Global Vinyl Flooring Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Vinyl Flooring Market was worth US$ 25,647.9 Mn and is expected to grow at a CAGR of 6.2% over the forecast period. While the historical CAGR is 4.8%, the market is expected to hit US$ 46,805.5 Mn by 2032 end.
The construction sector uses vinyl flooring extensively as robust flooring. Compared to other flooring options, this type is more moisture-resistant, durable, and easier to maintain. Vinyl floor coverings will drive the market to improve interior appearance, aesthetics, and comfort for foot traffic in numerous residential and commercial structures.
Additionally, consumers’ propensity for eco-friendly flooring options will boost product demand everywhere. The market will experience expansion due to the adoption of slip-resistant, stain-resistant, and waterproof floor coverings in residential homes, buildings, and business and healthcare institutions.
RAPID GROWTH IN RESIDENTIAL BUILDINGS TO DRIVE MARKET
Consumers have been able to change their lifestyles and invest in opulent housing projects or renovation and remodeling of their current homes, thanks to the rise in their disposable income over the past several years. During the projected period, it is anticipated that the increase would aid the expansion of the worldwide vinyl flooring market in demand for home maintenance.
In addition to providing durability and comfort, flooring solutions in residential buildings improve the buildings’ aesthetic appeal. Customers also believe that having a well-decorated home represents their status. As a result, they have begun to use advanced options, including vinyl flooring, to improve their public image. These floors are appropriate for basements, laundry rooms, bathrooms, kitchens, and bedrooms.
FLUCTUATIONS IN PRICES OF RAW MATERIALS ARE LIKELY TO HINDER MARKET GROWTH
Some raw components are polyvinyl chloride resins, plasticizers, limestone, glass fibre, career sheet, colours, and trace stabilizers. These materials’ prices are either high or will continue to change. Almost half of the plant’s overall expenses are for raw materials. As a result, price varies significantly impact the overall cost of manufacturing certain flooring. Consequently, it is projected that changes in raw material prices will impede market expansion.
Market Segments Covered in Report
By Product Type:
By Region and Country:
Why is it expected that the commercial application sector will dominate the market during the projected period?
The commercial sector is anticipated to account for more than half of the global market’s revenue throughout the forecast period. This expansion is related to the increased building of offices, medical facilities, and hospitals across the globe. Additionally, it is projected that rising remodeling and renovation projects in retail and commercial locations will fuel the market for vinyl sheets.
Additionally, this type of flooring is highly slipped- and water-resistant and simple to clean and sanitize. Additionally, it is economical and offers better aesthetics. The market for vinyl sheets is expected to develop due to the increasing influence of architects and designers, who are pushing for the use of this flooring in commercial areas.
Why is the Vinyl Sheet segment expected to contribute to the maximum sales in the Vinyl Flooring Market?
The vinyl sheet segment accounted for a sizeable portion of the market. The use of vinyl sheets is anticipated to increase during the projection period as there is an increase in demand for thin floor coverings resistant to moisture and mold spills from retail and commercial locations.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.
Key players in the vinyl tile industry are developing new products with distinctive features to diversify their product lines and increase their clientele globally. In addition, some other businesses are concentrating on enhancing their retailing network and setting up a well-organized supply chain to connect with their clients.
The key developments in the Global Vinyl Flooring Market are:
A list of some of the key suppliers present in the market are:
Global Vinyl Flooring Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product Type, Format, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 6.2%.
An increasing number of urban infrastructure development projects and surging usage of LVTs in fitness centers are some of the key trends boosting vinyl flooring sales.
The materials’ prices are either high or will continue to change. Almost half of the plant’s overall expenses are for raw materials.
Key Global Vinyl Flooring Market players are Armstrong Flooring, Inc., Forbo Flooring Systems, Mohawk Industries, Inc., Tarkett S.A., Mannington Mills, Inc, Shaw Industries Group, Inc., LG Hausys, Greflor, Interface, Inc., Polyflor Ltd.
Asia Pacific Region is expected to account for the largest market revenue share in the Global Vinyl Flooring Market.
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