CAGR: 7.5%Current Market Size: USD 27.6 billionFastest Growing Region: North America
Largest Market: APACProjection Time: 2021-2028Base Year: 2020
The global vinyl flooring market is expected to grow from USD 27.6 billion in 2020 to USD 57.9 billion by 2028, at a CAGR of 7.5% during the Projection period 2021-2028. This growth of the vinyl flooring market is significantly driven by rising demand for low maintenance, lightweight, and cost-efficient construction materials across the residential construction sector.
Vinyl flooring is composed of multiple layers of materials that are sandwiched together to form a highly durable, affordable, and practical floor covering. It is composed of synthetic materials such as PVC vinyl, fiberglass, and a plasticizer, and is made in layers. It has mainly two types namely, sheet flooring and tile flooring. Both of them are made from the same materials; however, they're constructed differently to produce different effects. Vinyl flooring offers a number of benefits as compared with the other flooring types. For instance, vinyl flooring offers slightly softer floors in comparison to tile or wood and it has a nice appearance and easy maintenance also vinyl floors are not only resistant to water, but also are resistant to acids, alkalis, soaps, detergents, and petrol.
Furthermore, vinyl flooring installation is typically easier than the installation of other flooring materials. For instance, a floating vinyl sheet doesn’t require staples or glue. Also, the vinyl flooring can be installed over concrete, plywood, or hardwood. As the resilient floors are easier to maintain, durable, more moisture-resistant than many alternative materials; vinyl flooring is mainly being preferred to be used in bathrooms and residential kitchens, as well as in healthcare facilities, along with retail and commercial establishments.
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Market Dynamics
Drivers:
The factors such as water-resistant nature, hardwearing, and ease of cleaning often make vinyl the product of choice for today's modern hospital, general practice surgeries, health centers, and care homes. In addition to this, the healthcare establishments deal with busy environments as well as they have different operational areas with flooring performance and quality requirements. This creates demand for vinyl flooring in the hospital flooring sector.
The enormous growth in population; changes in lifestyles; and rise in disposable income have boosted growth in the construction of educational, healthcare, and industrial infrastructures across China and India. For instance, as per the growth targets in China’s national development plans and the “Healthy China” initiative, medical infrastructure is anticipated to have expanded considerably from 2015 to 2020, with a 100% increase in private hospital beds and a 30% increase in public hospital beds.
Restraints:
The occurrence of COVID-19 has mainly led to disruption in the global residential construction sector. For instance, the contractors and builders are struggling to obtain government permissions for new as well as in-process construction projects. The decline in the growth rate of the construction industry has led to decreased demand for vinyl flooring in the residential construction sector, hampering the growth of the market.
Opportunities:
Rapid urbanization, a growing population base, and upcoming infrastructure projects have led to a significant rise in investments across the global construction Industry. In addition to this, the governments of developing countries are introducing infrastructure development projects, creating demand for the vinyl flooring market. For instance, the government of India has recently introduced flagship infrastructure development programs such as ‘Smart Cities’, ‘Make in India’, ‘Housing for All’, and ‘Atal Mission for Urban Rejuvenation and Transformation’ (AMRUT).
Challenges:
Vinyl flooring is a cost-effective flooring option; however, it cannot be repaired and are difficult to replace. In addition to this, vinyl floorings is less eco-friendly than their non-resilient counterparts and are difficult to recycle. Such factors are anticipated to create several challenges for the growth of the vinyl flooring market.
Segmentation Analysis
The global vinyl flooring market has been segmented based on product, industry vertical, and regions.
Global Vinyl flooring - By Product
By End User
By Regional Analysis
The regions analyzed for the vinyl flooring market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa. The Asia Pacific region dominated the vinyl flooring market and held the 42.15% share of the market revenue in 2020.
Key Industry Players Analysis
Advancement in technology have made the key players improve their position in the global vinyl market
The key market players are concentrating on implementing new strategies such as product innovations, joint venture, adopting new technology, alliances, mergers & acquisitions, and partnerships to improve their position in the global vinyl flooring industry.
In January 2019, Genflor Group, one of the leading manufacturer of flooring solutions and wall finishes introduced Creation 55 and Creation 30, a new range of LVT–Luxury Vinyl Tiles & Planks. The company offers a range of LVT available with high-quality designs.
In September 2018, M S International, Inc., the leading supplier of premium surfaces in the U.S. launched Everlife Luxury Vinyl Tile(LVT), the line of Luxury Vinyl Tile (LVT).
In December 2018, Beaulieu Flooring Solutions, the European leader in wall-to-wall floorcoverings for both the residential and commercial sectors, expanded its capacity at Juteks vinyl rolls plant in Russia. This development had offered better product service in the market in various European and Middle east countries.
Further, in December 2018, Congoleum signed a distribution agreement with Kraus Flooring, a division of Q.E.P. Co., Inc., to service major markets in the western region of the U.S.
In October 2018, Tarkett, the French multinational corporation specializing in the production of floor and wall coverings, acquired Lexmark Carpet Mills to expand its presence in North America.
In March 2018, Adore Floors, the global leader in the manufacturing of Luxury Vinyl tiles, introduced flooring products with recycled materials having the maximum amount of LEED credits.
Latest Development
Report Metrics
Report Attribute |
Details |
Projection period |
2021-2028 |
Base year considered |
2020 |
CAGR (%) |
7.5% |
Market Size |
27.6 billion |
Projection unit |
Value (USD) |
Segments covered |
Product, End User, Region |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Armstrong Flooring, Inc., Berkshire Hathaway Inc. (Shaw Industries Group, Inc.), CBC Co., Ltd. (CBC AMERICA LLC.), Congoleum Corporation, Mohawk Industries, Inc., Novalis Innovative Flooring, Gerflor, Mannington Mills, Inc., and Tarkett S.A. among others. |
By Product |
|
By End User |
|
Regional scope |
|
Scope of the Report
Global Vinyl Flooring Market by Product
Global Vinyl Flooring Market by End User:
Global Vinyl Flooring Market by Region:
Global vinyl flooring market is expected to reach USD 57.9 billion by 2028, at a CAGR of 7.5% from 2021 to 2028.
The global vinyl flooring market has been segmented based on product, industry vertical, and regions
The regions analyzed for the vinyl flooring market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa.
leading market players active in the global vinyl flooring market are Armstrong Flooring, Inc., Berkshire Hathaway Inc. (Shaw Industries Group, Inc.), CBC Co., Ltd. (CBC AMERICA LLC.), Congoleum Corporation, Mohawk Industries, Inc., Novalis Innovative Flooring, Gerflor, Mannington Mills, Inc., and Tarkett S.A. among others.
Rising demand for low maintenance, lightweight, and cost-efficient construction materials across the residential construction sector primarily drives the growth of the vinyl flooring market.
Manufacturers in the vinyl flooring market are using advanced production technologies to incorporate better design, installation, and performance. In addition, smart cities will contribute to the demand for vinyl flooring.
Lockdowns imposed by the governments temporarily suspended construction activities, delaying renovation of the houses as well as new construction projects. This hampered the growth of the vinyl flooring market. However, consumers are willing to spend on essential goods and services, creating demand for vinyl flooring.
Based on the sales revenue, product offering, and regional presence, the companies are selected.
Political- Rapid urbanization, a growing population base, and upcoming infrastructure projects have led to a significant rise in investments across the global construction Industry. In addition to this, the governments of developing countries are introducing infrastructure development projects, creating demand for the vinyl flooring market. Fo example the government of India has recently introduced flagship infrastructure development programs such as ‘Smart Cities’, ‘Make in India’, ‘Housing for All’, and ‘Atal Mission for Urban Rejuvenation and Transformation’ (AMRUT). The Asia-Pacific region is experiencing an increasing number of maintenance and remodeling activities in the non-residential and residential construction sectors, fueling demand for vinyl flooring.
Economic- The enormous rise in population; changes in lifestyles; and rise in disposable income have boosted growth in the construction of educational, healthcare, and industrial infrastructures across China and India. The government is also focusing on investing more money in these sectors for the improvement of infrastructure. For instance, as per the growth targets in China’s national development plans and the “Healthy China” initiative, medical infrastructure is anticipated to have expanded considerably from 2015 to 2020, with a 100% increase in private hospital beds and a 30% increase in public hospital beds. So, the economical worldwide growth has given a boost to this sector as well.
Social- The North American region is likely to register the highest growth during the Projection period due to rising demand for vinyl flooring due to growth in the construction of commercial buildings, such as commercial complexes, educational institutes, and offices. Also, advantages associated with vinyl floorings, such as easy installation & maintenance, cost-effectiveness, and moisture resistance has created a demand for vinyl flooring in North America. In addition to this, the governments of developing countries are introducing infrastructure development projects, creating demand for the vinyl flooring market.
Technological- Manufacturers in the vinyl flooring market are using advanced production technologies to incorporate better design, installation, and performance. In addition, smart cities will contribute to the demand for vinyl flooring. Rising demand for low maintenance, lightweight, and cost-efficient construction materials across the residential construction sector primarily drives the growth of the vinyl flooring market. Further, the emergence of digital printing technology in the flooring industry has created lucrative growth opportunities for the luxury vinyl tile segment.
Environmental- Vinyl floorings is less eco-friendly than their non-resilient counterparts and are difficult to recycle. Such factors are anticipated to create several challenges for the growth of the vinyl flooring market. However, Vinyl flooring is a cost-effective flooring option but it cannot be repaired and is difficult to replace as well.
Legal- An international flooring manufacturer Mannington Mills, partnered with Microban, an antimicrobial consumer brand. Through this partnership, Mannington Mills will feature surface protection technology on its ADURA LVT products. The strategy of expansion and agreement between two companies is expected to expand geographical presence and generate new revenue streams for the global vinyl flooring market.
List of Table
List of Figures