Market Overview:
The size of the worldwide vinyl flooring market was estimated at USD 30.61 billion in 2020, and it is expected to increase at a compound annual growth rate (CAGR) of 6.8% from USD 32.37 billion in 2021 to USD 51.45 billion in 2028. The market's demand and growth, which will eventually revert to pre-pandemic levels after the pandemic is ended, are responsible for the abrupt increase in CAGR. The COVID-19 pandemic has had an unparalleled and profound effect on the world, causing a negative shock to demand for the product in every region. Our investigation showed that in 2020, there was a significant 0.1% reduction in the global market.
The suppliers of raw materials, manufacturers, distributors and suppliers, flooring installers/contractors, and end users make up the vinyl flooring market's value chain. Among the top flooring items within the vinyl flooring category that are used in commercial, industrial, and residential settings are vinyl sheets, vinyl tiles, and luxury vinyl tiles.
Market Driver:
The vinyl flooring market is driven by several factors:
· Demand in construction: Rising construction activity in residential and commercial spaces fuels the need for flooring solutions.
· Product advancements: Innovations like luxury vinyl tiles (LVT) that mimic wood or stone aesthetics at a lower cost are gaining popularity.
· Easy maintenance and hygiene: Vinyl flooring offers water resistance, durability, and easy cleaning, making it ideal for busy households and commercial spaces.
· Affordability: Compared to other options like hardwood, vinyl offers a cost-effective way to achieve a desired look.
· Growing preference for sustainability: Advancements in eco-friendly materials and improved indoor air quality are making vinyl flooring a more attractive option for environmentally conscious consumers.
These drivers are expected to continue propelling the vinyl flooring market forward in the coming years.
Regional Analysis:
The market size in Asia Pacific stood at USD 10.17 billion in 2020. The region is expected to showcase exponential growth owing to the progress of the construction industry and planned projects in leading countries such as China and India. Moreover, the rising urbanization has raised the adoption of renovation in commercial and residential buildings leading to the demand for vinyl flooring in this region. China was the largest product-consuming country in the region in 2020. The growth in the country is due to the rising need for enhancing housing interiors, along with the increasing construction of multistory buildings.
Source: https://www.fortunebusinessinsights.com/vinyl-flooring-market-103059
Key Development:
For commercial end customers, Armstrong Flooring introduced three LVT lines with the names Biome, Terra, and Coalesce, featuring unique diamond ten technology. These three collections have a 31% smaller carbon footprint thanks to their thinner profiles and 2.5 mm construction, which also consume less energy and raw resources in production. About 29% of these products are made from recycled materials.
LIST OF KEY COMPANIES PROFILED IN VINYL FLOORING MARKET:
· Armstrong Flooring, Inc. (U.S.)
· Forbo Flooring Systems (Netherlands)
· Mohawk Industries, Inc. (U.S.)
· Tarkett S.A. (France)
· Mannington Mills, Inc. (U.S.)
· Shaw Industries Group, Inc. (U.S.)
· LG Hausys (South Korea)
· Greflor (France)
· Interface, Inc. (U.S.)
· Polyflor Ltd (U.K.)