The global vinyl flooring market size is expected to reach USD 42.2 billion by 2025, accelerating at a CAGR of 7.4% over the forecast period, according to a new report by Grand View Research Inc. High strength, superior water resistance, and lightweight properties offered by the product are expected to propel its demand in residential and commercial construction projects over the forecast period.
Commercially, these products are available in various colors, textures, and design patterns and garnering the attention of consumers since the past few years. Furthermore, the product is gaining recognition among middle-class consumers on account of its visual resemblance to concrete, natural stone, and wood flooring products and significantly low cost. LVT is projected to witness a remarkable growth rate on account of affordability, low maintenance, excellent water resistance, and easy-to-clean properties of the product.
The products are considered a right fit for high-traffic applications such as restaurants, cafes, and offices owing to their noise reduction capabilities and easy maintenance. Technological developments in the industry to introduce self-adhesive flooring products, which are easy to install, are likely to lead to a high demand for these flooring products. The demand is projected to be high especially in residential DIY application segment. Non-residential spaces such as shopping malls and hotels are projected to be the prime end users of vinyl tiles owing to their superior aesthetic appeal.
Market participants primarily compete on the basis of product quality, pricing, and distribution network. Key players are engaged in efforts toward introducing products with low environmental impact and better durability. Brand reputation, diversified product portfolio, and wide geographic reach have been the key factors triggering the growth of major companies including Armstrong Flooring, Inc.; Mohawk Industries, Inc.; Tarkett S.A.; and Mannington Mills, Inc.
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Further key findings from the report suggest:
LVT segment is expected to grow at the fastest CAGR of 9.0%, in terms of revenue, over the projected period
Europe market for vinyl floor sheets was valued at USD 1.6 billion in 2018 and it is expected to progress at a CAGR of 3.5% over the projected period owing to rising penetration of the product in moisture-prone areas such as kitchen and laundry rooms
Commercial application segment dominated the vinyl flooring market in 2018, accounting for a revenue share of over 65.1%, wherein majority of the demand was driven by the hospitality, institutional, and office segments
Asia Pacific was the largest market for the product in terms of both volume and revenue in 2018 and this trend is expected to continue over the projected period on account of robust growth of the construction sector in countries including India, China, and Southeast Asia
In 2018, Responsive Industries announced its plans to install facilities for vinyl flooring in the U.S., Europe, or the UAE at an investment worth USD 100 million to meet the western demand. The company's overseas plant is expected to produce over 6,000 tons of high-end vinyl flooring per month for the export market.
Grand View Research has segmented the global vinyl flooring market on the basis of product, application, and region:
Product Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2014 - 2025)
Luxury Vinyl Tiles
Application Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2014 - 2025)
Regional Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2014 - 2025)
Central & South America (CSA)
Middle East & Africa (MEA)
United Arab Emirates
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