The growing incidence in the construction industry, coupled with the increasing demand for a high standard of living, are major driving forces of the market.
The Vinyl Flooring Market is projected to reach USD 49.79 Billion by 2027. Rising demand is anticipated by factors such as High strength, excellent water resistance, and the lightweight properties offered by the product are expected to drive its demand over the forecast period in residential and commercial construction projects. These products are commercially available in several colors, textures, and design patterns and have attracted the attention of consumers for the past couple of years. In addition, the product is gaining recognition among middle-class consumers due to its visual resemblance to products made from concrete, natural stone, and wood flooring and significantly low cost. Luxury Vinyl Tiles is projected to witness a remarkable rate of growth due to the product’s affordability, low maintenance, excellent water resistance, and easy to clean properties.
Market Size – USD 29.66 Billion in 2019, Market Growth – CAGR of 6.6%, Market Trends – The rise in the trend of customer’s high standard lifestyle.
The vinyl flooring, because of their low noise levels and easy maintenance, is considered to be ideal for high traffic applications such as restaurants, cafes, and offices. Technological advancements in the sector to introduce easy-to-install self-adhesive flooring products can lead to high demand for flooring products. In particular, the demand in the residential segment is expected to be high. The prime end-user of vinyl tiles, thanks to their superior esthetical appeal, is expected to be nonresidential areas such as shopping malls and hotels.
Market Overview:
The rise in materials and chemicals companies’ deployment of digital technologies to enhance efficiency gains and increase reliability are the key factors stimulating materials and chemicals industry trends. The industry players are allocating huge budgets for advanced sensing and automation machines to enhanced optimization of operations.
Materials and chemicals are used across various end-use industries such as manufacturing, medical & pharmaceutical, automotive, food tech, among others. New product launches, technological advancements, growing consumer demand variety in daily use items, and increasing automation in the industry will accrue to major revenue gains in the coming years. Also, increasing consumer awareness regarding energy-efficiency and associated demand for sustainable products will boost market growth during the forecast period.
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Top Companies Profiled in the Report:
Armstrong World Industries Inc., Mannington Mills Inc., Forbo, Boral Limited, Brumark Corporation, Mohawk Industries, Inc., Beaulieu International Group, Tarkett, Shaw Industries Group, Gerflor Group Inc., Interface, among others.
Competitive Outlook:
This market report offer detailed view of import export scenario, recent developments, trade regulations, value chain optimization, production analysis, market share, analyses opportunities in terms of emerging revenue pockets, impact of domestic and localized market players, changes in market, trends, size, segment growth, application niches and dominance, product launches, product approvals, geographical expansions, technological innovations in the market.
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Product Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Luxury Vinyl Tiles
- Vinyl Sheets
- Vinyl Tiles
Material Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Wood Plastic Composite
- Stone Plastic Composite
- Others
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Residential
- Commercial
- Industrial
Regional Analysis covers:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Frequently asked questions addressed in the report:
- What is the projected growth rate of the global Vinyl Flooring market over the forecast period?
- What are the latest trending factors influencing market growth?
- What are the major factors driving the growth of the Global Vinyl Flooring Market?
- What are the risks and challenges existing in the industry?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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