Vinyl Flooring Market Size Expected To Reach USD 61.15 Billion By 2030 | Reports and data

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Reports and data

Vinyl Flooring Market Size USD 33.10 Billion in 2021, growing at a CAGR of 6.9%, Trends – The increase in the trend of high-end customer lifestyle.

NEW YORK CITY, NEW YORK, USA, June 15, 2022 /EINPresswire.com/ — The vinyl flooring market is expected to reach USD 61.15 billion by 2030. Growing demand is anticipated by factors such as that the high strength, excellent water resistance, and lightweight properties offered by the product are expected to drive its demand over the forecast period in both residential and commercial construction projects. These products are commercially available in various colors, textures and design patterns and have attracted the attention of consumers in the past two years. In addition, the product is increasingly recognized by middle-class consumers due to its visual resemblance to concrete, natural stone and parquet products and its very low cost. Luxury vinyl tiles are expected to experience a remarkable growth rate due to the affordability of the product, low maintenance, excellent water resistance and easy to clean properties.

Vinyl flooring, due to its low noise level and ease of maintenance, is considered ideal for high traffic applications such as restaurants, cafes and offices. Technological advancements in the industry to introduce easy to install self-adhesive flooring products can lead to high demand for flooring products. In particular, demand in the residential segment is expected to be high. The primary end user of vinyl tiles, due to their superior aesthetic appeal, is expected to be non-residential areas such as shopping malls and hotels.

Aesthetic design and ease of maintenance are features that are expected to boost the popularity of wood flooring and laminate flooring. Advances in construction and printing techniques have increased the popularity of laminate floors and made them more popular around the world. Technological advancements in the field of wood flooring have ultimately contributed to the increase in demand for the products.

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Some highlights of the report

High strength, excellent water resistance and lightweight properties propel significant factors such as the boom in the global vinyl flooring market which is bound to lead to increased penetration of the product in residential applications. The added environmental benefits help optimize the growth of this field. Companies are developing advanced technologies for vinyl flooring.
The luxury vinyl tile segment will grow 9.0% in terms of revenue at the fastest CAGR during the forecast period.
In the commercial application market segment, vinyl flooring dominated the market with a revenue share of over 65.1%: the hospitality, institutional and office segments generated the majority of the request.
All major industry players have invested heavily in R&D projects in recent years and have resulted in several innovative products. The major players are looking to enrich their product portfolio through strategic mergers and purchases of SMEs. Thus, the intense rivalry between the players is anticipated in the years to come.
In January 2019, Genflor launched a new range of LVT – Luxury Vinyl Tile and Planks, Creation 30 and Creation 55. A variety of LVT with over 35 unique colors and designs are available. There are also ten tile and plank formats.

Major participants include Armstrong World Industries Inc., Mannington Mills Inc., Forbo, Boral Limited, Brumark Corporation, Mohawk Industries, Inc., Beaulieu International Group, Tarkett, Shaw Industries Group, Gerflor Group Inc., Interface, among others.

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Type Outlook (Revenue, billion USD; volume, m²; 2019 – 2030)

vinyl sheets
Vinyl tiles
Luxury Vinyl Tiles

Material Outlook (Revenue, USD Billion; Volume, Sqm; 2019 – 2030)

Composite Wood Plastic
Stone Plastic Composite

End-Use Outlook (Revenue, USD Billion; Volume, Sqm; 2019 – 2030)

Residential
Commercial
Industrial

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Global Vinyl Flooring Market is segmented into:

North America (United States, Canada, Mexico)
Europe (Italy, UK, Germany, France, Rest of Europe)
Asia-Pacific (China, India, Japan, South Korea, Australia, rest of APAC)
Latin America (Chile, Brazil, Argentina, Peru, rest of Latin America)
Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of MEA)

Key questions addressed in the report:

What are the dominant factors influencing the growth of the industry?
During the forecast period, which market segment is expected to grow the most?
What are the risks and challenges facing the industry?
In the coming years, which area is expected to dominate the market?
Who are the main market players?
What kinds of strategic business plans have they developed?

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