Vinyl Flooring Market to be Worth $34.81 Billion by 2030 - Grand View Research, Inc.

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05 Apr, 2023, 15:00 GMT

SAN FRANCISCO, April 5, 2023 /PRNewswire/ -- San Francisco, April 05, 2023 – The global vinyl flooring market size is expected to reach USD 34.81 billion by 2030 to expand at a CAGR of 5.2% from 2023 to 2030 according to a new report by Grand View Research, Inc. The growth in construction spending in the emerging Middle Eastern and Asia Pacific economies can be attributed to the strong industrial and economic development coupled with population expansion, which is likely to have a positive impact on the demand for vinyl flooring in these regions in the forecast period.

Key Industry Insights & Findings from the report:

LVT is expected to remain the most popular category of vinyl flooring solutions and the segment is likely to grow at a CAGR of 5.7%, in terms of revenue in the forecast period. LVT is more durable and offers better performance in comparison to standard vinyl tiles, which offers them a competitive advantage over their counterparts. LVT segment has caught the attention of consumers in the past few years owing to the availability of the product in numerous designs and textures.
Vinyl tiles segment was valued at USD 5,186.6 million in 2022 and is likely to grow at a CAGR of 5.2% during the forecast period. Vinyl tiles are slightly expensive as compared to sheets, however, are they are easy to replace. As a result, they are preferably used in places where there are high chances of stains such as kitchens, cafes, and hotels. Vinyl tiles is also used for ease of washing and weathering with affordability, and easy production process, which is expected to drive market growth in the segment.
The demand for vinyl sheet is expected at a CAGR of 3.1% in the forecast period. These products are considered to be the most user-friendly solution for DYI applications. Furthermore, vinyl sheets offer better moisture resistance in comparison to tiles, as a result, they are considered to be most useful in moist areas such as bathrooms. Self-adhesive vinyl sheets are used to create logos, signs, and advertising graphics for indoor and outdoor, window, and wall décor and to stick in plastic, glass, metal, aluminum, painted wood surfaces, plaster, or concrete walls.
Technological development in the product has introduced self-adhesive vinyl sheets, which have made the installation process relatively easy. These sheets are used as a substitute for natural stone flooring, ceramic tiles, hardwood flooring, and others. Vinyl sheets have flooring applications in moisture susceptible areas such as kitchen, bathroom, and laundry room. In addition, these floorings are used in indoor playgrounds for its cushioned effect to reduce the chances of injuries.

Read 140 page market research report, "Vinyl Flooring Market Size, Share & Trends Analysis Report By Product (Vinyl Sheets, Vinyl Tiles, Luxury Vinyl Tiles), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Vinyl Flooring Market Growth & Trends

Logistics play an essential role in bridging the gap between manufacturing to retail. There is a high traffic of trade of flooring solutions between countries and regions, wherein cost, design, and aesthetics play an important role. The availability of a wide choice to consumers, providing quick services to consumers, and the presence of sales offices of key manufacturers across the globe have resulted in a high trade volume of flooring solutions.

Technological development in the product has introduced self-adhesive vinyl sheets, which have made the installation process relatively easy. These sheets are used as a substitute for natural stone flooring, ceramic tiles, hardwood flooring, and others. Vinyl sheets have flooring applications in moisture susceptible areas such as the kitchen, bathroom, and laundry room.

Residential application segment includes residential buildings, apartments, complexes, and small houses. Vinyl floorings are majorly used in residential applications on account of their low cost, highly durable nature, and resistance to shock, stain, and dirt. The flooring is available in various patterns and shades, thus, making it a perfect choice to create patterns resembling natural stone or wood.

Europe accounted for a significant share owing to increased demand for innovative and technologically advanced flooring products from residential application segment in the region. In addition, the extensively developed manufacturing and service industries in Germany, the U.K., France, Italy, and Spain are projected to drive the demand for flooring products in non-residential applications over the forecast period.

Vinyl Flooring Market Segmentation

Grand View Research has segmented the global vinyl flooring market based on product, application, and region:

Vinyl Flooring Market - Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2018 - 2030)

Vinyl Sheets
Vinyl Tiles
Luxury Vinyl Tiles

Vinyl Flooring Market - Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2018 - 2030)

Residential
Commercial

Vinyl Flooring Market - Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2018 - 2030)

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
France
Spain
Italy
Russia

Asia Pacific

India
China
Japan
South Korea
Singapore
Australia

Central & South America

Brazil
Argentina

Middle East & Africa

Saudi Arabia
UAE

List of Key Players of Vinyl Flooring Market

Armstrong Flooring, Inc.
Forbo Flooring Systems
Mohawk Industries, Inc.
Tarkett S.A.
Mannington Mills, Inc.
Shaw Industries Group, Inc.
LG Hausys
Gerflor
Fatra A.S.
Beaulieu International Group
Polyflor Ltd.

Check out more related studies published by Grand View Research:

Resilient Flooring Market - The global resilient flooring market size is expected to reach USD 65.29 million by 2030 and is expected to expand at 6.9% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The demand for resilient floorings is predicted to escalate over the forecast period as a result of increased investments in the construction industry and rising demand for aesthetic building enhancements. Furthermore, the growing construction spending in the emerging Middle Eastern and Asia Pacific economies would further bolster the market growth.
Flooring Market - The global flooring market size is expected to reach USD 398.27 billion by 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to rising construction activities like the construction of new hospitals, residential spaces, office spaces, malls, and hotels to cater to the demand of the growing global population.
Flooring Adhesive Market - The global flooring adhesive market size is expected to reach USD 7.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2021 to 2028. The market is projected to be driven by a growing emphasis on luxury homes and increasing investments in the construction sector.

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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