The global vinyl flooring market size is expected to showcase exponential growth by reaching USD 51.45 billion by 2028 while exhibiting a CAGR of 6.8% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Vinyl Flooring Market, 2021-2028.” The report further mentions that the market stood at USD 30.61 billion in 2020. The increasing focus on the development of residential buildings and the growing demand for advanced healthcare facilities worldwide is anticipated to boost the product’s demand during the forecast period.
The drastic effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. The lockdown imposed by the government agencies has led to several industries facing halted industrial operations. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
Market Segmentation:
Based on type, the market is trifurcated into vinyl sheets, vinyl tiles, and luxury vinyl tiles. On the basis of end-use the market is bifurcated into residential and non-residential.
- Based on end-use, the non-residential segment is expected to hold a significant global vinyl flooring market share during the forecast period. This is owing to the increasing demand for advanced offices and healthcare centers globally that will bode well for the segmental growth.
Finally, based on region, the market is divided into Europe, North America, South America, Asia-Pacific, and the Middle East and Africa.
REGIONAL INSIGHTS
Among all the regions, Asia-Pacific is expected to dominate and hold the highest position in the market during the forecast period. This is due to the rapid-paced urbanization in countries such as India and China that has led to the surge in renovation activities of residential and commercial buildings propelling the demand for innovative vinyl floorings.
The market in North America is expected to experience considerable growth backed by the increasing focus on the enhancement of commercial buildings such as offices, schools, and healthcare institutions in countries such as the U.S.
COMPETITIVE LANDSCAPE
The market is consolidated by the presence of major companies spread across the globe. These companies are focusing on developing and introducing innovative vinyl flooring products to gain a competitive edge over their rivals. Moreover, other key players are adopting strategies such as the introduction of new products, partnerships, and collaboration to maintain their strongholds that will favor market growth.
Industry Development:
- May 2021 – Armstrong Flooring announced the launch of its 3 new LVT collections such as Coalesce, Terra, and Biome. These collections are patented with diamond ten technology and are available for commercial purposes. Moreover, these products consist of 29% of recycled content.
List of the Companies Profiled in the Global Market:
- Armstrong Flooring, Inc. (U.S.)
- Forbo Flooring Systems (The Netherlands)
- Mohawk Industries, Inc. (U.S.)
- Tarkett S.A. (France)
- Mannington Mills, Inc. (U.S.)
- Shaw Industries Group, Inc. (U.S.)
- LG Hausys (South Korea)
- Gerflor (France)
- Interface, Inc. (U.S.)
- Polyflor Ltd (U.K.)
Information Source: https://www.fortunebusinessinsights.com/vinyl-flooring-market-103059
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