Vinyl flooring as considered under the scope of the report is used in residential, commercial and industrial applications for floor covering.
The global Vinyl Flooring market is estimated to be valued at US$ 21,952.8 Mn by 2018 end and is expected to reach US$ 41,578.7 Mn by the end of 2028, expanding at a CAGR of6.6% over the forecast period. The global Vinyl Flooring market is anticipated to represent incremental opportunity of US$ 19,625.9 Mn between 2018 and 2028. In terms of volume, the global Vinyl Flooring market is estimated to reach 17,428 Mn Sq. ft. by 2018 end and is anticipated to increase to 32,041 Mn Sq. ft. by 2028, exhibiting a CAGR of 6.3% over the forecast period.
Growth of the vinyl flooring market is predominantly driven by the development of large-scale infrastructural projects in developing economies of South East Asia Pacific as well as Middle East Africa and Europe. Governments of major economies are focusing on the development of commercial facilities and strengthening their infrastructure. For instance, rising demand for floor coverings in the Asia Pacific region due to increasing population has been necessitating the need for up gradation of living standards to higher capacities. This is expected to drive the demand for flooring products, which in turn, will drive the global vinyl flooring market in near future. Also, construction of new malls, transport infrastructure, restaurants upgrade of healthcare and educational institutes in countries, such as China and Latin American countries, is expected to create attractive opportunities for the growth of the vinyl flooring market in these regions. Further, improvement in urban infrastructure has been evident in the commercial sector in India. Furthermore, in the Middle East, considerable use of vinyl flooring in infrastructure, such as construction of residential and commercial buildings, has been witnessed
On the basis of format, the global Vinyl Flooring market is segmented into sheet, plank and tile. Among them, sheet segment accounted for 38.8% share in 2017 in terms of value.
On the basis of application, the global Vinyl Flooring market is segmented into commercial, residential and industrial. Commercial segment is expected to account for more than half of the overall market by the end of forecast period
China Vinyl Flooring market accounted for a value share of 17.4% in 2017 and is forecasted to maintain its dominance in the global Vinyl Flooring market over the forecast period and Western Europe Vinyl Flooring market is projected to represent significant incremental opportunity between 2018 and 2028, while the South East Asia and Pacific Vinyl Flooring market is estimated to expand at a significant CAGR in terms of value – volume over the forecast period. Sales of Vinyl Flooring in Middle East and Africa is projected to represent a total incremental opportunity of US$ 2,739.8 Mn between 2018 and 2028 while Japan Vinyl Flooring market is projected to expand at a moderate CAGR in terms of value over the forecast period.
Market participants of the global Vinyl Flooring market
Some of the market participants reported in this study of global Vinyl Flooring market include Tarkett, AFI Licensing LLC, Mohawk Industries, Inc., Forbo Group, TOLI Corporation, Interface, Inc., Mannington Mills, Inc., C.I. TAKIRON Corporation, Responsive Industries Ltd., JAMES HALSTEAD PLC, Shaw Industries Group, Inc., Gerflor and others
Prominent manufacturers of Vinyl Flooring are found to be involved in the development of new and innovative products and the acquisition activities in order to enhance their market presence across the globe. Also, well-structured and efficient supply chain along with an improved retailing network for Vinyl Flooring are major growth strategies for reaching out to customers.
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