Vinyl Flooring Market size to grow by USD 11,531.07 million from 2022 to 2027, APAC to account for 47% of the global market growth

NEW YORK, May 12, 2023 /PRNewswire/ -- The vinyl flooring market size is expected to grow by USD 11,531.07 million from 2022 to 2027. The market is expected to be progressing at a CAGR of 6.89% as per the latest Technavio market research report. APAC is estimated to account for 47% of the market's overall growth. China, India, and Japan are two major countries that contribute to the growth of the market during the forecast period. Although vinyl flooring is not as popular in APAC as in other regions, vinyl flooring products, especially LVT, are expected to be increasingly accepted by the commercial and residential end-user industries during the forecast period. Hence, the growth of the construction market, together with the increasing adoption of vinyl flooring materials, will fuel the growth of the market in APAC. For more insights on the market share of various regions- Download a sample report in MINUTES

Vinyl Flooring Market: Increase in building and construction activities to drive growth

The low cost and easy maintenance are a major driving factors for the market growth.

LVT is cost-effective, which is almost three times the price of hardwood flooring. Proper maintenance of hardwood requires significant amounts of material processing and finishing.

The price of hardwood raw material (wood) is also high compared to LVT, which usually uses PVC and calcium carbonate.

Since LVT is durable and can withstand high-traffic areas, commercial builders prefer LVT over hardwood flooring.

Hence, such factors drive the market growth of vinyl flooring during the forecast period.

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Vinyl Flooring Market: Vinyl Planks Making A Comeback

Vinyl planks making a comeback is the major trend in the vinyl flooring market.

Vinyl planks are stylish, affordable, and exhibit good resilience, which over the first-generation vinyl flooring have enabled vinyl planks to make a strong comeback in the commercial and residential end-user industries.

Moreover, vinyl planks are offered as 100% waterproof, which enables their use in bathroom and kitchen flooring.

According to the norms of LEED credit EQ4.3 for Low-Emitting Materials, contemporary vinyl planks also meet high environmental standards in terms of low emission.

Hence, such challenges impede the market growth of vinyl flooring during the forecast period.

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Some of the key Vinyl Flooring Market Players:

The vinyl flooring market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Armstrong Flooring Inc., C.I. TAKIRON Corp., CBC Co. Ltd., Congoleum Corp., Forbo Management SA, Gerflor, Interface Inc., James Halstead plc, LG Hausys Ltd., Mannington Mills Inc., Mohawk Industries, Novalis Holdings, Responsive Industries Ltd., Shaw Industries Group Inc., Tarkett, and Toli Corp.

Vinyl Flooring Market: Segmentation Analysis

This market research report segments the vinyl flooring market by End-user (Commercial and Residential), Product (Luxury vinyl tile, Vinyl composite tile, and Vinyl sheet), and Geography (APAC, North America, Europe, Middle East and Africa, and South America).

The market share growth of the commercial segment will be significant for overall market growth during the forecast period. The growth of the segment includes retail buildings and office buildings drives the demand for vinyl flooring in the segment. The number of hotels, hospitals, restaurants, educational institutions, and storage warehouses is increasing rapidly worldwide. For example, the commercial building floor space globally is expected to register a 39% increase during 2017-2050. Hence, the growth of the commercial segment will lead to an increase in the demand for vinyl flooring during the forecast period.

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Vinyl Flooring Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.89%

Market growth 2023-2027

USD 11,531.07 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.39

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 47%

Key countries

US, China, Japan, India, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of Contents:

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global vinyl flooring market 2017 - 2021

4.2 End-user Segment Analysis 2017 - 2021

4.3 Product Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by End-user

6.1 Market segments

6.2 Comparison by End-user

6.3 Commercial - Market size and forecast 2022-2027

6.4 Residential - Market size and forecast 2022-2027

6.5 Market opportunity by End-user

7 Market Segmentation by Product

7.1 Market segments

7.2 Comparison by Product

7.3 Luxury vinyl tile - Market size and forecast 2022-2027

7.4 Vinyl composite tile - Market size and forecast 2022-2027

7.5 Vinyl sheet - Market size and forecast 2022-2027

7.6 Market opportunity by Product

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 Middle East and Africa - Market size and forecast 2022-2027

9.7 South America - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Germany - Market size and forecast 2022-2027

9.11 Japan - Market size and forecast 2022-2027

9.12 India - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Armstrong Flooring Inc.

12.4 C.I. TAKIRON Corp.

12.5 CBC Co. Ltd.

12.6 Congoleum Corp.

12.7 Forbo Management SA

12.8 Gerflor

12.9 Interface Inc.

12.10 James Halstead plc

12.11 Mannington Mills Inc.

12.12 Mohawk Industries

12.13 Novalis Holdings

12.14 Responsive Industries Ltd.

12.15 Shaw Industries Group Inc.

12.16 Tarkett

12.17 Toli Corp.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About Technavio

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With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Vinyl Flooring Market size to grow by USD 11,531.07 million from 2022 to 2027, APAC to account for 47% of the global market growth