Vinyl Flooring Market to Hit $51.45 Billion by 2028; High Demand for Luxury Vinyl Tiles Worldwide to Stimulate Growth

The global vinyl flooring market size is expected to experience significant growth by reaching USD 51.45 billion by 2028. Fortune Business Insights published this information in its report, titled “Vinyl Flooring Market Size, Share & COVID-19 Impact Analysis, By Type (Vinyl Sheets, Vinyl Tiles, and Luxury Vinyl Tiles), By End-Use (Residential and Non-Residential), and Regional Forecast, 2021-2028.” The report further observes that the market stood at USD 30.61 billion in 2020 and is projected to exhibit a CAGR of 6.8% between 2021 and 2028.

Shaw Industries Invests USD 20 Million to Expand its Flooring Manufacturing Facility in the U.S.

In August 2020, Shaw Industries Group, Inc., announced the expansion of its manufacturing facility at Ringgold, Ga. The company is expected to invest around USD 20 million in a three-phased expansion plan that will create about 55 new jobs at the facility. The company has commenced manufacturing LVT at this state-of-the-art facility. The growing demand for flooring solutions presents a lucrative opportunity for the company to consolidate its position in the U.S. Shaw has been continuously evolving itself through strong sourcing partnerships, innovating manufacturing solutions, and robust distribution networks. This is expected to positively impact the global market during the forecast period.

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https://www.fortunebusinessinsights.com/vinyl-flooring-market-103059

Increasing Demand for Premium Vinyl Sheet Products to Propel Growth

The construction sector is witnessing massive strides in the adoption of modern technologies. The growing use of specialized machinery and long-lasting commercial flooring products has led to high demand for premium products amongst customers worldwide. Luxury vinyl tiles (VTLs) have found a high demand owing to their several benefits such as high durability, lower replacement cost, and low material wastage. Besides, the manufacturers are introducing flooring tiles with a lower carbon footprint that is expected to contribute to the global vinyl flooring market growth during the forecast period.

Facility Expansion by Major Companies to Expand Their Product Portfolio

The global market for vinyl floorings is fragmented by the presence of major companies striving to maintain a stronghold by expanding their facilities to cater to the growing demand from industrial applications such as construction, healthcare, and others. In addition to this, the adoption of strategies such as merger and acquisition, collaboration, and partnership by other key players is anticipated to favor the growth of the market.

Industry Development

• February 2021 – Armstrong Flooring introduced two luxury flooring collections, Theorem and Exchange, equipped with diamond 10 technology. These products offer resistance to scratch, stain, and scuff. 

List of the Companies Profiled in the Global Market:

• Armstrong Flooring, Inc. (U.S.)
• Forbo Flooring Systems (Netherlands)
• Mohawk Industries, Inc. (U.S.)
• Tarkett S.A. (France)
• Mannington Mills, Inc. (U.S.)
• Shaw Industries Group, Inc. (U.S.)
• LG Hausys (South Korea)
• Gerflor (France)
• Interface, Inc. (U.S.)
• Polyflor Ltd. (U.K.)

Further Report Findings:

• Asia Pacific is expected to remain at the forefront and hold the largest global vinyl flooring market share in terms of revenue during the forecast period. This is owing to the increasing consumption of flooring tiles in countries such as China. Moreover, the increasing focus on enhancing housing interiors in the regional countries will propel the product’s demand during the foreseeable future. The region stood at USD 10.17 billion in 2020.
• The Middle East and Africa region is experiencing exponential growth backed by the growing preference for cost-effective flooring solutions. In addition, the commencement of large construction projects across several Middle East countries is expected to surge the demand for advanced vinyl floorings between 2021 and 2028.
• Based on end-use, the non-residential segment is expected to showcase exponential growth in the market in the forthcoming years. This is due to the rising government initiatives to develop innovative retail and commercial spaces that will boost the adoption of these floorings worldwide.

Table of Segmentation: