Global Vinyl Flooring Market is Expected to Incline at a CAGR of 6.8% from 2023 to 2033 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
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.
NEWARK, Del, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The global vinyl flooring market is expected to attain a valuation of US$ 29,885.25 million in 2023 and is projected to reach US$ 57,699.15 million by 2033 while exhibiting a CAGR of 6.8% during the forecast period. Rising construction activities and evolving lifestyles worldwide are projected to drive an increase in consumer demand for house renovation.
The global construction market has reached over US$ 12.2 trillion in 2021, leading to a surge in demand for vinyl flooring as an alternative flooring solution. The demand for vinyl flooring is notably high and continues to grow, with individuals increasingly investing in home renovation and enhancement. Increasing disposable income is empowering individuals to elevate their lifestyles and invest in luxurious housing.
Consumers perceive well-decorated rooms as a symbol of status, prompting them to explore various flooring solutions like vinyl flooring to enhance their social image. Social media plays a significant role in influencing consumers, encouraging them to invest in housing renovations. On platforms like social media, do-it-yourself (DIY) home improvement projects often promote easily installable, low-maintenance, and cost-effective solutions that create a homely atmosphere.
The anticipated demand for vinyl flooring as a favored flooring solution in home renovation stems from the increasing interest in modernizing home spaces with user-friendly appliances. The adoption of advanced production techniques has improved the performance, design, and installation of vinyl flooring, providing higher resolutions and sharper textures.
The market is poised for revenue growth, supported by technological advancements like self-adhesive tiles, loose lay planks, interlocking planks and tiles, and glue-down tiles, simplifying the installation process. The thriving construction industry and growing interior design activities in emerging economies are also expected to have a positive impact on market growth. The regeneration of urban areas and the creation of smart cities demand newly developed flooring materials, further driving the revenue growth of the vinyl flooring market.
Key Takeaways from the Market Study
The market in China is expected to expand at a CAGR of 7% during the forecast period.
The United States is anticipated to procure over 14.6% market share in 2023.
By product type, the sales of printed vinyl flooring are projected to increase at a CAGR of 7.2% during the forecast period.
“Thriving construction industry and increasing interior design activities is expected to boost market growth during the forecast period,” comments by Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Major players in the vinyl tiles market are actively involved in designing and developing new products with distinctive features to enrich their portfolios and broaden their global consumer base. Additionally, certain companies are emphasizing the reinforcement of their retail networks and the establishment of well-structured supply chains to effectively reach their customers.
Some recent developments in the vinyl flooring market are:
In December 2021, Belgium-based flooring solutions designer and manufacturer, IVC Commercial, introduced LayRed 55, an LVT (Luxury Vinyl Tile) that offers natural-looking flooring along with enhanced acoustic performance and durability.
Forbo Flooring Systems launched the Sarlon and Modul'up collections in January 2021, providing acoustic resistance and versatile installation options, including compact, glued, or fully loose-laid.
On May 30, 2022, EGGER's GreenTec made an announcement regarding the launch of a new flooring range in Australia, aiming to challenge conventional flooring and laminate flooring perceptions.
In May 2021, United States-based renowned flooring product manufacturer, Armstrong Flooring, unveiled three luxury flooring collections named Coalesce, Terra, and Biome.
Key Companies Profiled
Tarkett
AFI Licensing LLC
Mohawk Industries Inc.
Forbo Group, C.I.
TAKIRON Corporation
Responsive Industries Ltd.
TOLI Corporation
Shaw Industries Group, Inc.
JAMES HALSTEAD PLC
Interface Inc.
Mannington Mills, Inc.
Gerflor
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global vinyl flooring market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the vinyl flooring market, the market is segmented on the basis of format, product type, application, and region.
Key Segments Profiled in the Vinyl Flooring Industry Survey
By Format:
Sheet
Plank
Tile
By Product Type:
Inlaid
Printed
By Application:
Residential
Commercial
Healthcare
Hospitality
Retail & Offices
Others
Industrial
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa
About the Chemicals & Materials Division at Future Market Insights
The chemical & materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authors by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
