Vinyl Flooring Market by Format (Sheet, Plank, Tile), Product Type (Inlaid, Printed), Application (Residential, Commercial, Industrial), and Region for 2022 – 2028

Vinyl Flooring Market Snapshot

[295 pages Report] Sales in the global vinyl flooring market are slated to top US$ 27,975.30 Mn in 2022, projects Future Market Insights (FMI). Expanding at a healthy 6.8% CAGR, the market size is projected to total US$ 41,578.70 Mn by 2028.

The surging demand for waterproof, stain-resistant, and slip-resistant floor coverings in healthcare and commercial spaces, as well as residential buildings and houses is expected to drive the sales in this market.

In addition, the higher utilization of vinyl flooring solutions to enhance the comfort level, aesthetics, and interior looks in numerous structures is anticipated to boost the growth in the market over the forthcoming years.

Apart from that, the easy availability of cost-effective products in a wide range of textures, colors, sizes, and patterns is estimated to propel the need to construct the floors of various areas, such as bathrooms, kitchens, bedrooms, and dining rooms.

2017-2022 Vinyl Flooring Market Outlook in Comparison to 2022-2028 Growth Forecast

Demand for vinyl flooring is poised to grow at a robust 6.8% CAGR, in comparison with the 6.2% CAGR registered between 2017 and 2022.

The rapid development of large-scale infrastructure projects, especially in the emerging countries is anticipated to fuel the demand for vinyl flooring in the near future. Governments of these countries are taking various initiatives to strengthen their infrastructure and develop residential, as well as commercial areas.

Though the outbreak of the COVID-19 pandemic in 2019 had declined the sales of various flooring solutions till the end of 2020 owing to the temporary shutdown of manufacturing facilities, the demand is set to gradually surge in the forecast period.

Also, in countries with high air pollution levels, governments had stopped the construction activities to reduce the same. However, they have started exempting the development of healthcare facilities and other significant structures, which is set to spur the demand for vinyl flooring.

In December 2021, for instance, the Commission for Air Quality Management (CAQM) announced that it has partially lifted the construction ban that was implemented across the National Capital Region (NCR) to reduce the toxic air pollution levels. The Commission has exempted the construction of nursing homes, hospitals, and similar other healthcare facilities as these are termed ‘essential,’

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How is the Introduction of Luxury Vinyl Tiles Driving Sales in the Market?

The rising construction of shopping malls and restaurants across the globe is projected to underpin the demand for vinyl flooring in the upcoming years. In addition, the surging number of planned or ongoing urban infrastructure development projects in various countries is set to propel the market.

For instance, the Odisha government announced its approval of four latest infrastructure development projects in December 2021, worth Rs 5,192 crore. These projects are aimed at enhancing the conditions of both old and new industrial estates in the state.

Further, the rapid evolution of the flooring sector has resulted in the emergence of Luxury Vinyl Tiles (LVTs) and specialized machinery. The demand for LVTs is expected to grow at a fast pact in the near future on the back of their ability to remain intact for up to 25 years, unlike other tiles.

LVTs are also capable of reducing material wastage and lowering replacement costs, thereby meeting the sustainability objectives. These require low maintenance and therefore are increasingly used in hospitals, offices, and retail stores.

Besides, these tiles provide cushion effect and have high shock-absorbent properties, which are anticipated to increase their usage in gymnasiums and fitness centers. The rising consciousness of people towards their health is likely to surge the number of fitness centers globally in the forecast period.

Country-wise Insights

What is the Major Growth Driver of the U.S. Vinyl Flooring Market?

The surging investment by the government in the construction of single-family homes is anticipated to fuel the growth in the U.S. in the near future. The North America vinyl flooring market is forecast to exhibit 14.4% in terms of market share in 2022, finds FMI.

According to the Associated General Contractors of America, the construction industry in the U.S. builds approximately US$ 1.4 trillion worth of structures every year and it is one of the major contributors to the country’s economy. Hence, the rapidly expanding construction sector is projected to boost the market in the U.S.

Why is the U.K. Vinyl Flooring Market Showcasing High Growth?

The high demand for luxury flooring options and increasing disposable income of customers are estimated to drive the growth in the U.K. during the assessment period. According to FMI, Eastern Europe vinyl flooring market is expected to procure around 6.2% of the total market share in 2022.

The growing trend of spending huge sums on the interiors and styling of the living spaces among people in the U.K. is set to propel the market over the forecast period. Also, the rising number of LVT manufacturers in this country is anticipated to drive the market.

Besides, these manufacturers are consistently introducing state-of-the-art products with numerous implementation methods, modularity, varied formats & decors, and non-glued installation features to attract more customers. At the same time, they are coming up with better stain and scratch resistant products for residential and commercial applications in the U.K.

How is the China Vinyl Flooring Market Faring?

The increasing construction of multi-storey buildings is expected to bolster the market in China in the upcoming years. According to FMI, South East Asia and Pacific vinyl flooring market is projected to account for about 13.3% of the market share in 2022.

The surging need to improve commercial facilities, such as schools, hospitals, and offices is likely to drive the market in China. In addition, changing consumer preferences are set to propel the demand for novel designs of flooring, thereby affecting the growth positively.

Besides, the rising demand for modern architecture structures with the evolving trends of building and construction is estimated to spur the growth. Also, expansion of the housing sector owing to the easy availability of home loans in this country is set to drive the market.

Category-wise Insights

Why is the Demand for Sheets Surging?

Based on format, the sales of sheets is anticipated to grow at a fast pace over the forthcoming years. The rising preference for sheets is attributable to their excellent moisture resistant property. Thus, these are extensively used in moist places, such as bathrooms.

Vinyl sheet flooring is also suitable for commercial and high traffic areas because of its multi-layers and durability. These are available in a wide variety of looks, such as tile, stone, and wood. Increasing usage of various types of sheets for DIY applications is anticipated to drive their demand in the near future.

What is the Most Preferred Product Type?

By product type, the demand for printed vinyl flooring is set to gain traction in the near future. As per FMI, the segment is expected to account for 52% of the total market share in 2022. The increasing usage of this type of product in commercial areas, such as malls, retail stores, and offices is likely to drive the demand.

The emergence of digital printing technology has made texture printing easy and this has caught the attention of customers across the globe. Printed flooring also provides better performance than inlaid product type. It is available in various textures and designs, and can be customized as per the customers’ requirements.

Why Would the Commercial Application Dominate?

In terms of application, the commercial segment is set to hold more than half of the global market revenue share in the forecast period. This growth is associated with the rising construction of offices, healthcare centers, and hospitals worldwide. In addition, the increasing remodeling and renovation activities of retail and commercial spaces is anticipated to spur the growth.

Further, this type of flooring has high slip & water resistance and it is easy to sterilize & clean. It is also cost-effective and provides superior aesthetics. The surging influence of architects and designers for the usage of this flooring in commercial spaces is projected to fuel the growth.

Competition Landscape

Key players operating in the market are engaging in the designing and development of new products with unique features to enhance their portfolios and expand their consumer base worldwide. Besides, some of the other companies are focusing on strengthening their retailing network and creating a well-structured supply chain to reach out to their customers. For instance:

• December 2021: IVC Commercial, a designer and manufacturer of flooring solutions headquartered in Belgium, developed a LVT named LayRed 55 to provide a natural-looking flooring with added acoustic performance and durability. The tile contains an underlay beneath a rigid vinyl core to reduce noise. At the same time, it is double coated with TwinGuard lacquer to protect it from stains and scratches.
• May 2021: Armstrong Flooring, a renowned manufacturer of innovative flooring products based in the U.S., launched three luxury flooring collections, namely, Coalesce, Terra, and Biome. These are equipped with the patented Diamond 10 technology for category-leading scuff, stain, and scratch performance. In addition, these collections have a gloss finish and feature an innovative Eased Edge treatment for easy maintenance.

Scope of Report

Vinyl Flooring Market by Category

Format:

• Sheet
• Plank
• Tile

Product Type:

• Inlaid
• Printed

Application:

• Residential
• Commercial

• Healthcare
• Hospitality
• Retail & Offices
• Others

• Industrial

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South East Asia and Pacific
• China
• India
• Japan
• Middle East and Africa