global vinyl flooring market value is registered as USD 32.37 billion and is estimated to grow at a significant rate of 6.8% CAGR along with the vinyl flooring market size of USD 58,685.1 Million during the forecast period 2022-2030
In 2021, the global vinyl flooring market value is registered as USD 32.37 billion and is estimated to grow at a significant rate of 6.8% CAGR along with the vinyl flooring market size of USD 58,685.1 Million during the forecast period 2022-2030.
Vinyl flooring is a resilient flooring that is mostly used in the construction industry. This flooring material is fabricated from a combination of limestone-based material and composites of natural and synthetic polymer materials like plasticizers and polyvinyl chloride. This type of flooring is easy to maintain, offers more moisture resistance, and is more durable compared to other flooring solutions.
Vinyl floor coverings are used to enhance interior looks, aesthetics, and comfort underfoot in various residential and commercial structures. Due to their easy maintenance, low weight, and cost-effectiveness, consumers are shifting the lifestyle from traditional stone floorings to resilient floorings. However, the development of infrastructure in various sectors like healthcare, industrial automotive, healthcare, education, and the rise in residential construction and homeowners boost the market growth.
The COVID-19 outbreak has restricted several business activities. In the same way, construction activities are also restricted globally during the pandemic period. Due to the lockdown restrictions, the fluctuations in availability, supply of raw materials, lack of contractor workforces are delaying the ongoing and new construction plans. Hence the demand for the vinyl flooring market is also reduced.
Most of the construction projects were postponed in different countries like India, Japan, China, and the U.S. The U.S Chamber of Commerce Study states that in July 2020 due to the pandemic, nearly 85% of the contractors faced a lot of issues and postponed their construction works. There is a drop in the construction project delays from 40% in April to 26% in July. China manufacturing facilities are also dropped due to the lockdowns and negative impacts in the country. The government plans and investments in construction healthcare and medical facilities in a very short period are predicted to create such flooring products. Rapidly the construction activities are increased by the end of the year 2020. Hence the demand for the vinyl flooring market also increases.
The prominent key players in the vinyl flooring market outlook are the following:
Global Vinyl Flooring Market: Segmentation
The high-traffic area construction segment like offices and commercial spaces rise the use of vinyl flooring is propelling the market growth. This flooring is cost-effective which can be used as an alternative for wood and carpet tiles that may enhance the growth of the market. Moreover, these floors provide superior comfort and noise control which is projected to escalate the market growth in multistory buildings.
Growing demand for cost-effective, low maintenance and lightweight construction materials in residential construction is the major driving factor of the market growth in the review period. An increasing number of multifamily houses to accommodate the rising population is boosting the market growth. Rising investments to produce product solutions in different colors, textures, design patterns, and dimensions are fueling the market growth in the construction sector.
Vinyl flooring cannot carry heavy loads and may be damaged by sharp objects is limiting the growth of the market. These floorings have a shorter lifespan which is hindering the market growth.
Adoption of slip-resistant, stain-resistant, and waterproof floor coverings in both residential and commercial houses, buildings, and healthcare facilities may create opportunities to increase the growth of the market. Introducing advanced technologies like self-adhesive floorings may propel market growth.
The colors of the floors can fade with direct sunlight and can be damaged by extreme temperatures which is the major challenge of the market growth. These products cannot be repaired and are less eco-friendly to recycle is hampering the market growth.
Market Size of Global Vinyl Flooring Market by Regions (USD Billion)
The global vinyl flooring market has been divided into three segments based on product, application, and region.
The vinyl flooring market products are classified into various types as vinyl sheets, printed vinyl, luxury vinyl tiles, carpets, and others. Among them, luxury vinyl tiles (LVT) dominated the largest market share due to the preference for soft covering and changing consumer preferences towards low-maintenance flooring solutions. It is more durable and offers better performance compared to standard vinyl tiles. The availability of the product in numerous designs and textures makes the LVT more preferable.
The vinyl flooring market applications are bifurcated into two types as residential and non-residential. The non-residential application is holding the largest market share as the commercial segments like hotels, and shopping malls are the key users of these tiles due to the tile's benefits cost-effectiveness coupled with superior aesthetics. The use of vinyl flooring in the growing influence of designers and architects is predicted to accelerate the demand for the product. The features like easy cleaning & sterilization, stylish designs, and slip & water resistance are boosting the demand for the products in the commercial application
Region-wise, the global vinyl flooring market is divided into four main geographies such as Asia-Pacific, Europe, North America, and the Rest of the World. Among them, Asia- Pacific is dominating the largest market share due to the growth in the construction industry, changing lifestyle, and the presence of a high population.
Geographically, the vinyl flooring market based on regions is segmented into four major regions like Europe, North America, Asia-Pacific, and the Rest of the World. Asia-Pacific is holding the highest vinyl flooring market share owing to the growth in the construction industry, changing lifestyle, and the presence of a high population.
This region contains a high population that offers a huge potential for infrastructural development and new housing demand which is boosting the market growth in this region. The largest construction market in this region is China. The changing building and construction trends to develop modern architecture structures in the country are boosting the product market growth in this region. Due to the increasing population, the investments are rising for single-family constructions is showing a positive impact on the market growth in this region.
This global vinyl flooring market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the vinyl flooring market drivers, restraints, challenges, and opportunities. The vinyl flooring market forecast segments into three forms as product, application, and region.
The vinyl flooring market trends have been segmented into three forms globally based on the product, application, and region.
Vinyl sheets, printed vinyl, luxury vinyl tiles, carpets, and others are the few products of the market.
Residential and non-residential are the two applications of the market.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the global market.
|Market Size||2030: USD 58,685.1 Million|
|CAGR||2030: 6.8% CAGR|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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|
|Key Market Opportunities||
|Key Market Drivers||
The vinyl flooring market is projected to reach USD 58,685.1 Million by 2030, growing at a significant rate of 6.8% CAGR
Leading players in the global vinyl flooring market include TOLI Floor Corporation, Mohawk Industries Convenience, and Gerflor Group, among others.
The growing construction industry is likely to be the major driver for the vinyl flooring market.
Asia Pacific holds a dominant share in the global vinyl flooring market due to the growing construction industry in the region.
Major types of vinyl flooring include sheet, luxury vinyl tiles, printed vinyl, and carpets.
Major applications for vinyl flooring lie in residential and nonresidential applications.