The global vinyl flooring market size was valued at US$ 20,194.76 million in 2016 and is expected to reach US$ 48,471.15 million by 2023, growing at a CAGR of 13.3% from 2017 to 2023. Vinyl flooring is a pre-finished flooring material that is primarily made from limestone-based material mixed with a composite of natural and synthetic polymer materials such as polyvinyl chloride and plasticizers. It is a durable and resilient flooring material that is primarily used in construction related to commercial and residential projects. Other factors such as infrastructural development in various sectors such as healthcare, education, industrial automobiles, and rising housing construction and homeownership are also contributing to the growth of the market.
The vinyl flooring market is segmented based on product, end-user industry, and region. Based on product type, the market is segmented into luxury vinyl tile, vinyl plank, and vinyl composite tile. Based on end-user industry, the market is segmented into residential, healthcare, retail, education, sports, hospitality, office, industrial, and automotive. The regional analysis covers North America, Europe, Asia Pacific, and Latin America.
The major players in the vinyl flooring market include Armstrong World Industries, Inc., Berkshire Hathaway Inc., CBC Flooring, Congoleum Corporation, Forbo Holding AG, Tarkett SA, Mannington Mills, Inc., Mohawk Industries, Inc., Gerflor SAS and IVC Group.
The Asia Pacific region accounted for the largest share of the global vinyl flooring market in 2016 and the trend is expected to continue during the forecast period. The increasing number of healthcare, educational and industrial infrastructure facilities in India and China are the major drivers of the market growth. Additionally, the growing population, increasing disposable income and changing lifestyles have increased the demand for improved and better residential buildings, which in turn has increased the demand for renovation and construction of residential spaces such as family homes, apartments and condominiums. This factor is driving the market growth in this region. Moreover, India and China are witnessing growth in various industries such as sports, automobile and hospitality, which has further boosted the demand for vinyl flooring.
In 2016, the vinyl sheet and vinyl composite tile segments accounted for more than half of the global vinyl flooring market value. However, luxury vinyl tile is expected to grow at the highest CAGR of 14.1% and surpass both vinyl sheet and vinyl composite tile by 2020. Due to the versatility of its graphic layer, luxury vinyl tile (LVT) offers more design options than other traditional materials such as wood, marble and concrete. It is commonly used in commercial spaces such as offices, retail stores and hotels.
Vinyl sheets and vinyl composite floor tiles have excellent properties such as water resistance and anti-slip properties. They are also easy to clean, so they can be used in healthcare and educational buildings. In addition, the shock-absorbing and cushioning properties of vinyl tiles have expanded their use in the construction of sports fields, fitness centers, and gyms.
In 2016, the residential segment accounted for the largest share of the global market. Available in sheets, tiles, and planks, vinyl flooring is used in both new construction and home renovation projects due to its impact resistance and ease of maintenance. Its low cost and variety of sizes, colors, patterns, and textures have increased its demand for flooring in various residential areas such as kitchens, bathrooms, laundry rooms, etc.
Since they are easy to clean, waterproof and non-slip, they are widely used in healthcare, retail, education, sports, hotels and offices. In addition, it is equipped with a shock-absorbing lining that reduces the risk of injury and ensures optimal indoor air quality, making it ideal for basketball, volleyball, martial arts, yoga and other activities.
Congoleum Corporation, Gerflor, Mannington Mills, Inc., Novalis Innovative Flooring, Tarkett SA, Mohawk Industries, Inc., Armstrong Flooring, Inc., Berkshire Hathaway Inc. (Shaw Industries Group, Inc.), CBC Co., Ltd. (CBC AMERICA LLC.)
Vinyl flooring is a pre-finished flooring material made primarily from a mixture of limestone-based materials with natural and synthetic polymeric materials such as polyvinyl chloride and plasticizers. It is a durable and resilient flooring material that is primarily used in construction related to commercial and residential projects.
According to the U.S. Census Bureau, annual construction spending in the United States reached a record high of $1.25 trillion in 2017. Factors such as population growth, increasing disposable income, and changing lifestyles have increased consumer demand for goods and services, forcing developing regions to transform existing industrial, public, and private infrastructure. The need for durable, long-lasting, and low-maintenance flooring in non-residential buildings has increased the demand for vinyl flooring. Features such as durability, low cost, easy maintenance, and superior finish have led to the preference of vinyl flooring over other traditional flooring materials such as wood, concrete, ceramic, and marble. A large number of renovation projects in Europe have increased the use of vinyl flooring in construction, further driving the market growth. In addition, the superior properties of vinyl flooring such as sound absorption and water resistance, anti-slip properties and heat retention underfoot are driving the demand for vinyl flooring in many modern healthcare and educational institutions. In addition, the growth in housing construction, particularly residential buildings, apartments and residential complexes, and the increase in home ownership in developing countries such as India and China are expected to have a positive impact on the market growth.