarkett, Mohawk, Armstrong World Industries Inc., Shaw Industries Inc., Mannington Mills Inc., Beaulieu International Group, Gerflor, Forbo, and Other Prominent Players.|
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