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Vinyl Flooring Market Size Share, Growth, and Regional Industry Overview

The global vinyl flooring market size is expected to showcase exponential growth by reaching USD 51.45 billion by 2028 while exhibiting a CAGR of 6.8% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Vinyl Flooring Market, 2021-2028.” The report further mentions that the market stood at USD 30.61 billion in 2020. The increasing focus on the development of residential buildings and the growing demand for advanced healthcare facilities worldwide is anticipated to boost the product’s demand during the forecast period.


Market Segmentation:


Based on type, the market is trifurcated into vinyl sheets, vinyl tiles, and luxury vinyl tiles. On the basis of end-use the market is bifurcated into residential and non-residential.


Based on end-use, the non-residential segment is expected to hold a significant global vinyl flooring market sizeshare during the forecast period. This is owing to the increasing demand for advanced offices and healthcare centers globally that will bode well for the segmental growth.
Finally, based on region, the market is divided into Europe, North America, South America, Asia-Pacific, and the Middle East and Africa.


What does the Report Include?


The global market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.


DRIVING FACTORS


Increasing Focus on Development of Healthcare Infrastructure to Promote Growth


In May 2021, Interface announced the launch of its first-ever vinyl sheet products, which is an addition to its current portfolio of LVT, carpet tile, and Nora rubber flooring. With the launch, the company is expected to provide complete flooring solutions that cater to the requirement of the healthcare facilities. The increasing demand for such flooring across several healthcare facilities is witnessed as a positive sign for the growth of the market. In addition to this, the increasing focus on the development of residential buildings that have gained momentum owing to the proactive government initiatives of smart cities will contribute to the global vinyl flooring market sizegrowth during the forecast period.


REGIONAL INSIGHTS


Asia-Pacific to Remain Dominant; Rapid-Paced Urbanization to Aid Growth


Among all the regions, Asia-Pacific is expected to dominate and hold the highest position in the market during the forecast period. This is due to the rapid-paced urbanization in countries such as India and China that has led to the surge in renovation activities of residential and commercial buildings propelling the demand for innovative vinyl floorings.


The market for vinyl flooring in North America is expected to experience considerable growth backed by the increasing focus on the enhancement of commercial buildings such as offices, schools, and healthcare institutions in countries such as the US


COMPETITIVE LANDSCAPE


Key Players Focus on Merger Strategies to Expand Their Product Portfolio & Boost Sales Revenue


The market is consolidated by the presence of major companies spread across the globe. These companies are focusing on developing and introducing innovative vinyl flooring products to gain a competitive edge over their rivals. Moreover, other key players are adopting strategies such as the introduction of new products, partnerships, and collaboration to maintain their strongholds that will favor market growth.


Industry Development:


May 2021 – Armstrong Flooring announced the launch of its three new LVT collections such as Coalesce, Terra, and Biome. These collections are patented with diamond ten technology and are available for commercial purposes. Moreover, these products consist of 29% of recycled content.
List of the Companies Profiled in the Global Market for Vinyl Flooring:


Armstrong Flooring, Inc. (US)
Forbo Flooring Systems (The Netherlands)
Mohawk Industries, Inc. (US)
Tarkett SA (France)
Mannington Mills, Inc. (US)
Shaw Industries Group, Inc. (US)
LG Hausys (South Korea)
Gerflor (France)
Interface, Inc. (US)
Polyflor Ltd (UK)
Source- https://www.fortunebusinessinsights.com/vinyl-flooring-market-103059