New York (US), April 06, 2023 (GLOBE NEWSWIRE) -- Vinyl Flooring Market Overview
The MRFR analysis reports predict that the Vinyl Flooring Market Research Report, by Product, Region, and Application- Forecast Till 2030, the global market for Vinyl Flooring is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 8.02%. The reports anticipate the market acquiring a USD 68.36 billion valuation by the end of 2030. As per the reports, the market was worth around USD 36.87 Billion in 2022.
Market Scope
Vinyl flooring refers to the resilient flooring widely utilized in the construction industry. The flooring material is made using a combination of limestone-based material and composites of natural and synthetic polymer materials like polyvinyl chloride and plasticizers. This flooring is easy to maintain, provides more moisture resistance, and is more durable than the other flooring solutions. Vinyl floor coverings are utilized to improve aesthetics, interior looks, and comfort underfoot in several residential and commercial structures. The global market for Vinyl Flooring has displayed massive development in recent times. The main parameter supporting the market's development is its beneficial features, such as cost-effectiveness, low weight, and easy maintenance given to which consumers are switching their lifestyle from traditional stone floorings to resilient floorings. Furthermore, infrastructure development in several sectors such as education, healthcare, healthcare, industrial automotive, and the rise in residential construction & homeowners' are also projected to influence the market's development over the coming years positively.
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Competitive Analysis
The listing of the prominent leaders across the global market for Vinyl Flooring includes players such as:
- Polyflor Limited
- Gerflor Group
- Mohawk Industries
- Mannington Mills Inc
- Armstrong Flooring Inc
- Tarkett Group
- Shaw Industries Group Inc
- Interface Inc
- Toli Floor Corporation
- Congoleum Corporation
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 68.36 Billion |
| CAGR | 8.02% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing purchasing power Cost-effectiveness and environment-friendly nature |
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Market USP Covered
Market Drivers
The global market for Vinyl Flooring has displayed massive development in recent times. The main parameter supporting the market's development is its beneficial features, such as cost-effectiveness, low weight, and easy maintenance, to which consumers are switching their lifestyle from traditional stone floorings to resilient floorings. Furthermore, infrastructure development in several sectors such as education, healthcare, healthcare, industrial automotive, and the rise in residential construction & homeowners' are also projected to influence the market's development over the coming years positively.
The availability of multilayer flooring products is a vital innovation in the vinyl flooring industry. The market is expanding by multilayer flooring goods such as wood plastic composite, hardcore, and other hybrid flooring solutions mainly made using vinyl. Multilayer flooring offers stronger resilience to temperature and humidity change, which helps residential flooring. It needs less labor and money to manufacture before installation, which is also projected to cause a rise in the market performance over the assessment period. The rapidly growing construction sector is also likely to contribute to the expansion of the market over the assessment period.
Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the high installation cost.
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COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Vinyl Flooring market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Segment Analysis
Among all the products, the Luxury Vinyl tiles segment is predicted to ensure the top position across the global market for vinyl flooring over the review era. The preference for soft covering, along with the changing consumer preferences towards low-maintenance flooring solutions, are the prime aspects supporting the development of the segment.
Among all the application areas, the non-residential application segment is projected to ensure the top position across the global market for vinyl flooring over the review era. The segment's growth is ascribed to the factors such as superior aesthetics, cost-effectiveness, and the growing influence of designers & architects.
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Regional Analysis
The global market for Vinyl Flooring is analyzed across five major geographies: North America, Latin America, the Middle East & Africa, Europe, and Asia-Pacific.
The MRFR analysis reports suggesting that the Asia-Pacific region is predicted to ensure the top spot across the global market for Vinyl Flooring over the assessment era. The main parameter supporting the development of the regional market is the evolving consumer tastes that call for product variety. Furthermore, factors such as improved designs, demand for the commodity, and development of contemporary architectural structures are also projected to boost the regional market's development over the review era.
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