Vancouver, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global vinyl flooring market size was USD 36.20 Billion in 2022 and is expected to register revenue CAGR of 8.4% during the forecast period. Revenue growth of the global vinyl flooring market is due to increasing growth of the construction industry, rapid technological advancements in flooring and rising awareness about sustainable and eco-friendly materials.
The market revenue growth is being driven by factors such as increasing demand for the product in the construction of educational organizations, including schools, colleges, and universities, due to its affordability and durability. Furthermore, the market is experiencing growth owing to the increasing use of the product in the construction of industrial environments such as factories, warehouses, and manufacturing facilities due of its resilience to harsh chemicals and loads. For instance, according to the General Contractors Association of America, the construction industry in the USA annually constructs over USD 1.4 trillion in buildings and it is expected that the rapidly growing construction industry is going to boost revenue growth of vinyl flooring market.
Rise in demand for vinyl flooring was mostly driven by technological developments in the flooring companies. This is in line with the market's recent growth as a result of advancements in manufacturing processes that enable the production of vinyl flooring that closely resembles real materials such as stone and hardwood. Customers can now get moderately cost flooring solutions without compromising style and sophistication due to this innovation.
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However, revenue growth of the market is expected to be restrained by the fluctuating pricing of raw materials and the strict regulations restricting the utilization of Volatile Organic Compounds (VOCs). Plasticizers, glass fiber, limestone, polyvinyl chloride resins, career sheets, pigments, and trace stabilizers are a few of the raw materials that comes at a high price or continue to fluctuate. Consequently, changes in pricing have a significant effect on the total cost of manufacture for these kinds of flooring. Thus, changes in the price of raw materials are expected to impede market growth.
Segment Insights
Product Type Insights:
On the basis of product type, the global vinyl flooring market is segmented into vinyl sheets, vinyl composition tiles, luxury vinyl tiles, printed vinyl, carpets, and others. The luxury vinyl tiles segment accounted for the largest revenue share in 2022. The Luxury Vinyl Tiles (LVT), also referred to be wide plank vinyl flooring, is gaining popularity among consumers for both residential and commercial uses due to its simplicity for the installation process, durability, and resistance to water. Higher LVT features, such as comfort underfoot and resilience to stains, dents, and scratches, are replacing industry mainstays including porcelain, solid wood flooring, and engineered wood flooring, which is expected to fuel segment revenue growth.
End-Use Insights:
On the basis of end-use, the global vinyl flooring market is segmented into residential, commercial, and industrial. The commercial segment accounted for largest revenue share in 2022 and is expected to register a fastest revenue CAGR over the forecast period. Vinyl flooring has become more and more common for usage in commercial segments including businesses, homes, and other hospitality sectors owing to its ability to adapt, affordability, durability, and relatively simple maintenance. Revenue growth of the commercial segment is expected to increase since this flooring may be used in locations with high foot traffic. Commercial segments, such as hotels and retail centers, are the main consumers of these tiles because of their excellent aesthetics and cost-effectiveness.
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Regional Insights:
Asia-Pacific accounted for the largest revenue share in 2022. The high population density of the area presents significant opportunities for the development of new housing demand and infrastructure, propelling the market's expansion. The rapidly expanding infrastructure and building sectors, along with the growing trend of home renovation and refurbishment, are predicted to drive up demand for vinyl flooring in the emerging countries of India, China, and Southeast Asia. In this region, China is the largest market for construction.
A report published in 2021 by Oxford Economics estimated that China's yearly constriction productivity would increase by 14.5 percent. The development of the countries contemporary architectural structures is a result of evolving building and construction trends that are propelling the expansion of the regional product market. The region's population increase is stimulating development of single-family homes, which is boosting the entire country's market.
Europe is expected to register a significant market share over the forecast period due to a rise in demand from the region's residential usage segment for cutting-edge flooring products. Additionally, throughout the forecast period, it is expected that the highly developed industrial and service sectors in Germany, the United Kingdom, France, Italy, and Spain would increase demand for flooring goods in commercial applications.
For instance, the biggest manufacturer of wall-to-wall floor coverings in Europe for both the commercial and residential markets, Beaulieu Flooring Solutions, increased its capacity at the Russian Juteks vinyl roll facility in December 2019. This advancement resulted in improved product service in several European countries.
Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 36.20 Billion |
| CAGR (2023–2032) | 8.4% |
| Revenue forecast to 2032 | USD 80.72 Billion |
| Base year for estimation | 2022 |
| Historical data | 2020–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product type, end-use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, ASEAN Countries, Oceania, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Armstrong Flooring, Inc., Tarkett SA, Mohawk Industries, Inc., Gerflor Group, Mannington ills, Inc., Shaw Industries Group, Inc., Interface Inc., Congoleum Corporation, Forbo Holding AG, Polyflor Ltd., Beaulieu International Group, LG Hausys Ltd., Fatra A.S., Cali Bamboo, LLC, Flooret |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global vinyl flooring market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective vinyl flooring products. Some major players included in the global vinyl flooring market report are:
- Armstrong Flooring, Inc.
- Tarkett SA
- Mohawk Industries, Inc.
- Gerflor Group
- Mannington ills, Inc.
- Shaw Industries Group, Inc.
- Interface Inc.
- Congoleum Corporation
- Forbo Holding AG
- Polyflor Ltd.
- Beaulieu International Group
- LG Hausys Ltd.
- Fatra A.S.
- Cali Bamboo, LLC
- Flooret
Strategic Development
- In 2020, Armstrong Flooring, Inc. launched its premium vinyl tile flooring, Vivero. It is made to resemble real hardwood floors in both appearance and texture. The corporation also declared that it has sold its Vinyl Composition Tile (VCT) division to Mannington Mills, Inc.
- In 2021, Tarkett SA introduced a new line of vinyl flooring products under the name iD Revolution. These products are 100% recyclable and composed of recycled materials.
- In December 2021, to deliver natural-looking flooring with improved acoustic performance and durability, IVC Commercial, a Belgian flooring solutions producer and designer, created LayRed 55 LVT.
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For the purpose of this report, Emergen Research has segmented global vinyl flooring market on the basis of product type, end-use, and region:
- Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Vinyl Sheets
- Vinyl Composition Tiles
- Luxury Vinyl Tiles
- Printed Vinyl
- Carpets
- Others
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Residential
- Commercial
- Healthcare
- Hospitality
- Retail & Offices
- Others
- Industrial
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- ASEAN Countries
- Oceania
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- Israel
- Turkey
- South Africa
- Rest of MEA
- North America
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