Future Market Insights’ newly published market report, “Vinyl Flooring Market: Global Industry Analysis and Forecast, 2022-2028,” examines the vinyl flooring market and offers crucial market insights for the next ten years.
Valuable insights encapsulated in the report highlights that the plank segment is expected to remain a leading segment in the market in terms of format, recording a CAGR of 7.1% during the forecast period (2022 – 2028).
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In addition, the segment is expected to account for around 40.0% share of the overall market value throughout forecast period. Globally, the vinyl flooring market is projected to reach US$ 41,578.7 Mn by the end of 2028.
Global Vinyl Flooring Market: Key Dynamics
Increasing number of infrastructural activities in both developing and developed countries have continued to contribute towards growth of the global vinyl flooring market. To offer versatile, water-proof and stain-resistant floorings, prominent manufacturers are focusing on utilizing digital printing and 3D printing techniques for developing vinyl planks and products.
These technological advancements enable the end users to duplicate any original material, such as gravel, wood, metal and others. For instance, Tarkett in collaboration with Philip lighting has launched LED embedded tiles that can guide people to any location (store/building)
With the increasing number of small and medium business, demand for infrastructure continues to persist. In addition, constructors are focusing on building healthcare infrastructures near the residential areas.
In pace with the increasing number of construction projects, growth of the vinyl flooring market is likely to gain a speedy momentum during the assessment period.
To offer convenience to the end users in the residential industry, leading manufacturers are focusing on developing a wide array of vinyl flooring that are waterproof and easy to clean.
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Also, vinyl flooring is considered as decorative flooring due to the recent upgrades, such as resemblance to ceramic or other contemporary looks (petrified wood or stained concrete). Also, vinyl flooring is preferred for high-traffic areas as it is durable, trendy and available with built-in adhesive
Global Vinyl Flooring Market: Forecast
On the basis of vinyl flooring application, the commercial segment is expected to witness significant growth in terms of volume during the forecast period.
As per the forecast, the commercial segment is estimated to account for more than 56.5% share in the overall market value by the end of the forecast period. This is largely due to the massive applications of vinyl flooring in various innovative constructions.
On the basis of region, Western Europe is anticipated to dominate the global vinyl flooring market throughout the forecast period. Western Europe market is expected to expand at around 7.3% CAGR. SEA & Pacific region is anticipated to record robust CAGR in the global vinyl flooring market throughout 2028.
These two regions coupled with North America and China are expected to register impressive growth rates in the global vinyl flooring market over the assessment period.
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Global Vinyl Flooring Market: Competitive Landscape
Some of the players identified in the global vinyl flooring market include Tarkett, AFI Licensing LLC, Mohawk Industries, Inc., Forbo Group, C.I. TAKIRON Corporation, Responsive Industries Ltd., TOLI Corporation, JAMES HALSTEAD PLC, Interface, Inc., Mannington Mills, Inc., Gerflor, Shaw Industries Group, Inc. and among others. Leading players are focusing on incorporating advanced technology to optimize their performance.
Vinyl flooring manufacturers are concentrating on strategic acquisitions to broaden their growth prospects in the competitive market. These factors are expected to reflect positively on the growth of the global vinyl flooring market over the coming years.
For more insights on the global vinyl flooring market, write in to Future Market Insights analysts at email@example.com