Vinyl Floor Covering Market Size
|Study Period:||2019 - 2028|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
|CAGR:||< 8 %|
*Disclaimer: Major Players sorted in no particular order
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Vinyl Floor Covering Market Analysis
COVID-19's worldwide effect has been unprecedented and devastating, with the pandemic causing a negative demand shock across the globe. In 2020, the worldwide market will experience a significant drop of around 0.1 %. Several building construction were also halted during the pandemic, and several projects were postponed until early 2020 as a result of the imposed lockdown in various nations.
Rising demand for the product in high-traffic area construction segments such as offices and commercial spaces is likely to support market growth on global level. The product is a cost-effective alternative for wood and carpet tiles. Furthermore, superior comfort and noise control offered by these floors are expected to propel their demand in multi-story buildings over the projected period. The product is the most widely used type of resilient flooring solution. Consumers are shifting from traditional stone floorings to resilient floorings owing to their lightweight, easy maintenance, and cost-effectiveness.
Technological advancements by manufacturers to introduce self-adhesive floorings have benefited the industry growth over the past few years. A rising number of multifamily houses to accommodate the growing population is expected to have a positive impact on vinyl flooring market growth. Moreover, increasing investments by key manufacturers to offer customized product solutions in different colors, design patterns, textures, and dimensions are fuelling product penetration in the construction sector.
Vinyl Floor Covering Industry Segmentation
Vinyl flooring is a finished flooring material predominately made from a combination of limestone-based material mixed with composites of natural and synthetic polymer materials such as polyvinyl chloride and plasticizers. A complete background analysis of the Vinyl Floor Covering Market, which includes an assessment of the National accounts, economy, and the emerging market trends by segments, significant changes in the market dynamics, and the market overview is covered in the report. Vinyl Floor Covering Market is Segmented by Product (Vinyl Sheet, Vinyl Composite Tile, Luxury Vinyl Tile), by End User (Residential, Commercial), and by Geography (North America, South America, Asia-Pacific, Europe, Middle East and Africa).
|Vinyl Composite Tile|
|Luxury Vinyl Tile|
|Middle East and Africa|
Vinyl Floor Covering Market Trends
This section covers the major market trends shaping the Vinyl Floor Covering Market according to our research experts:
Luxury Vinyl Tile Segment to Remain the most Popular Category
Luxury vinyl tile is expected to remain the most popular category of vinyl flooring solutions and the segment is likely to grow at a higher CAGR, in terms of revenue, over the forecast period. Luxury vinyl tile is more durable and offers better performance in comparison to standard vinyl tiles, which offers them a competitive advantage over their counterparts. The luxury vinyl tile segment has caught the attention of consumers in the past few years owing to the availability of the product in numerous designs and textures. The introduction of digital printing technology to the flooring industry, which enables easy texture printing on these tiles, is likely to support the market growth over the projected period.
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Commercial Segment Hold the Largest Market Share
The commercial application segment accounted for the largest share of the vinyl floor market and the segment is anticipated to grow at a higher CAGR, in terms of revenue, over the forecast period. Commercial construction segments such as hotels and shopping malls are expected to be the key users of these tiles as they offer cost-effectiveness along with superior aesthetics. The rising influence of designers and architects for the use of vinyl flooring in a commercial application is expected to boost product demand. Easy cleaning and sterilization and stylish designs and slip & water resistance offered by these products are likely to propel their demand in commercial application over the projected period.
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Vinyl Floor Covering Industry Overview
The report covers major international players operating in the Vinyl floor covering market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
Vinyl Floor Covering Market Leaders
Armstrong Flooring, Inc.
Mohawk Industries, Inc.
Shaw Industries Group, Inc.
Mannington Mills, Inc.
*Disclaimer: Major Players sorted in no particular order
Vinyl Floor Covering Market News
- In 2021, Sarlon and Modul'up are two new Forbo Flooring System collections that are glued, compacted, or entirely loose placed and offer acoustic resistance. It comes in roughly 90 different patterns and colors to improve the building's dynamics.
- In 2021, For commercial end customers, Armstrong Flooring introduced three LVT collections: Biome, Terra, and Coalesce, all of which include unique diamond ten technology. The thinner profile of these three collections, with a 2.5 mm structure, reduces the amount of raw materials and energy consumed during manufacture, resulting in a 31 % reduced carbon footprint.
Vinyl Floor Covering Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights into Technological Advancements in the Industry
4.7 Impact of Covid-19 on the Market
5. MARKET SEGMENTATION
5.1.1 Vinyl Sheet
5.1.2 Vinyl Composite Tile
5.1.3 Luxury Vinyl Tile
5.3.1 North America
5.3.2 South America
5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.1 Armstrong Flooring, Inc.
6.2.2 Mannington Mills, Inc.
6.2.3 Mohawk Industries, Inc.
6.2.4 Tarkett S.A.
6.2.5 Forbo Flooring Systems
6.2.6 Shaw Industries Group, Inc.
6.2.7 Polyflor Ltd
6.2.8 Beaulieu International Group
6.2.9 Fatra a.s.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Vinyl Floor Covering Market Research FAQs
What is the study period of this market?
The Vinyl Floor Covering Market is studied from 2019 - 2028.
What is the growth rate of Vinyl Floor Covering Market?
The Vinyl Floor Covering Market is growing at a CAGR of <8% over the next 5 years.
Which region has highest growth rate in Vinyl Floor Covering Market?
Asia Pacific is growing at the highest CAGR over 2019 - 2028.
Which region has largest share in Vinyl Floor Covering Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Vinyl Floor Covering Market?
Armstrong Flooring, Inc., Mohawk Industries, Inc., Shaw Industries Group, Inc., Tarkett S.A., Mannington Mills, Inc. are the major companies operating in Vinyl Floor Covering Market.
Global Vinyl Floor Covering Industry Report
Statistics for the 2023 Global Vinyl Floor Covering market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Vinyl Floor Covering analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.