The vinyl flooring market is predicted to grow at a healthy CAGR between 2016- 2022, states the recent Market Research Future (MRFR) analysis. Vinyl flooring is a widely used finished flooring material that is made of limestone-based material that is mixed with composites of synthetic and natural polymer materials like plasticizers and polyvinyl chloride. It is cost-effective and has excellent features like design possibilities, flexible handling, and durability that make it ideal for use in houses, offices, schools, and hospitals. Vinyl sheets, printed vinyl, luxury vinyl tiles, carpets, and others are the different types of vinyl flooring.
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Various factors are propelling the global vinyl flooring industry share. According to the recent MRFR report, such factors include the growing demand for lightweight, cost-efficient, and low maintenance materials in residential construction, development of infrastructure in different sectors like industrial automotive, education, and healthcare, booming construction activity, rising purchasing power, and eco-friendly and cost-effective nature. Additional factors fuelling market growth include the growing attention for aesthetic value, availability on different varieties in different shapes, availability of innovative design flexibility and graphic film layers, alluring features such as ease of maintenance, low cost, and durability, increasing adoption in high-traffic area construction segments like commercial spaces and offices, increase in remodeling and renovation activities, rapid urbanization and industrialization, increasing investments in the construction sector, growing population, and the growing emphasis on interior decoration.
On the contrary, fluctuation in raw material prices and the on-going COVID-19 impact may limit the global vinyl flooring market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global vinyl flooring market based on product and application.
By application, the global vinyl flooring market is segmented into non-residential and residential. Of these, the residential applications segment will lead the market over the forecast period.
By product, the global vinyl flooring market is segmented into vinyl sheets, printed vinyl, luxury vinyl tiles, carpets, and others. Of these, the luxury vinyl tiles will dominate the market over the forecast period.
Regional Analysis
Based on the region, the global vinyl flooring market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, the Rest of the World (RoW). Of these, the APAC region will have the lions share in the market over the forecast period. People’s changing preference and lifestyle, booming construction industry, growing population, development of infrastructure, new housing demand, and the presence of strong economies such as Japan, China, and India are adding to the global vinyl flooring market growth in the region.
The global vinyl flooring market in North America is predicted to have healthy growth over the forecast period. Government initiatives and regulations to promote eco-friendly housing, demand for eco-friendly houses, and established construction industry are adding to the global vinyl flooring market growth in the region. Canada the USA have a maximum share in the market.
The global vinyl flooring market in Europe is predicted to have sound growth over the forecast period. The UK, Germany, and France have a maximum share in the market.
The global vinyl flooring market in the MEA is predicted to have small growth over the forecast period due to lack of technological advances, lack of education, poor countries, and lack of awareness.
Key Players
Key contenders profiled in the global vinyl flooring market report include Polyflor Ltd, Interface, Inc., TOLI Floor Corporation, Tarkett Group, Shaw Industries Group Inc., Mannington Mills Inc., Armstrong Flooring Inc., Gerflor Group, and Mohawk Industries Convenience, among others. Industry players have incorporated several strategies to stay at the forefront, such as mergers, acquisitions, collaborations, and more.
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