The global vinyl flooring market Size is projected to attain a valuation of USD 29,885.25 million in 2023 and is estimated to reach USD 57,699.15 million by 2033 while exhibiting a CAGR of 6.8% during the forecast period.
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 sales in this market. The higher utilization of vinyl flooring solutions to enhance the comfort level, aesthetics, and interior looks in numerous structures is anticipated to boost the vinyl sheet flooring market growth over the forthcoming years.
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. This is further expected to result in a high demand for unique coverings and spur the vinyl floor covering market.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 29,885.25 million |
| Anticipated Forecast Value (2033) | USD 57,699.15 million |
| Projected Growth Rate (2023 to 2033) | CAGR of 6.8% |
A half-yearly comparison and insightful analysis of the vinyl flooring industry is presented by FMI, together with information on the dynamics and trends that are currently affecting the market's growth prospects. The need for waterproof, stain-resistant, and slip-resistant floor coverings in residential structures, commercial buildings, and healthcare facilities is anticipated to remain the key growth driver for the market.
According to FMI analysis, the variation between the BPS values observed in the vinyl flooring market in H1, 2022 - Outlook over H1, 2022 projected reflects a decline of 40 bps. Further, compared to the 2021 first-half actual growth, the market is expected to witness an increment of 20 BPS as per the current estimation. The primary cause of the market's growth prognosis being lower than initial projections are the decline in vinyl flooring use as a result of stricter regulations and increased restrictions on VOCs.
It is anticipated that the demand for vinyl flooring is expected to increase in the upcoming years due to rising construction of shopping malls, restaurants, and other commercial spaces around the world as well as the increasing number of planned or ongoing urban infrastructure projects in several countries. Along with the positive prospects of the market, it is further constrained by certain factors, such as rising raw material costs, rising crude oil prices that have an impact on downstream product costs, stricter regulations for VOC-based compounds, etc.
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Demand for vinyl flooring is poised to grow at a 6.8% CAGR, in comparison to the 6.3% CAGR registered between 2018 and 2022. The rapid development of large-scale infrastructure projects, especially in 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. These initiatives taken by regulatory bodies are projected to augment the vinyl sheet flooring market across the globe.
In countries with high air pollution levels, governments had stopped 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 toxic air pollution levels. The Commission has exempted the construction of nursing homes, hospitals, and similar other healthcare facilities as these are termed ‘essential.’
Rapid Expansion of Urban Infrastructure is set to Drive Market Growth
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 vinyl floor covering market. For instance, the Odisha government announced its approval of four latest infrastructure development projects in December 2021, worth Rs. 51.92 crore. These projects are aimed at enhancing the conditions of both old and new industrial estates in the state.
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 pace 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 sustainability objectives. The luxury vinyl tiles market is anticipated to exhibit robust growth in the near future stoked by their low maintenance cost and extensive usage in hospitals, offices, and retail stores.
These tiles provide a 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, thereby boosting the Luxury Vinyl Tile (LVT) flooring market.
Booming Construction Sector to Propel the United States LVT Flooring Market
The surging investment by the government in the construction of single-family homes is anticipated to fuel growth in the United States in the near future. The North America vinyl flooring market is forecast to exhibit 14.6% in terms of market share in 2023, finds FMI. The market in the United States is projected to expand at a CAGR of 6.7% during the forecast period.
According to the Associated General Contractors of America, the construction industry in the United States builds approximately USD 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 LVT flooring market in the United States.
Development of Innovative Products to Augur Well for the United Kingdom Luxury Vinyl Tiles Market
The high demand for luxury flooring options and increasing disposable income of customers are estimated to drive the Luxury Vinyl Tile (LVT) flooring market growth in the United Kingdom during the assessment period. According to FMI, the Eastern Europe vinyl flooring market is expected to procure around 6.5% of the total market share in 2023.
The growing trend of spending huge sums on the interiors and styling of living spaces among people in the United Kingdom is set to propel the market over the forecast period. Also, the rising number of manufacturers in this country is anticipated to drive the LVT flooring market.
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 United Kingdom, which is anticipated to augment the luxury vinyl tiles market.
China Vinyl Sheet Flooring Market to Exhibit High Growth Backed by Expansion of Housing Sector
The increasing construction of multi-storey buildings is expected to bolster the market in China in the upcoming years. According to FMI, Southeast Asia and Pacific vinyl flooring market is projected to account for about 13.5% of the market share in 2023. The demand for vinyl flooring in China is projected to rise at a CAGR of 7% during the forecast period.
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 growth positively.
The rising demand for modern architectural structures with the evolving trends of building and construction is estimated to spur growth. Also, expansion of the housing sector owing to the easy availability of home loans in this country is set to drive the China vinyl tiles market.
Sheets are set to Record Immense Growth in the Vinyl Floor Covering Market
Based on format, the sales of sheets are anticipated to proliferate at a CAGR of 7.5% during the forecast. 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 the vinyl sheet flooring market in the near future.
The emergence of Digital Printing to Augment the Vinyl Wood Flooring Market
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 over 52.2% of the total market share in 2023. Demand for printed vinyl flooring are projected to increase at a CAGR of 7.2% during the forecast period. The increasing usage of this type of product in commercial areas, such as malls, retail stores, and offices is likely to drive the demand, thereby propelling the printed vinyl wood flooring market.
The emergence of digital printing technology has made texture and wood printing easy, and this has caught the attention of customers across the globe. Printed flooring also provides better performance than inlaid product types. It is available in various textures and designs and can be customized as per the client’s requirements. Spurred by the aforementioned properties, the vinyl wood flooring market is likely to exhibit steady growth in the future.
Rising Constriction of Offices and Hospitals to Fuel the Vinyl Sheets Market
In terms of application, the commercial segment is set to hold more than half of the global market revenue share in the forecast period. The commercial segment is expected to generate sales of vinyl flooring with a CAGR of 8% during the forecast period. This growth is associated with the rising construction of offices, healthcare centers, and hospitals worldwide. In addition, the increasing remodelling and renovation activities of retail and commercial spaces are anticipated to spur the vinyl sheets market 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 of the vinyl sheets market.
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Key players operating in the vinyl tiles 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 retail network and creating a well-structured supply chain to reach out to their customers.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 29,885.25 million |
| Market Value in 2033 | USD 57,699.15 million |
| Growth Rate | CAGR of 6.8% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
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| Customization & Pricing | Available upon Request |
The market is slated to attain USD 29,885.25 million in 2023.
The market is expected to expand at a CAGR of 6.8% through 2033.
Expanding urban infrastructure and surging advancements are stimulating market growth.
The United States holds a notable market share.
China portrays high growth rate for vinyl flooring.
| Estimated Market Size, 2024 | USD 2,449.7 million |
|---|---|
| Projected Market Value, 2034 | USD 4,598.4 million |
| Value-based CAGR (2024 to 2034) | 6.5% |
| Expected Market Value (2023) | USD 2.67 billion |
|---|---|
| Anticipated Forecast Value (2033) | USD 5.2 billion |
| Projected CAGR (2023 to 2033) | 6.9% |
| Market Size (2022) | USD 1,119.38 Million |
|---|---|
| Market Size (2032) | USD 2,649.99 Million |
| Market CAGR (2022 to 2032) | 9% |
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