Vinyl Flooring Market Size Worth $73 Billion By 2030: IndustryARC
HYDERABAD, India, Feb. 20, 2023 /PRNewswire/ — The Global Vinyl Flooring Market size is predicted to reach $73 billion by 2030, growing at a CAGR of 8.2% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The surging demand for waterproof, stain-resistant and slip-resistant floor coverings and higher utilization of vinyl flooring solutions to enhance the comfort level and aesthetics are poised to propel the market growth, finds IndustryARC in its recent report, titled “Vinyl Flooring Market Size, Share & Trends Analysis Report By Product Type [Vinyl Sheets, Vinyl Tiles (Luxury Vinyl Tiles), Vinyl Planks (Luxury Vinyl Planks)], By Production Process (Inlaid, Printed), By Components (Polyvinyl Chloride Resins, Plasticizers, Trace Stabilizers, Pigments, Others), By End-Use (Residential, Non-Residential (Commercial/Industrial)), By Region and Segment Forecasts, 2023–2030”
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North America to Register Highest Growth:
The Vinyl Flooring industry in this region is expanding due to the rise in demand for low-maintenance and lightweight materials within the residential sector. Additionally, North America is home to many developed economies that has a strong presence of major manufacturers who continuously invests in new and innovative product launches and developments that are the major factors propelling the market growth in this region.
For instance, in June 2022, AHF introduced a new Vinyl Based Tile (VBT) for commercial installations which will offer low maintenance and lifecycle costs of the flooring and also enhance the overall life of the flooring owing to its scratch, stain, and scuff resistance.
Vinyl Flooring Market 2023-2030: Segmentation
By Product Type
· Vinyl Sheets
· Vinyl Tiles (Luxury Vinyl Tiles)
· Vinyl Planks (Luxury Vinyl Planks)
By Production Process
· Polyvinyl Chloride Resins
· Trace Stabilizers
· Non-Residential (Commercial/Industrial)
· North America
· South America
· Rest of the World
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Vinyl Flooring Market Report – Key Takeaways:
- Better Durability and Performance of LVTs
The Luxury Vinyl Tiles segment had more than one third of the market share in 2022. Luxury Vinyl Tiles are available in numerous designs and textures and they also provide better durability and performance in comparison to standard tiles, which is responsible for the largest share of this segment. For instance, Amtico Flooring provides LVT options in their signature design blue and grey which comes with angular line pattern. Such unique products drive the demand for LVTs during the forecast period.
- Printed Production Process to Register Highest Growth
Printed production process is analyzed to grow with the highest CAGR of 8.5% during the forecast period. The availability of LVT products in numerous textures and designs creates high demand among the consumers. Parquet patterns and classic trellis designs can be perfectly aligned in vinyl rolls and sheets which is responsible for this growing demand for printed vinyl floorings.
- Asia Pacific is Leading the Market
Asia Pacific region held a major market share of 35% in 2022. The strong presence in this region can be attributed to the exponential growth of the construction industry and the demand for vinyl flooring in residential and commercial projects. For instance, in March 2021, the Indian Parliament passed a bill to create a $2.5 billion development finance institution called National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India. Such projects will further drive the demand for Vinyl Flooring solutions in this region thereby expanding the market.
- Burgeoning Opportunities in Neutral and Light Colour Tiles
Neutral and light colours on the vinyl tiles, sheets and planks are going to create growth opportunities for the market during the forecast period. They are able to replicate the exact look of wood and stone which generates high demand within commercial and residential spaces. In December 2021, IVC Commercial launched an LVT called LayRed 55 to provide natural-looking flooring with added acoustic performance and durability.
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Key Opportunity Analysis:
Evolving Home Decor Concept
Vinyl Flooring is extensively used in the residential sector owing to its durability and wear and tear resistance. Rising residential construction all around the world and evolving concept of home decor are fuelling the vinyl flooring industry.
On December 20, 2022, The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced that approximately 1,490,000 new housing constructions were completed in November. Such growing residential construction boosts the Vinyl Flooring Market Growth.
High Demand for Digitally Printed Vinyl Flooring Carpets
Digitally printed patterns in vinyl flooring tiles and carpets are rapidly growing in demand in comparison to natural and authentic classic carpets and tiles. Kitchens and bathrooms, where creative flooring thrives, are primed to benefit from this integration of decorative and patterned vinyl floorings and thereby boosting the market growth. The price of these patterned floorings starts as low as $2/square meter, as a result, this cost-effectiveness also helps expand the market size.
The Emergence of SPC Flooring
Stone Polymer Composite Vinyl flooring is widely being deployed on floors with high foot traffic such as hotels and offices. This is more rigid than the traditional vinyl as its core is made out of limestone and stabilizers. SPC Vinyl floors are also perfectly resistant to changes in temperature, humidity and shock impacts.
According to FC News, SPC generated $3.845 billion in sales in 2021 which is estimated to be approximately 2.047 billion square feet of the area where they were installed. Such dominance further positively influences the Vinyl Flooring industry outlook.
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The Report also Covers the Following Areas:
- Vinyl Flooring Market Size and Forecast
- Vinyl Flooring Market Trends
- Vinyl Flooring Market Analysis by Product Type
Vinyl Flooring Market 2023-2030: Key Highlights
- CAGR of the market during the forecast period 2023-2030
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Vinyl Flooring Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Vinyl Flooring Market
Covid and Ukrainian Crisis Impact:
A decline in residential construction due to covid-19 pandemic due to fluctuations in the availability of raw materials and shortage of workforce significantly hampered the Vinyl Flooring industry. 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. Lately the vinyl flooring market is catching up to its full potential after the pandemic. For instance, according to American Society of Home Inspectors, around 45% of people started working remotely from home. Many people converted unfinished basements or spare bedrooms into home offices which have led to increased adoption of Vinyl flooring solutions.
The supply chain disruption due to the Russia–Ukraine war has impeded the Vinyl Flooring Market growth. The disruption has increased freight charges, created container shortages and lowered the availability of warehousing space. This has resulted in inflationary issues in the aftermarket.
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List of Key Market Players in Vinyl Flooring Market:
The Global Vinyl Flooring Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- Mohawk Industries Inc.
- Tarkett S.A.
- Armstrong World Industries Inc.
- Shaw Industries Inc.
- Mannington Mills Inc.
- Gerflor Group
- Forbo Group
- Beaulieu International Group
- Interface Inc.
- Polyflor Ltd
- Responsive Industries Ltd.
- AFI Licensing LLC
- C.I. TAKIRON Corporation
- JAMES HALSTEAD PLC
- TOLI Corporation
Industrial Flooring Market – Industrial Flooring market is projected to grow at a CAGR of 5.5% from 2023 to 2030, owing to a rise in construction projects, expansion of oil and gas activities in Asia pacific and North America, and rising industrialization.
Flooring Market – The Flooring market is projected to grow at a CAGR of 6.1% during the forecast period from 2023 to 2030. The growth of the flooring market is mainly attributed to its wide-ranging applications across various residential and construction sectors. Growing demand for flooring material in the rising residential sector is anticipated to drive the growth of the market.
Construction Flooring Chemicals Market – The Construction Flooring Chemicals Market size is growing at a CAGR of 4.2% during the forecast period. It is due to the increasing growth of millennials and nuclear families as well as a rise in their disposable income towards capability in purchasing residential apartments in emerging markets is expected to promote the usage of such Construction flooring chemicals.
Resilient Flooring Market – The Resilient Flooring Market is growing at a CAGR of 6.5% during the forecast period. It is due to the rise in construction activities resulting from rapid industrialization and urbanization. Renovation and remodelling incidences are also fuelling the market growth during the forecast period.
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Mr. Venkat Reddy
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