Vinyl Flooring Market Sales to Top USD 68.36 Billion in Revenues by 2030 at a CAGR of 8.02%
Research Reports
Mar 16, 2023
According to a recent study report published by Market Research Future, the global Vinyl Flooring market was valued at USD 36.87 Billion in 2022. The Vinyl flooring industry is projected to grow from USD 40.80 Billion in 2023 to USD 68.36 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.02% during the forecast period (2023 – 2030).
Vinyl flooring is a type of finished flooring that is mostly created by combining a limestone-based material with mixtures of synthetic and natural polymers, including plasticizers and polyvinyl chloride. It is a hardy, resilient flooring generally utilized in residential and commercial construction applications. Other reasons contributing to the market’s expansion include the improvement of infrastructure in several industries, including healthcare, education, industrial automobile, and others, as well as the rise in residential buildings and homeownership. The better qualities of vinyl sheets and composite tiles are water resistance and slip resistance. These are employed in construction projects for healthcare and educational facilities since they are very simple to clean.
Expanding infrastructural development activities along with the improving economic conditions worldwide majorly drive market growth. Moreover, properties that Vinyl Flooring offers like waterproofing, microbial protection adding a dash to the decorative finish are pushing the market growth. This is backed by the rising urbanization in developing economies like India and China coupled with increasing commercial facilities are generating growth opportunities for the Vinyl Flooring market.
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Despite offering the range of advantages, Vinyl is still not all that safe to the environment. For instance, it’s manufacturing process that demands and non-renewable natural resources like petroleum /natural gas. Besides some toxic chemicals used in the process can cause a toxic gassing post installation releasing VOC into the proximity further leading to the eye irritation, asthmatic conditions and respiratory problems. However, technological advancement are expected to present a more sustainable and ecological approach to the production processes further presenting Vinyl as an eco-friendly product in the recent future. This will certainly allow vinyl to upsurge rapidly garnering more attention and prominence in the global market.
Market Competitive Landscape:
- Mohawk Industries
- Shaw Industries Group Inc.,
- Tarkett Group,
- Convenience
- Gerflor Group,
- Armstrong Flooring Inc.,
- Mannington Mills Inc.,
- TOLI Floor Corporation,
- Interface, Inc.,
- Polyflor Ltd
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Market Segmentation
Based on product, the market includes vinyl sheets, luxury vinyl tiles, carpets, and printed vinyl.
Based on application, the market includes residential and non-residential.
Vinyl Flooring Market – Regional Analysis
Asia Pacific is the largest market for Vinyl Flooring further projected to dominate the global market. The burgeoning construction/ Real estate market coupled with the changing lifestyle & consumer preference attributes to the market growth. Similarly increasing population in the region defines the significant landscape for infrastructure development, augmented demand for the new leading to increase the market size.
On the other hand, North America market perceives accruals owing to the growth in educational and commercial industries coupled with the technological advancements that allow the material to demonstrate properties like high-durability, hygiene, cost efficiency, and maintenance free.
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|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 36.87 Billion |
|
Market Size 2023 |
USD 40.80 Billion |
|
Market Size 2030 |
USD 68.36 Billion |
|
Compound Annual Growth Rate (CAGR) |
8.02% (2023-2030) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2030 |
|
Historical Data |
2018 & 2022 |
|
Segments Covered |
Product, Application, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
|
Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Gerflor Group, Mannington Mills Inc, Tarkett Group, Interface Inc, Mohawk Industries, Armstrong Flooring Inc, Shaw Industries Group Inc, Toli Floor Corporation, Polyflor Limited, Congoleum Corporation |
|
Key Market Opportunities |
Increasing consumer attention toward aesthetic value in construction Changing preferences toward environment-friendly products |
|
Key Market Dynamics |
Increasing purchasing power Cost-effectiveness and environment-friendly nature |
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