Market Research Future (MRFR), in its research study, emphasizes that the global vinyl flooring market in 2020 is projected to rise exponentially over the review period, ensuring significant market valuation and a healthy CAGR over the review period.
The global vinyl flooring market projected to reach USD 51.45 billion by 2028, grow at a significant rate of 6.8% CAGR
Drivers and Restraints
Residential flooring is cost efficient and environmentally friendly. Hence their demand is on the rise. Vinyl floors can be used anywhere, and are preferred in the non-residential segment because they are easy to fix and easy to maintain. The primary factors supporting the growth of the global market for vinyl flooring are increasing consumer disposable income and buying power and cost-effectiveness. Other factors that support market growth include the environmentally friendly nature of vinyl flooring, increased construction & construction activities, and increased consumer attention to building aesthetic value. Rising purchasing power has driven residential flooring demand. The cost efficiency and environmentally friendly nature are some of the factors that attract growing numbers of consumers. Also responsible for driving this market are increasing consumer attention to aesthetic value in construction and changing preferences towards environmentally friendly products. Vinyl floors can be used anywhere and are preferred in the non-residential segment because they are easy to fix and easy to maintain.
Flooring demand depends on new building activities, as well as economic activities such as spending power and consumer preference, among others. In addition, many government buildings and government facilities throughout the country have featured carpets and flooring. This flooring not only enhances the aesthetic value but is also long-lasting. Vinyl flooring, however, can not withstand heavy loads and can be damaged by sharp objects. Additionally, colors can fade with direct sunlight, and extreme temperature can damage the floors. This serves as a restraint to the demand for vinyl flooring.
The global market for vinyl flooring was segmented by application, product and, lastly, region. This market is segmented by application-based segmentation into the residential and non-residential application. Residential apps are houses where people live in. Company establishments are non-residential facilities.
The market was segmented into carpets, luxury vinyl tiles, printed vinyl, vinyl sheets and others, based on the product.
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The global business regional analysis was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
Asia Pacific is currently expected to become the largest regional market. The reason for the Asia Pacific region's market growth is people's changing lifestyle & preference, and growth in the construction industry. Population growth in this region also offers enormous potential for new housing demand and development of infrastructure which leads the vinyl flooring market. China, India , and Japan are the strongest economies in this region able to be potential markets.
In North America, the market can grow due to an established construction & construction industry, demand for eco-friendly houses, and lastly, government regulations & initiatives to promote eco-friendly housing.The country-specific markets generating the maximum market revenue are USA and Canada.
In Europe, the market is growing due to reasons same as North America. The most important country-specific markets in this region are France, Germany, and the UK, followed by the remaining countries of Europe.
The RoW segment covers countries of the Middle East & Africa (MEA). The MEA market is small due to lack of awareness, poor countries, lack of education, and lack of technological advancement.
The major market players operating in the global market as identified by MRFR are Mohawk Industries Convenience, Gerflor Group, Armstrong Flooring Inc., Mannington Mills Inc., Shaw Industries Group Inc., Tarkett Group, TOLI Floor Corporation, Interface, Inc., and Polyflor Ltd.