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The vinyl flooring market is estimated to grow by USD 11.53 billion at a CAGR of 6.89% between 2022 and 2027. The increase in building and construction activities, particularly in residential and commercial sectors, is boosting demand for flooring materials like LVTs. The low cost and easy maintenance of LVTs make them a popular choice for consumers looking for durable and affordable flooring options. The growing demand for luxury vinyl tiles, known for their high-quality appearance and durability, is further driving market growth as consumers increasingly prefer them over traditional flooring materials. Additionally, the versatility of luxury vinyl tiles in terms of design and installation options makes them a preferred choice for various applications, further driving market growth. The durability of LVTs, which can withstand heavy foot traffic and are resistant to moisture and stains, also contributes to their popularity in both residential and commercial settings.
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This report extensively covers market segmentation 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). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth of the commercial segment will be significant during the forecast period. The growth of the commercial segment, which includes retail buildings and office buildings, is driving the demand for these in this segment. The number of hotels, hospitals, restaurants, educational institutions, and storage warehouses is increasing rapidly across the world. For instance, the commercial building floor space globally is expected to register a 39% increase during 2017-2050. Thus, the growth of the commercial segment will lead to an increase in demand during the forecast period.
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The commercial segment was valued at USD 14.32 billion in 2017. Demand for LVT in the commercial segment is growing at a rapid pace, given its superior ergonomics and easy upkeep. Luxury Vinyl Tile (LVT) is highly suitable for dense traffic areas as its wear-resistant properties are superior to softcover floorings. The commercial end-user segment of the market is thus expected to grow steadily during the forecast period.
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APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
China, India, and Japan are the major countries that will contribute to the growth of the market during the forecast period. Although this is not as popular in APAC as in Europe and North America, these products, especially LVT, are expected to be increasingly accepted by the commercial and residential end-user industries during the forecast period. Therefore, the growth of the construction market, together with the increasing adoption of these materials, will fuel the growth of the market in APAC.
In Australia, the construction industry's growth is spurred by renovation projects. Renovation work includes a change of paints, flooring, and expansion of bedrooms and bathrooms. Flooring is one of the major renovations carried out in the country. Vinyl tiles are more readily accepted than hardwood flooring for their cost-effectiveness and superior ergonomics. Overall, the market in APAC is expected to post strong year-over-year growth during the forecast period.
The market is experiencing robust growth, driven by its versatility and durability in various applications. Vinyl sheets and Luxury Vinyl Tiles (LVT) are particularly popular for both commercial and residential use due to their affordability and easy maintenance. Brands like Interface offer innovative luxury vinyl tile options that mimic the look of natural materials like wood and stone. The market also includes Laminate Flooring, Wood Plastic Composite (WPC), and Stoned Plastic Composite (SPC) flooring options, providing consumers with a wide range of choices to suit their needs. The focus on VOC emissions and the use of sustainable materials like polyvinyl chloride resin are driving advancements in vinyl-based products, making them a preferred choice for homeowners and commercial projects alike. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The low cost and easy maintenance are notably driving the market growth. Luxury Vinyl Tile (LVT) is a cost-effective flooring option, priced at nearly one-third the cost of hardwood flooring. Maintaining hardwood floors requires substantial material processing and finishing, driving up costs. In contrast, Luxury Vinyl Tile (LVT) typically uses PVC and calcium carbonate, which are more affordable materials. This cost difference is particularly beneficial for industrial structures and construction activities where cost-effective flooring solutions like LVT, Interface luxury vinyl tile, and Wood Plastic Composite (WPC) are preferred over more expensive options like hardwood or laminate flooring. Commercial builders favor LVT due to its durability and ability to withstand high-traffic areas.
In terms of maintenance, LVT is easier to care for compared to hardwood floors, which require regular maintenance checks. Additionally, LVT can be installed more quickly than hardwood flooring. This ease of maintenance and installation makes LVT a preferred choice for both commercial and residential builders. The combination of low cost and easy maintenance is expected to drive the growth of the LVT market in the coming years.
Vinyl planks making a comeback is the key trend in the market. Vinyl planks are stylish, affordable, and exhibit good resilience. These advancements in vinyl planks over the first-generation have enabled vinyl planks to make a strong comeback in the commercial and residential end-user industries.
Vinyl planks are offered as 100% waterproof, which enables their use in bathroom and kitchen flooring. Contemporary these planks also meet high environmental standards in terms of low emission, according to the norms of LEED credit EQ4.3 for Low-Emitting Materials. Moreover, these planks offer finishings similar to high-end hardwood flooring material at comparatively cheaper rates. Thus, the comeback of planks with superior features is expected to be a key trend in the market during the forecast period.
High competition from substitutes is the major challenge impeding the market growth. The global flooring market is segmented into resilient and non-resilient flooring materials. These products, which is still emerging in many markets, falls under resilient flooring. Flooring materials include carpet, cork, laminate, linoleum, hardwood, stone, and ceramic.
The market in APAC is dominated by ceramics and accounts for nearly 70% of the overall market volume. The market in North America is dominated by carpets and ceramics, while Europe and MEA is also major consumers of carpets and ceramics. This is facing tough competition from these substitute flooring materials. In APAC, this accounts for a very low market share in terms of volume. The perceived benefits of substitutes and their easy availability are the key reasons for customer propensity toward these flooring materials. Hence, competition from substitutes is expected to get stronger over the forecast period and will be a key challenge for the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Armstrong Flooring Inc. - The company offers vinyl flooring solutions such as Luxury Vinyl Tile. The company offers resilient flooring products for use primarily in the construction and renovation of commercial, residential and institutional buildings primarily in North America and the Pacific Rim.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is experiencing robust growth driven by its versatile applications in both residential and commercial sectors. With a wide range of options like wide plank and printed vinyl, this market caters to various needs in single-family constructions, commercial offices, and hospitality settings. Hybrid flooring solutions combining natural and synthetic materials offer enhanced impact resistance and shock absorption, making them ideal for sport activities like basketball and volleyball. Moreover, this is recognized for its indoor air quality benefits and is increasingly preferred in healthcare and residential projects. The market's expansion is also supported by a well-established distribution network and the use of plasticizers to improve durability and flexibility.
The market is witnessing significant growth driven by its versatile applications in various sectors. In automotive and industrial settings, they offers durability and resilience, making it ideal for heavy-duty use. Its use in commercial applications is also on the rise due to its low maintenance and cost-effectiveness. In residential applications, this is favored for its wide range of designs, including wide plank options and vinyl sheets & vinyl composite tile, which mimic the look of more expensive materials like marble and concrete. Moreover, the market is expanding into new areas such as infrastructure projects, where its shock absorbent properties make it a suitable choice. Additionally, the market is exploring innovative products like limestone-based materials to meet evolving consumer needs, including those in the field of martial arts and yoga studios.
Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
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 11.53 billion |
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 companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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