Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Vinyl Flooring market.
Trusted Business Insights presents an updated and Latest Study on Vinyl Flooring Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Vinyl Flooring market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Vinyl Flooring Market
The global vinyl flooring market size was estimated at USD 25.6 billion in 2018 and is expected to expand at a CAGR of 7.4% from 2021 to 2026. Rising demand for low maintenance, cost-efficient, and lightweight construction materials in residential construction is likely to drive the market for vinyl floorings over the forecast period.
Rising demand for the product in high-traffic area construction segments such as offices and commercial spaces is likely to support the market growth. The product is considered to be a cost-effective alternative for wood and carpet tiles. Furthermore, superior comfort and noise control offered by these floors are expected to propel their demand in multistory buildings over the projected period.
In the U.S., Luxury Vinyl Tiles (LVT) segment emerged as the largest product category in 2018, accounting for 58.4% of the total market revenue share. Traditionally, soft covering has been dominating the industry in the country. However, changing consumer preferences toward low maintenance flooring solutions are expected to drive the market for vinyl flooring.
The product is the most widely used type of resilient flooring solution. Consumers are shifting from traditional stone floorings to resilient floorings owing to their light weight, easy maintenance, and cost-effectiveness. A rising number of multifamily houses to accommodate the growing population is expected to have a positive impact on vinyl flooring market growth.
Technological advancements by manufacturers to introduce self-adhesive floorings have benefited the industry growth over the past few years. Moreover, increasing investments by key manufacturers to offer customized product solutions in different colors, design patterns, textures, and dimensions are fueling product penetration in the construction sector.
The product has a shorter lifespan as compared to its wooden counterparts. The products cannot be repaired and are also difficult to replace. Furthermore, vinyl floorings are considered to be less eco-friendly than their non-resilient counterparts as they may emit VOCs and are difficult to recycle. The aforementioned factors are expected to hamper the market growth over the projected period.
Product Insights of Vinyl Flooring Market
LVT is expected to remain the most popular category of vinyl flooring solutions and the segment is likely to grow at a CAGR of 9.0%, in terms of revenue, over the forecast period. LVT is more durable and offers better performance in comparison to standard vinyl tiles, which offers them a competitive advantage over their counterparts. LVT segment has caught the attention of consumers in the past few years owing to the availability of the product in numerous designs and textures. The introduction of digital printing technology to the flooring industry, which enables easy texture printing on these tiles, is likely to support the market growth over the projected period.
Vinyl tiles segment in Europe was valued at USD 2.2 billion in 2018 and is likely to grow at a CAGR of 4.2% from 2021 to 2026. Vinyl tiles are slightly expensive as compared to sheets, however, are they are easy to replace. As a result, they are preferably used in places where there are high chances of stains such as kitchens, cafes, and hotels.
The demand for vinyl sheet is expected to grow at a CAGR of 3.5% over the forecast period. These products are considered to be the most user-friendly solution for DYI applications. Furthermore, vinyl sheets offer better moisture resistance in comparison to tiles, as a result, they are considered to be most useful in moist areas such as bathrooms.
Application Insights of Vinyl Flooring Market
Commercial application segment accounted for the largest share of the vinyl floor market in 2018 and the segment is anticipated to grow at a CAGR of 7.5%, in terms of revenue, over the forecast period. Commercial construction segments such as hotels and shopping malls are expected to be the key users of these tiles as they offer cost-effectiveness along with superior aesthetics.
Rising influence of designers and architects for the use of vinyl flooring in commercial application is expected to boost product demand. Easy cleaning and sterilization and stylish designs and slip & water resistance offered by these products are likely to propel their demand in commercial application over the projected period.
The housing sector in emerging markets including South Africa, Turkey, and India is experiencing rapid growth on account of easy availability of home loans and changing consumer lifestyle. Consumers in the region are always on the lookout for affordable products, which is likely to favor the demand for vinyl floorings over the projected period.
Increasing consumer disposable income and urbanization in the emerging economies are expected to propel the growth of the residential construction sector. Majority of the population in developing economies prefer rental houses to get the benefits of amenities, which is expected to drive the multi-family construction segment, thereby influencing the market growth positively.
Regional Insights of Vinyl Flooring Market
Asia Pacific dominated the market in terms of both volume and revenue in 2018 and the trend is likely to continue over the projected period. Traditionally, ceramic tiles, have been dominating the Asian flooring market, however, changing consumer preferences that demand variation in the product and better designs are likely to have a positive impact on market growth.
China has been the largest construction market in the region, as well as the largest consumer for vinyl flooring. The demand for the product in the country is likely to grow at a CAGR of 9.3% over the projected period. Changing building and construction trends in the country to develop modern architecture structures are likely to have a positive impact on market growth.
The demand for vinyl flooring in the U.S. is expected to grow at a CAGR of 3.5% over the forecast period. The Southeast states of the U.S. are expected to witness a healthy growth rate over the projected period. The construction sector in these states is likely to grow at a CAGR of 5% to 7%, which, in turn, is expected to have a positive impact on market growth.
In Canada, western Canadian provinces and territories are expected to be the key markets for the product. Over 40% of the overall population of Canada is located in Ontario. Rising investments in single-family constructions in this region on account of the growing population are likely to have a positive impact on the market growth.
Market Share Insights of Vinyl Flooring Market
Armstrong Flooring, Inc.; Mannington Mills, Inc.; Mohawk Industries, Inc.; Tarkett S.A.; Forbo Group; Shaw Industries Group, Inc.; and Beaulieu International Group are the key players in the market. Market players are expected to introduce products with low environmental impact and better durability to garner the attention of consumers. The players majorly compete on the basis of product quality and pricing.
Adore Floors, an LVT manufacturer, has introduced flooring products with recycled materials having maximum amount of LEED credits. The company has also introduced NanoSilver technology to produce sterile and germ-free flooring products. Additionally, it introduced MicroCeramic hardening agent to support flooring hardening and to enhance its lifespan.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Vinyl Flooring Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global vinyl flooring market report on the basis of product, application, and region:
Product Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2019 – 2030)
Luxury Vinyl Tiles
Application Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2019 – 2030)
Quick Read Table of Contents of this Report @ Vinyl Flooring Market Size, Share, Trends, Market Research and Industry Forecast Report, 2020-2026 (Includes Business Impact of COVID-19)
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