The latest report by IMARC Group titled, “Vinyl Flooring Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global vinyl flooring market reached a volume of 950 Million Sq. Metres in 2016, growing at a CAGR of 4% during 2009-2016. A new type of resilient flooring, vinyl flooring is a more durable and cost-effective system as compared to the other modes of flooring, such as wood, concrete, ceramic and marble. It is made of a combination of natural and synthetic polymer materials which are placed in repeating structural units. A vinyl flooring system is known to create a cushion-effect which makes the floor less slippery and helps in reducing the impact of heavy objects. Owing to its affordability, durability and aesthetics, vinyl flooring has gained immense popularity over the years.
Highlights of the global vinyl flooring market:
- Availability of different types of vinyl flooring and changing consumer preferences remain the major driving factors.
- The commercial sector represents the largest application segment.
- Asia Pacific is the largest market for vinyl flooring, driven by rising income levels and urbanization.
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The steady growth of the global vinyl flooring market can be attributed to the availability of a diverse product variety. It is available in different sizes, colours, designs and shapes, making it attractive to the modern consumers. The manufacturers are also taking steps to make vinyl flooring more appealing by introducing innovative graphic film layers and design versatility. Additionally, an increase in the purchasing power of the consumers is facilitating the market growth. The emerging construction sector is also anticipated to fuel the global vinyl flooring market in the near future. Owing to these factors, the market is expected to reach a volume of 1,200 Million Sq. Metres by 2022.
The market has been segmented on the basis of product type which includes vinyl sheet, Luxury Vinyl Tile (LVT), and Vinyl Composition Tile (VCT). Sector-wise, the commercial sector represents the largest application segment owing to the increasing demand for vinyl flooring in hospitals, offices, hotels, and educational institutes. Regionally, the market has been segmented into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. As a result of rapid urbanization and rising income levels, Asia Pacific accounts for more than a half of the total market share. On analysing the competitive landscape, it is found that Mohawk Industries Inc., Tarkett, Armstrong World Industries Inc., Shaw Industries Inc., Mannington Mills Inc., Beaulieu International Group, Gerflor and Forbo are the major players operative in the market.
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The report by IMARC Group has examined the global vinyl flooring market on the basis of:
- Vinyl sheet
- Luxury Vinyl Tile (LVT)
- Vinyl Composition Tile (VCT)
- Commercial sector
- Residential sector
- Asia Pacific
- North America
- Latin America
- Middle East and Africa
- Mohawk Industries Inc.
- Armstrong World Industries Inc.
- Shaw Industries Inc.
- Mannington Mills Inc.
- Beaulieu International Group
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