CRI Report has released a report titled “Vinyl Flooring market – Analysis of Market Size, Share & Trends for 2020 – 2030 and Forecasts to 2030” which is anticipated to reach USD 57.23 billion by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 8.06% between 2020 and 2030. The demand for residential flooring has been driven by rising purchasing power. Its cost-effectiveness and environmental friendliness are two aspects that are attracting an increasing number of customers. This industry is also being driven by rising consumer attention to aesthetic value in construction and shifting preferences toward environmentally friendly materials. Vinyl flooring may be utilized anywhere and is popular in the nonresidential sector since it is easy to install and maintain.
The market report on Vinyl Flooring market includes in-depth insights as:
- The estimated value of the market was USD 26.35 billion in the year 2020.
- Region-wise, the market in Asia Pacific which held the largest market share in the year 2020, emerged as a key market for Vinyl Flooring market.
- Based on Product Outlook, Luxury Vinyl Tiles emerged as a key segment in the Vinyl Flooring market.
- Based on Application Outlook, the Commercial segment emerged as a key segment in the Vinyl Flooring market.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“Consumers’ disposable earnings have risen in recent years, allowing them to upgrade their lifestyles and invest in lavish housing projects and other infrastructure improvements. Furthermore, customers believe that a well-decorated house is a mark of status, and as a result, they have begun to improve flooring solutions such as vinyl flooring in order to improve their social image.”, according to this report
Vinyl flooring, also known as resilient flooring, is created from a mix of natural and synthetic polymer materials that are laid out in a pattern. It’s a flexible synthetic flooring material that’s water and stain-resistant. Vinyl flooring is cost-effective and offers a variety of benefits such as durability, flexibility in handling, and design options, making it ideal for usage in hospitals, schools, businesses, and homes. Furthermore, because vinyl flooring is easy to walk on and decreases impact noise, it is commonly used as a substitute for more high-maintenance flooring such as carpet. Advanced print and texture techniques are now available, allowing vinyl flooring to replicate the look of a range of flooring alternatives such as hardwood, marble, stone, and so on.
Vinyl Flooring market is segmented by Product Outlook into Vinyl Sheets, Vinyl Tiles, Luxury Vinyl Tiles. Among these, The Luxury Vinyl Tiles sector is projected to remain the most popular vinyl flooring solution category, with revenue expected to grow at the fastest CAGR during the projection period. In comparison to ordinary vinyl tiles, LVT is more durable and performs better, giving it a competitive advantage over its competitors. Because the product is available in a variety of patterns and textures, the LVT market has aroused customer interest in recent years. Over the forecast period, the introduction of digital printing technology to the flooring sector, which allows for simple texture printing on these tiles, is expected to promote market expansion.
Key Players in the Market
- Some of the key players operating in the Vinyl Flooring market are Tarkett, Mohawk, Armstrong World Industries Inc., Shaw Industries Inc., Mannington Mills Inc., Beaulieu International Group, Gerflor, Forbo.
Get Valuable Insights into Vinyl Flooring Market
In the new report, CRI Report thrives to present an unbiased analysis of the Vinyl Flooring market that covers the historical demand data as well as the forecast figures for the period, i.e., 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented by Product Outlook into Vinyl Sheets, Vinyl Tiles, Luxury Vinyl Tiles. By Application Outlook into Residential, Commercial. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.