The growing incidence in the construction industry coupled with the growing demand for high standard of living are the major drivers of the market.
NEW YORK CITY, NEW YORK, USA, Sept. 19, 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.
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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
Other key findings from the report suggest
High strength, excellent water resistance and lightweight properties are propelling significant factors such as the boom in the global vinyl flooring market, which must 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.
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Segments covered in the report:
Type Outlook (Revenue, billion USD; volume, m²; 2019 – 2030)
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)
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Regional Outlook (Revenue, USD Billion; Volume, Sqm; 2019 – 2030)
The rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA
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