Global Vinyl Flooring Market to Achieve US$ 57,699.15 Million by 2033 with a Strong 6.8% CAGR, Driven by Growing Construction Industry

Vinyl Flooring Market

The Global Vinyl Flooring Market is anticipated to reach US$ 29,885.25 million in 2023 and is anticipated to reach US$ 57,699.15 million by 2033, displaying a CAGR of 6.8% over the forecast period. It is anticipated that rising construction activity and changing lifestyles will enhance consumer demand for home improvement.

The global construction market has reached over US$ 12.2 trillion in 2021, leading to a surge in demand for vinyl flooring as an alternative flooring solution. The demand for vinyl flooring is notably high and continues to grow, with individuals increasingly investing in home renovation and enhancement. Increasing disposable income is empowering individuals to elevate their lifestyles and invest in luxurious housing.

Consumers perceive well-decorated rooms as a symbol of status, prompting them to explore various flooring solutions like vinyl flooring to enhance their social image. Social media plays a significant role in influencing consumers and encouraging them to invest in housing renovations. On platforms like social media, do-it-yourself (DIY) home improvement projects often promote easily installable, low-maintenance, and cost-effective solutions that create a homely atmosphere.

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The anticipated demand for vinyl flooring as a favored flooring solution in home renovation stems from the increasing interest in modernizing home spaces with user-friendly appliances. The adoption of advanced production techniques has improved the performance, design, and installation of vinyl flooring, providing higher resolutions and sharper textures.

The market is poised for revenue growth, supported by technological advancements like self-adhesive tiles, loose lay planks, interlocking planks and tiles, and glue-down tiles, simplifying the installation process. The thriving construction industry and growing interior design activities in emerging economies are also expected to have a positive impact on market growth. The regeneration of urban areas and the creation of smart cities demand newly developed flooring materials, further driving the revenue growth of the vinyl flooring market.

Key Takeaways from the Market Study

  • The market in China is expected to expand at a CAGR of 7% during the forecast period.
  • The United States is anticipated to procure over 14.6% market share in 2023.
  • By product type, the sales of printed vinyl flooring are projected to increase at a CAGR of 7.2% during the forecast period.

“Thriving construction industry and increasing interior design activities is expected to boost market growth during the forecast period,” comments an FMI Analyst

Competitive Landscape

Major players in the vinyl tiles market are actively involved in designing and developing new products with distinctive features to enrich their portfolios and broaden their global consumer base. Additionally, certain companies are emphasizing the reinforcement of their retail networks and the establishment of well-structured supply chains to effectively reach their customers.

Some recent developments in the vinyl flooring market are:

  • In December 2021, Belgium-based flooring solutions designer and manufacturer, IVC Commercial, introduced LayRed 55, an LVT (Luxury Vinyl Tile) that offers natural-looking flooring along with enhanced acoustic performance and durability.
  • Forbo Flooring Systems launched the Sarlon and Modul’up collections in January 2021, providing acoustic resistance and versatile installation options, including compact, glued, or fully loose-laid.
  • On May 30, 2022, EGGER’s GreenTec made an announcement regarding the launch of a new flooring range in Australia, aiming to challenge conventional flooring and laminate flooring perceptions.
  • In May 2021, United States-based renowned flooring product manufacturer, Armstrong Flooring, unveiled three luxury flooring collections named Coalesce, Terra, and Biome.

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Key Companies Profiled

  1. Tarkett
  2. AFI Licensing LLC
  3. Mohawk Industries Inc.
  4. Forbo Group, C.I.
  5. TAKIRON Corporation
  6. Responsive Industries Ltd.
  7. TOLI Corporation
  8. Shaw Industries Group, Inc.
  9. JAMES HALSTEAD PLC
  10. Interface Inc.
  11. Mannington Mills, Inc.
  12. Gerflor

Key Segments Profiled in the Vinyl Flooring Industry Survey

By Format :

  • Sheet
  • Plank
  • Tile

By Product Type :

  • Inlaid
  • Printed

By Application :

  • Residential
  • Commercial
  • Industrial

By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia and Pacific
  • East Asia
  • Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments over the next 10-years.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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