The global vinyl flooring market is expected to grow from USD 27.6B in 2020 to USD 57.9B by 2028, at a CAGR of 7.5% during the forecast period 2021-2028 : GreyViews
Global vinyl flooring market 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.
Pune, India, April 05, 2022 (GLOBE NEWSWIRE) — Vinyl flooring market is anticipated to grow at a steady growth rate over the forecast period, owing to rising demand for low maintenance, lightweight, and cost-efficient construction materials across the residential construction sector. Vinyl flooring is a type of resilient and robust flooring, which is significantly being used in construction applications associated with the residential and commercial projects. Hence, ongoing growth in development of infrastructures cross various sectors such as healthcare, industrial automotive, and education among others boosts growth of the growth.
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Vinyl flooring 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, fibreglass, and a plasticizer, and are made in layers.
Key Insights & Findings:
- The luxury vinyl tile segment led the vinyl flooring market and with a major share of 58.15% in 2020. This is mainly due to more durable and better performance in comparison to standard vinyl tiles. Further, emergence of digital printing technology to the flooring industry has created lucrative growth opportunities for luxury vinyl tile segment.
- The residential end user segment accounted for the largest market share of 25.22% in 2020. Construction and renovation applications of residential houses primarily boosts demand for the vinyl flooring which is available in the form of sheets, planks, and tiles with the features including easy maintenance and impact resistance.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for the vinyl flooring market with a major share of 42.15% in 2020. Significant growth in spending on reasonable housing development in the Asia Pacific region is one of the primary factor boosting the growth of the market. In addition to this, countries such as India and Indonesia are actively providing subsidies on construction and land costs, further creating demand for the vinyl flooring in construction sector. North America region is anticipated to grow at prominent CAGR over the forecast period, owing to the significant rise in per capita incomes along with the standards of living.
Key players operating in the global vinyl flooring market 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. To enhance their market share in the global vinyl flooring market, the key vendors are now focusing on adopting the prominent strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, In December 2020, Mannington Mills, an international flooring manufacturer partnered with Microban, an antimicrobial consumer brand. Through this partnership, Mannington Mills will feature the surface protection technology on its ADURA LVT products.
- 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 January 2021, Mohawk industries, the leading global manufacturer of residential and commercial flooring product company announced expansion its production plant in Carroll County. The company will add 19,000 Sq. feet to its facility in Hillsville and install new extrusion and loom equipment to increase production speed.
- In March 2021, Mohawk Group expanded Living Local, the domestically manufactured 2.5mm LVT platform. This expansion comprises of four new 12 X 24 designs including terrazzo, stone, and abstract textile visuals complimenting the existing 6 X 48 wood. This new styles are projected to offer designers with the enhanced flexibility to create unique and vibrant spaces.
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Global Vinyl Flooring Market by Product:
- Luxury Vinyl Tile
- Vinyl Sheets & Vinyl Composite Tile
Global Vinyl Flooring Market by End User:
- Residential
- Health Care
- Hospitality
- Retail
- Education
- Sport
- Office
- Industrial
- Automotive
Global Vinyl Flooring Market by Region:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Asia-Pacific
- Japan
- China
- India
- Korea
- Southeast Asia
- South America
- Brazil
- Peru
- Middle East and Africa
- UAE
- South Africa
- Saudi Arabia
About the report:
This research report gives detailed data about the major factors influencing the growth of the vinyl flooring market at the national and local level forecast of the market size, in terms of value, market share by region, and segment; regional market positions; segment and country opportunities for growth; Key company profiles, SWOT, product portfolio and growth strategies. It studies the market essential sides such as top participants, expansion strategies, business models, and other market features to improve market insight.
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