According to the latest report by IMARC Group, titled "Vinyl Flooring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global vinyl flooring market reached a value of US$ 46.5 Billion in 2022. Vinyl flooring is an indispensable flooring material formulated by blending natural and synthetic polymer ingredients. It is manufactured by rolling, layering, and extruding the product with several compositions, including pigments, plasticizers, and polyvinyl chloride resin, to offer a long-lasting covering. As compared to conventional higher-maintenance floorings, such as carpets, vinyl flooring is more cost-effective, durable, easy to install, versatile, and moisture-resistant, and requires lower maintenance. Apart from this, the protective coating safeguards the product from dirt and scratches and enhances the overall appearance of the space. At present, it is mainly available in several looks, patterns, and color combinations.
Global Vinyl Flooring Market Trends:
One of the major factors driving the global vinyl flooring market growth is the ongoing construction activities across the globe. Such activities have facilitated the demand for lightweight, slip and stain-resistant, and aesthetically appealing floor covering for interiors. This is further supported by rapid urbanization, changing consumer preferences, a rising number of luxurious housing projects, and significant investments in infrastructure development, renovation, and remodeling of existing spaces. In line with this, rising environmental concerns have prompted governments to promote the uptake of sustainable construction resources, such as bio-based vinyl flooring, to mitigate volatile organic compounds (VOCs), which is acting as another growth-inducing factor. Additionally, the widespread adoption of upgraded solutions by manufacturers to optimize vinyl flooring production procedures and introduce self-adhesive flooring solutions in different designs, textures, and dimensions, are contributing to the market growth. The market growth is also influenced by the extensive uptake of diverse printing solutions, which further enables easy texture printing on tiles. Other factors, including the growing need for multifamily houses and strategic collaborations amongst key players to enhance vinyl flooring comfort and noise-controlling efficacy, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 79.2 Billion by 2028, growing at a CAGR of 9.1% during 2023-2028.
- Based on the product type, the market has been segregated into vinyl sheet, luxury vinyl tile (LVT), and vinyl composition tile (VCT). Luxury vinyl tile (LVT) is currently the most commonly used product.
- Based on the sector, the market has been bifurcated into residential and commercial. Presently, residential dominates the market.
- On key regions performance basis, the market has been segmented into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. Amongst these Asia Pacific enjoys the leading position in the market.
- The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are Mohawk Industries Inc., Tarkett Group, Armstrong World Industries, Inc., Shaw Industries, Inc., Mannington Mills, Inc., Beaulieu International Group, Gerflor Group, and Forbo Group.
|Base Year of the Analysis
||US$ Billion, Million Sq. Meters
||Product Type, Sector, Region
|| Asia Pacific, North America, Western Europe, Eastern Europe, Latin America, Middle East and Africa
||Tarkett, Mohawk, Armstrong World Industries Inc., Shaw Industries Inc., Mannington Mills Inc., Beaulieu International Group, Gerflor and Forbo
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