The global vinyl flooring market is poised for substantial growth, with a projected valuation of US$ 29,885.25 million in 2023, expected to soar to US$ 57,699.15 million by 2033, reflecting a robust compound annual growth rate (CAGR) of 6.8% throughout the forecast period. This expansion is primarily attributed to the escalating trend of house renovation driven by increasing construction activities and evolving lifestyles worldwide. As consumers increasingly seek durable and aesthetically pleasing flooring solutions, the vinyl flooring sector is anticipated to witness sustained demand, positioning itself as a key player in the dynamic landscape of the construction and renovation market.
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.
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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, 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.
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
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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.
Top Key Players in the Global Market
- Tarkett
- AFI Licensing LLC
- Mohawk Industries Inc.
- Forbo Group, C.I.
- TAKIRON Corporation
- Responsive Industries Ltd.
- TOLI Corporation
- Shaw Industries Group, Inc.
- JAMES HALSTEAD PLC
- Interface Inc.
- Mannington Mills, Inc.
- Gerflor
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Key Segments Profiled in the Vinyl Flooring Industry Survey
By Format:
- Sheet
- Plank
- Tile
By Product Type:
- Inlaid
- Printed
By Application:
- Residential
- Commercial
- Healthcare
- Hospitality
- Retail & Offices
- Others
- 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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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