Vinyl Flooring Market size is set to grow by USD 12.62 billion from 2024-2028, Increase in building and construction activities boost the market, Technavio

NEW YORK, Aug. 8, 2024 /PRNewswire/ — The global vinyl flooring market size is estimated to grow by USD 12.62 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 7.06% during the forecast period. Increase in building and construction activities is driving market growth, with a trend towards vinyl planks making a comeback. However, shortage of skilled labor poses a challenge. Key market players include AHF Products, C.I. TAKIRON Corp., CBC Co. Ltd., Congoleum Corp., Forbo Management SA, Gerflor Group, Interface Inc., James Halstead plc, LX Hausys Ltd, Mannington Mills Inc., Mohawk Industries Inc., Novalis Holdings, Responsive Industries Ltd., Shaw Industries Group Inc., Tarkett, and Toli Corp..

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Market Driver

Vinyl flooring experienced a decline in market share due to first-generation products’ poor abrasion resistance and limited design options. However, advancements in vinyl planks have revitalized the market. These improvements include stylish designs, affordability, and good resilience. Vinyl planks are now offered as 100% waterproof, making them suitable for bathrooms and kitchens. Additionally, contemporary vinyl planks meet environmental standards, such as LEED credit EQ4.3 for Low-Emitting Materials. Furthermore, vinyl planks provide finishes similar to high-end hardwood flooring at lower costs. These superior features are expected to drive the vinyl flooring market during the forecast period. 

The Vinyl Flooring Market is thriving, with Vinyl sheets and tiles leading the charge. Luxury Vinyl Tiles (LVT) are popular for both residential and commercial applications. Flooring installers benefit from the ease of installation and construction solutions offered by these resilient floorings. Vinyl’s water and moisture resistance make it ideal for kitchens, bathrooms, and other high-traffic areas. Sports activities and the service industry value vinyl’s slip resistance and stylish designs. Regulatory support for vinyl flooring in single-family houses and the construction market continues to grow. Modern architecture and single-family constructions prefer vinyl’s durability and interior looks. Manufacturing destinations in the fast-moving goods industry and commercial offices opt for moisture-resistant, slip-resistant, and stain-resistant LVT. LVT’s cushioned effect, UV-cured urethane coating, and anti-slip properties make it a comfortable and sustainable flooring solution for buildings and commercial facilities. Vinyl’s resistance to dents, scratches, and stains ensures long-lasting performance. The flooring sector continues to innovate, offering waterproof coverings and a wide range of designs to cater to various industries. 

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Market Challenges

• The vinyl flooring market is currently experiencing a significant challenge due to a scarcity of skilled labor. This labor shortage has resulted in dealers declining work offers, leading to lost revenue for manufacturers. To maintain their workforce, dealers are paying higher labor costs, which may impact the quality of installation services. This issue could negatively affect the vinyl flooring market, as increasing construction investments may not offset the revenue loss and potential decrease in product quality caused by the labor shortage.
• The Vinyl Flooring Market faces various challenges in sectors like energy systems, hospitals, public transit, roads, and bridges due to the high demand for durable, waterproof, and easy-to-maintain flooring solutions. In the construction industry, luxurious housing projects and renovation/remodeling projects continue to drive growth in the residential segment. Aesthetic appeal and social image are key factors influencing consumer preferences for vinyl flooring in living rooms, bedrooms, kitchens, laundry rooms, bathrooms, and basements. Manufacturing costs, raw materials like PVC resins, plasticizers, limestone, glass fiber, pigments, and trace stabilizers, and interior designing trends impact the market. The Vinyl Sheet segment and Thin Floor Coverings dominate the market, while challenges from natural flooring materials, eco-friendly products, and the do-it-yourself culture persist. The Vinyl Composition Tile and Luxury Vinyl Tile segments also face competition from three-dimensional printing technologies. Overall, the market requires continuous innovation to meet evolving consumer needs and expectations.

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Segment Overview 

This vinyl flooring market report extensively covers market segmentation by 

1. End-user 

• 1.1 Commercial
• 1.2 Residential

Product 

• 2.1 Luxury vinyl tile
• 2.2 Vinyl composite tile
• 2.3 Vinyl sheet

Geography 

• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Commercial- The vinyl flooring market continues to grow due to its affordability and durability. This type of flooring is popular for both residential and commercial applications. Vinyl flooring is easy to install and maintain, making it a practical choice for property owners. Its water resistance feature is another advantage, particularly in areas prone to moisture. Vinyl flooring comes in various designs, mimicking the look of natural materials like wood and stone, adding aesthetic value to spaces. The market is expected to expand further due to these benefits and increasing consumer preference.

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Research Analysis

Vinyl flooring is a popular choice for both residential and commercial applications due to its durability, moisture-resistant properties, and aesthetic appeal. Vinyl sheets and tiles, including Luxury Vinyl Tiles (LVT), offer various interior looks that mimic natural materials like wood, stone, and marble. Vinyl flooring is ideal for high-traffic areas and is often used in construction solutions for its resilience and slip-resistant properties. Sports activities and the service industry particularly benefit from vinyl flooring’s water resistance and moisture resistance. Flooring installers play a crucial role in ensuring proper installation for optimal performance and longevity. Resilient flooring, a category that includes vinyl, offers sustainable flooring solutions for those seeking eco-friendly alternatives. Vinyl flooring is suitable for various residential houses and buildings, including commercial facilities. Its slip-resistant, stain-resistant, and waterproof coverings make it a preferred choice for various applications, ensuring a long-lasting, attractive floor design.

Market Research Overview

Vinyl flooring is a popular choice for both residential and commercial applications due to its durability, water resistance, and ease of installation. Two common types are vinyl sheets and vinyl tiles, with Luxury Vinyl Tiles (LVT) offering the added benefit of a cushioned effect and stylish designs. Vinyl flooring is ideal for various sectors, including sports activities, service industry, and construction solutions. It is also suitable for modern architecture and single-family constructions in manufacturing destinations. Vinyl flooring comes in various forms, such as resilient floorings and moisture-resistant options. Its slip resistance, stain resistance, dent resistance, and scratch resistance make it a low-maintenance flooring solution for commercial facilities like offices, hospitals, and schools. Manufactured using Polyvinyl Chloride (PVC) resins, plasticizers, limestone, and glass fiber, vinyl flooring offers a wide range of aesthetic appeal and interior looks. The flooring sector continues to evolve with specialized machinery and innovative technologies like UV-cured urethane, ensuring high-quality, long-lasting flooring solutions. Vinyl flooring is also gaining popularity in the fast-moving goods industry, as well as in luxury housing projects and renovation/remodeling projects. Its shock-absorbent property, slip-resistant, and stain-resistant features make it an excellent choice for waterproof floor coverings in residential houses, buildings, and commercial facilities. With regulatory support and a wide range of applications, vinyl flooring continues to be a versatile and sustainable flooring solution for various industries and sectors.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• End-user
• Commercial
• Residential
• Product
• Luxury Vinyl Tile
• Vinyl Composite Tile
• Vinyl Sheet
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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