global vinyl flooring market value is registered as USD 32.37 billion and is estimated to grow at a significant rate of 6.8% CAGR along with the vinyl flooring market size of USD 51.45 billion during the forecast period 2021-2028
Expanding infrastructural development activities along with improving economic conditions worldwide majorly drive market growth. Moreover, properties that Vinyl Flooring offers like waterproofing, and microbial protection adding a dash to the decorative finish are pushing the market growth. This is backed by the rising urbanization in developing economies like India and China coupled with increasing commercial facilities are generating growth opportunities for the Vinyl Flooring Industry.
Despite offering the range of advantages, Vinyl is still not all that safe to the environment. For instance, it’s a manufacturing process that demands and non-renewable natural resources like petroleum /natural gas. Besides some toxic chemicals used in the process can cause a toxic gassing post installation releasing VOC into the proximity further leading to the eye irritation, asthmatic conditions and respiratory problems. However, technological advancements are expected to present a more sustainable and ecological approach to the production processes further presenting Vinyl as an eco-friendly product in the recent future. This will certainly allow vinyl to upsurge rapidly garnering more attention and prominence in the global market.
On the other hand, vinyl flooring cannot withstand heavy loads and get damaged with sharp objects. Direct sunlight can fade away its colors and extreme temperatures can easily damage it. These factors along with the lack of awareness about the benefits of Vinyl Flooring among end-users might act as barrier to the growth of Vinyl market.
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Vinyl Flooring Worldwide Market — Competitive Landscape
The Vinyl Flooring Market appears to be fiercely competitive and fragmented with the numerous well established operating in the market. They compete on quality, price, branding, extensive customer service. Due to the low product differentiation and availability of many similar products in the market, players aim to improve the brand recall through effective marketing communications. High growth potential demonstrated by the market is expected to attract several new entrants making the market more competitive.
Innovation/ Industry/ Related News:
January 31, 2018 — DuChâteau® (US) a leading inventive lifestyle brand specializing in the manufacture and design of luxury architectural materials for custom flooring, wall coverings, and more launched its collection of innovative luxury vinyl plank at The International Surface Event, Las Vegas.
January 25, 2018 — Tarkett Group (Paris), a global manufacturer for luxury vinyl tiles announced its expansion plans with the USD 60 million investments over the following three years. The company is expanding its LVT (luxury vinyl tile) production plants in Alabama (US), Ala and Florence also building new distribution complexes boosting the production sales for the flooring industry, one of the fastest growing sectors. The company is certain that these investments would hugely optimize their equipment, increase local production capacity, improving the company’s supply chain competence, customer service.
February 01, 2018 — GrowLife, Inc. (US) leading manufacturer in North America for indoor cultivation products and services along with its owned subsidiary GrowLife Innovations presented its range of finest, eco-friendly vinyl flooring products (Brand — FreeFit™) at “SURFACES” (the International Surface Event), Las Vegas. The luxury vinyl product — FreeFit™ has patented technology that has made it the preferred choice among hospitals and schools because of its sanitary surface.
Worldwide Vinyl Flooring Market — Segmentation
For the convenience of the report the report is divided in to 3 key segments.
By Product : Comprises Luxury Vinyl Tiles, Vinyl sheet, Printed Vinyl, Carpets, and others.
By Applications : Non-residential, Residential, Commercial, and others.
By Regions : North America, Europe, APAC and Rest of the World.
Worldwide Vinyl Flooring Market — Regional Analysis
Asia Pacific is the largest market for Vinyl Flooring further projected to dominate the global market. The burgeoning construction/ Real estate market coupled with the changing lifestyle consumer preference attributes to the market growth. Similarly increasing population in the region defines the significant landscape for infrastructure development, augmented demand for the new leading to increase the market size.
On the other hand, North America market perceives accruals owing to the growth in educational and commercial industries coupled with the technological advancements that allow the material to demonstrate properties like high-durability, hygiene, cost efficiency, and maintenance free.
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