Vinyl Flooring Market is forecast to reach $78.55 billion by 2025, after growing at a CAGR of 11% during 2020-2025. Due to the rise in renovation and remodeling activities resulting from rapid industrialization and urbanization, the market is projected to witness steady growth in the upcoming years. Rising expenditure in the construction industry, increasing population and raising emphasis on interior decoration are also key factors driving the flooring market’s development.
- Asia-Pacific dominates the vinyl flooring market owing to increasing new housing units, investment in infrastructural projects, remodeling and maintenance activities.
- The increasing number of DIY projects would fuel market growth due to reduced price of home improvement, the availability of necessary technical skills, and the expansion of supply of DIY products.
- Adoption of premium products to enhance the overall building structure’s esthetic appearance will support the expansion of the flooring business. Increasing disposable incomes and increased socialization are also prompting consumers to spend more on improving their homes
Product – Segment Analysis
Luxury Vinyl Tile held the largest share in the vinyl flooring market in 2019. Luxury vinyl tiles (LVT) developments has similar aesthetics to stone, wood, and ceramic tiles. In addition, the stream in remodeling and renovation activities supported by low lending rates and the change in green building regulations fuel the business expansion from residential applications. The surge in luxury vinyl tile sales had lead its growth where the gain reached 33 percent in 2017. Further, luxury vinyl tile properties such as quality, durability, superior performance, low maintenance, and lower lifecycle cost and ease of installation is making it more preferable across residential sector.
Application – Segment Analysis
Residential sector accounts for the highest market share in the global market. The vinyl flooring has ability to imitate expensive flooring types and less effort makes it a favorable flooring type. The vinyl flooring industry in 2017 continued a steady growth with 3.85% gain in terms of value and 3.2% in terms of volume. The residential replacement sales in 2017 was one of the primary factor responsible for the upsurge of vinyl flooring. In 2017, the household floor coverings spending increased by an estimated 5.5 percent. The residential floor coverings benefited because of increase in residential construction spending. The growth of vinyl floor will remain robust in the next few years.
Geography – Segment Analysis
APAC dominated the vinyl flooring market with a share of more than 44%, followed by North America and Europe. North America and Europe are experiencing high growth in the global market. In order to achieve rapid economic growth, the U.K, Germany , the U.S, China, India, Australia, Japan, Malaysia, Canada, Spain, Indonesia, Brazil, and Italy are investing a huge amount of money in the development of infrastructures such as hospitals, health care and transport. In the international flooring industry, developing economies like China and India play an important role. Due to increased urbanization and strong residential usage, the rapid rate of growth in the construction industry is further anticipated to raise the global market.
Drivers – Vinyl Flooring Market
- Presence of Innovative Product in Vinyl Flooring
The major innovation in the vinyl flooring sector is the presence of multilayer flooring products. The multilayer flooring products such as wood plastic composite, rigid core, and other hybrid flooring options primarily made up of vinyl is up surging the market. Multilayer flooring reduces pre-installation subfloor preparation costs and efforts, and has greater resistance to humidity and temperature variation which strengthen it position for the residential flooring.
Challenges – Vinyl Flooring Market
- Lacks of standards and specifications is constraining the market growth
Problems arise when standards conflict with specifications and product performance, or lack of standards. There may be a paradox when over-expectation and mis-specification outweigh the capacity of material performance and the struggle to save the resources of the planet. Inspection and consulting work is required due to over-expectation of the product, low-quality workmanship and misconception of the characteristics of product performance. We have entered an exciting, yet challenging, and sometimes frustrating, time with recent technological advances. Materials are becoming stronger, more chemically resistant, more biodegradable, and more recyclable due to new technologies and sustainability. But these positive changes come with unintended consequences and conditions created by complacency with the status quo, naivety, and, unfortunately, ignorance of the subject matter.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the vinyl flooring market. In 2019, the market of vinyl flooring has been consolidated by the top five players accounting for xx% of the share. Major players in the vinyl flooring Market are Armstrong World Industries, Inc., Berkshire Hathaway Inc., CBC Flooring, Congoleum Corporation, Forbo Holding AG, Tarkett S.A., and Mannington Mills, Inc, among others.
- In June 2017, Armstrong Flooring Inc. acquired the Vinyl Composition Tile (VCT) business of Mannington Mills. The acquisition will help the Armstrong Flooring Inc. to accommodate the additional vinyl composite tile (VCT) volume.
- In July 2018, Beaulieu International Group (B.I.G.) has announced the acquisition of Beaulieu Canada and Beaulieu Australia (privately-owned companies) which will be integrated into its Flooring Solutions business unit.
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