Vinyl flooring is a finished flooring material predominately made from a combination of limestone-based material mixed with composites of natural and synthetic polymer materials such as polyvinyl chloride and plasticizers. Rising demand for the product in high-traffic area construction segments such as offices and commercial spaces is likely to support market growth. The product is a cost-effective alternative for wood and carpet tiles. Furthermore, superior comfort and noise control offered by these floors are expected to propel their demand in multi-story buildings over the projected period. The product is the most widely used type of resilient flooring solution. Consumers are shifting from traditional stone floorings to resilient floorings owing to their lightweight, easy maintenance, and cost-effectiveness.
Technological advancements by manufacturers to introduce self-adhesive floorings have benefited the industry growth over the past few years. A rising number of multifamily houses to accommodate the growing population is expected to have a positive impact on vinyl flooring market growth. Moreover, increasing investments by key manufacturers to offer customized product solutions in different colors, design patterns, textures, and dimensions are fuelling product penetration in the construction sector.
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Key Market Trends
Luxury Vinyl Tile Segment
Luxury vinyl tile is expected to remain the most popular category of vinyl flooring solutions and the segment is likely to grow at a higher CAGR, in terms of revenue, over the forecast period. Luxury vinyl tile is more durable and offers better performance in comparison to standard vinyl tiles, which offers them a competitive advantage over their counterparts. The luxury vinyl tile segment has caught the attention of consumers in the past few years owing to the availability of the product in numerous designs and textures. The introduction of digital printing technology to the flooring industry, which enables easy texture printing on these tiles, is likely to support the market growth over the projected period.
Commercial Segment Hold the Largest Market Share
The commercial application segment accounted for the largest share of the vinyl floor market and the segment is anticipated to grow at a higher CAGR, in terms of revenue, over the forecast period. Commercial construction segments such as hotels and shopping malls are expected to be the key users of these tiles as they offer cost-effectiveness along with superior aesthetics. The rising influence of designers and architects for the use of vinyl flooring in a commercial application is expected to boost product demand. Easy cleaning and sterilization and stylish designs and slip & water resistance offered by these products are likely to propel their demand in commercial application over the projected period.
Competitive Landscape
The report covers major international players operating in the Vinyl floor covering market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of Covid-19 on the Market
5 MARKET SEGMENTATION
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