Vinyl Flooring Market : Expected to Secure Notable Revenue Share during 2018-2026
The number of infrastructure projects in developing economies have sky-rocketed in the last few years. This has boosted the demand for construction materials. The global vinyl flooring market is one of the benefiters of this. The market is growing rapidly, and the future promises higher growth rates with players expanding footprints in developing nations.
The new-age flooring material is a
combination of natural and synthetic polymers along with limestone-based
materials. It is manufactured in different forms like luxury vinyl tiles,
composite floor tiles, and vinyl sheets.
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Global Vinyl
Flooring Market: Drivers and Restraints
The steep rise in the number of
infrastructure projects across the globe is the biggest driver of the global
vinyl flooring market. Developing nations are increasingly investing in
industries, residential complexes, offices, hospitals, and educational
institutions. Further, the growth in the volume of renovation projects in
developed nations is also a massive booster for the global vinyl flooring market.
Vinyl flooring is considered a
resilient material. Its durability, low maintenance, and reduced price has made
it one of the most-preferred flooring option. Further it is water resistant and
easy to clean. Its potential to improve air quality makes them ideal for
healthcare and educational buildings. All such USPs are believed to be fuelling
the global vinyl flooring market.
Technology has played a huge role in
making vinyl flooring innovative and attractive. Innovative graphics makes
vinyl flooring indistinguishable from natural flooring materials like rich wood
and premium stone finishes. Additionally, they are available in a wide variety
in size, shape, color, and pattern. These days, sellers even allow consumers to
customize the design. All these may be having a positive impact on the market.
Other factors that could be fostering
the growth of the global vinyl flooring market are growing disposable income,
rapid urbanization, rising interest in home décor, population growth, and
industrialization.
Along with several growth drivers,
there are some pertinent challenges for the market players to overcome. Vinyl
flooring installation requires extensive training and greater skills than
needed for other flooring materials. Even a small mistake amounts to a huge
loss for the supplier.
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Global Vinyl
Flooring Market: Geographical Distribution
Geography-wise, the Asia Pacific
region could capture the highest share of the global vinyl flooring market.
This is because of the rapid development in countries like India and China that
has boosted their construction industry. People’s willingness to spend and
changing lifestyles of the middle and upper middle class is predicted to
provide further boost to the market in the region in the near future.
Meanwhile, North America and Europe
will continue to have a sizeable share in the global vinyl flooring market.
Latin America, another developing region, is projected as a promising market as
well..
Global Vinyl
Flooring Market: Competitive Dynamics
Armstrong World Industries, CBC
Flooring, Tarkett S.A., IVC Group, and Gerflor SAS are among the key players of
the global vinyl flooring market. The consistently rising demand for the
product has egged several new players to enter the market. To sustain and stay
relevant, established players are adopting latest technological advancements
for printing. This has helped them manufacture innovative graphic films and
expand their consumer base.
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