The Vinyl Flooring market is projected to reach USD 49.79 Billion by 2027. Rising demand is anticipated by factors such as High strength, excellent water resistance, and the lightweight properties offered by the product are expected to drive its demand over the forecast period in residential and commercial construction projects. These products are commercially available in several colors, textures, and design patterns and have attracted the attention of consumers for the past couple of years. In addition, the product is gaining recognition among middle-class consumers due to its visual resemblance to products made from concrete, natural stone, and wood flooring and significantly low cost. Luxury Vinyl Tiles is projected to witness a remarkable rate of growth due to the product’s affordability, low maintenance, excellent water resistance, and easy to clean properties.
The vinyl flooring, because of their low noise levels and easy maintenance, is considered to be ideal for high traffic applications such as restaurants, cafes, and offices. Technological advancements in the sector to introduce easy-to-install self-adhesive flooring products can lead to high demand for flooring products. In particular, the demand in the residential segment is expected to be high. The prime end-user of vinyl tiles, thanks to their superior esthetical appeal, is expected to be nonresidential areas such as shopping malls and hotels.
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The aesthetically pleasing design and easy maintenance are features expected to drive the popularity of wood flooring and laminate flooring. Advances in construction and printing techniques have increased the popularity of laminated floors and made them more popular across the globe. Technological advancements in wood flooring ultimately contributed to increased demand for products.
Market players compete primarily based on product quality, price, and the network of distribution. Key players are committed to introducing low environmental impact and improved durability products. The brand reputation, diverse product portfolios, and broad geographical reach were the main drivers for significant companies’ growth.
The COVID-19 impact:
As the COVID 19 crisis increases, manufacturers change their practices and acquisition priorities quickly to satisfy the pandemic’s needs. This crisis has had a direct effect on the pace of growth of the vinyl flooring over the earlier few months as it has impacted production units. As all construction companies, contractors and business shops are closed, social restrictions and lock-up policies caused by the COVID-19 pandemic have had an enormous effect on the market. The usual supply chain is furthermore disrupted by the lockdown, causing the companies to consider strategic improvisations.
Key participants include:
Armstrong World Industries Inc., Mannington Mills Inc., Forbo, Boral Limited, Brumark Corporation, Mohawk Industries, Inc., Beaulieu International Group, Tarkett, Shaw Industries Group, Gerflor Group Inc., Interface, among others.
Further key findings from the report suggest
- High strength, excellent water resistance, and lightweight properties propel significant factors such as the rise of the global market for vinyl flooring, which has to lead to increased penetration into residential applications of the product. Added environmental benefits help optimize the growth of this field. Companies are developing state-of-the-art, vinyl flooring technologies.
- The Luxury Vinyl Tiles segment will rise at 9.0% in terms of revenue at the fastest CAGR over the forecast period.
- In the market segment of commercial applications, vinyl flooring dominated the market with a share of revenues of over 65.1%: the hospitality, institutional segments, and office segments driven the majority of demand.
- All major players in the industry have invested heavily in R&D ventures in recent years and led to several innovative products. The principal players are seeking to enhance their product portfolio through strategic mergers and purchases of SMEs. Thus, the intense rivalry between players is anticipated in the coming years.
- In January 2019, Genflor introduced a new LVT – Luxury Vinyl Tile and Planks range, Creation 30 and Creation 55. A variety of LVTs with over 35 unique colors and designs are available. There are also ten tile and plank formats.
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For this report, Reports and Data segmented the global Vinyl flooring industry report based on product type, material type, application, and by region for this study:
Product Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Luxury Vinyl Tiles
- Vinyl Sheets
- Vinyl Tiles
Material Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Wood Plastic Composite
- Stone Plastic Composite
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
- Asia Pacific
- Latin America
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