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The global vinyl flooring market size was USD 30.61 billion in 2020 and is projected to grow from USD 32.37 billion in 2021 to USD 51.45 billion in 2028 at a CAGR of 6.8% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The global impact of COVID-19 has been unprecedented and staggering, with the product witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of 0.1% in 2020.
Vinyl flooring is a major resilient flooring used in the construction industry. This flooring type is comparatively easier to maintain, offers more moisture-resistant, and is more durable than other flooring solutions. The use of vinyl floor coverings to enhance interior looks, aesthetics, and comfort underfoot in several residential and commercial structures will drive the market. Additionally, the inclination of consumers towards sustainable flooring solutions will surge product consumption globally. The adoption of slip-resistant, stain-resistant, and waterproof floor coverings in residential houses and buildings and commercial and healthcare facilities will provide growth opportunities to the market.
Decline in Construction Activities during COVID-19 Pandemic to Hamper Market
The COVID-19 pandemic has restricted several construction activities globally. The fluctuations in availability and supply of raw materials and shortage of contractor workforces have delayed the existing and new construction plans. The construction projects in early 2020 were postponed due to the lockdown restrictions in different countries, including China, India, Japan, and the U.S. According to the U.S. Chamber of Commerce Study, about 85% of contractors faced delays in construction work in July 2020 due to the pandemic. This reduced the demand for vinyl flooring around the globe. However, the contractors also reported a drop in their project delays from 40% in April to 26% in July. These contractors also stated that the U.S. market would showcase new business opportunities in the coming year. Furthermore, the government plans and investments in constructing healthcare and medical facilities within a short duration of time are expected to create such flooring products.
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Surging Demand for Luxury Vinyl Tiles (LVTs) from Construction Industry to Drive Market Growth
The flooring sector has evolved beyond recognition owing to emerging technologies and the increasing use of specialized machinery. This has led to the demand for long-lasting industrial and commercial LVTs. This vinyl flooring type can remain intact for up to 25 years or twice the duration of other quality floorings. LVTs reduce replacement cost and material wastage thus, meet environmental and sustainability objectives. This type is mainly used in commercial sectors such as retail, offices, and hospitality. It is also a low-maintenance flooring solution as it is easy to clean and has superior properties, including water and slip resistance. Hence, this flooring type is highly preferred in healthcare and educational buildings. Moreover, the shock-absorbent property and cushion effect of LVTs has surged its use in constructing sports surfaces, fitness centers, and gymnasiums during the forecast period.
Rapid Growth in Residential Buildings to Drive Market
The rise in the disposable income of consumers over the past few years has enabled them to modify their lifestyle and invest in luxurious housing projects or renovation and remodeling of their existing houses. The rise in demand for housing maintenance is anticipated to boost the global vinyl flooring market growth during the forecast period. The use of flooring solutions in residential buildings enhances the aesthetic appeal and provides durability and comfort. Furthermore, consumers perceive that an appropriately decorated home symbolizes their status. This has led to them adopting innovative flooring solutions, including vinyl flooring, to uplift their social image. These floorings are suitable for living rooms, bedrooms, kitchens, laundry rooms, bathrooms, and basements. All these factors are projected to drive the product’s demand in the residential construction areas.
Fluctuations in Prices of Raw Materials is Likely to Hinder Market Growth
The raw materials include polyvinyl chloride resins, plasticizers, limestone, glass fiber, career sheet, pigments, & trace stabilizers. The costs of these materials are either high or remain to fluctuate. The cost of raw materials accounts for nearly 50% of the total expenditure of the plant. Therefore, fluctuations in the prices create a huge impact on the overall manufacturing cost of these types of flooring. Hence, raw material price fluctuations are anticipated to hamper the market growth.
Luxury Vinyl Tiles Segment to Witness Fastest-Growth during the Forecast Period
Based on type, the market is classified into vinyl sheets, vinyl tiles, and luxury vinyl tiles.
The luxury vinyl tiles segment is expected to hold the largest share due to its long-lasting durability and higher moisture resistance. Shifting consumer preference towards interior designing, renovation, ad remolding to change the building appearance will boost the consumption of LVTs in residential and commercial buildings.
The vinyl sheet segment held a significant share in the market. The rising demand for thin floor coverings offering resistance to mold spills and moisture from retail and commercial facilities is expected to drive the usage of vinyl sheets during the forecast period.
Vinyl tiles are gaining importance from application areas where occasional spills are the main concern. The easy installation and availability at a lower cost contribute to the growing use of this type of flooring in non-residential buildings.
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Non-Residential Segment to Account for the Major Share during the Forecast Period
In terms of end-use, the market is segmented into residential and non-residential.
The non-residential segment is expected to hold a significant share in the market. The growth of this segment is associated with the rising urbanization and enhancement of commercial and retail spaces. Additionally, the rising need for hospitals, healthcare centers, and offices will surge the key market growth in the non-residential segment.
The increasing renovation and remodeling activities in residential houses and buildings to enhance the living spaces will surge the growth of vinyl flooring from the residential segment.
Asia Pacific Vinyl Flooring Market Size, 2020 (USD Billion)
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The market size in Asia Pacific stood at USD 10.17 billion in 2020. The region is expected to showcase exponential growth owing to the progress of the construction industry and planned projects in leading countries such as China and India. Moreover, the rising urbanization has raised the adoption of renovation in commercial and residential buildings leading to the demand for vinyl flooring in this region. China was the largest product-consuming country in the region in 2020. The growth in the country is due to the rising need for enhancing housing interiors, along with the increasing construction of multistory buildings.
The increasing usage of vinyl floor coverings in non-residential buildings is expected to surge the growth of the market in Europe. Moreover, a high preference for luxurious houses is expected to boost the market in Europe.
In North America, the need for enhancing commercial facilities, including offices, hospitals, and schools, is driving the market growth. Furthermore, demand for durable and easy-to-install floor coverings supports the market growth in the region.
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The increasing preference for cost-effective floorings from building contractors of South America, and the Middle East and Africa shall provide substantial growth opportunities during the forecast period. Besides, the rise in large construction projects in these regions to advance living is expected to drive the vinyl flooring usage during the forecast period.
Key Players Focus on New Product Launch to Strengthen Their Market Positions
The key players in the market, such as Armstrong Flooring and Forbo Flooring Systems, have launched new flooring collections to strengthen their product portfolio. This enables them to offer their customers a wide range of options to choose from. The development of sustainable products is the key aspect adopted by the leading companies. Hence, these companies have invested ample resources in the R & D of recycled and bio-floor coverings. For instance, in 2019, Tarkett developed BIOVYN using bio-attributed ethylene that is derived from non-food biomass. A wide range of product portfolios and superior production facilities will allow the companies to strengthen their position in the market.
An Infographic Representation of Vinyl Flooring Market
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The global vinyl flooring market research report provides a comprehensive and in depth analysis of the product and focuses on crucial aspects such as the competitive landscape, types, and end-use. The market report also includes country-level data for end-users. Additionally, the report covers market trends, market dynamics, and key industry developments. Furthermore, the report provides various factors that have led to market growth over recent years.
Value (USD Billion) and Volume (Bn Sq m)
Type; End-Use; and Geography
Fortune Business Insights says that the global market size was USD 30.61 billion in 2020 and is projected to reach USD 51.45 billion by 2028.
In 2020, the market size stood at USD 30.61 billion.
Registering a rapid CAGR of 6.8%, the market will exhibit sizeable growth during the forecast period (2021-2028).
The luxury vinyl tiles segment is expected to lead this market during the forecast period.
The rapidly growing need for residential buildings is expected to drive the market.
Armstrong Flooring, Inc., Forbo Flooring Systems, and Mohawk Industries, Inc. are the major players in this market.
Asia Pacific held the highest market share in 2020.
The increasing demand for luxury vinyl tiles from building contractors and rapid-paced urbanization are few factors driving the adoption of vinyl floorings.
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