Vinyl Flooring Market expected to Grow faster with key winning strategies
Rapidly developing services and manufacturing sectors, increasing consumer demand and efforts to rejuvenate the industrial sectors, and improving economic conditions of developing countries such as India & China leads to growth in new infrastructure activity and construction of commercial offices, retail and industrial factories. Characteristics such as durability, low maintenance, and economic pricing increases the demand, and thus the selling opportunities of vinyl flooring in commercial markets.
The Global Vinyl Flooring Market is valued at $ 20,194.76 million in 2016, with a CAGR of 13.3% between 2017 and 2023 and is expected to reach $ 48,471.15 million by 2023.
Vinyl flooring is a finished flooring material made primarily from the combination of a limestone base material mixed with a mixture of natural and synthetic polymer materials such as polyvinyl chloride and a plasticizer. It is a type of solid, resilient flooring and is mainly used in construction applications related to commercial and residential projects.
Market growth is driven by other factors such as infrastructure development and growth in home construction and homeowners in a variety of areas such as healthcare, education and industrial cars.
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In terms of value, Asia-Pacific and LAMEA collectively contributed more than three-fifths share in the global market in 2016.
The key players operating in vinyl flooring market are Armstrong World Industries, Inc., Berkshire Hathaway Inc., CBC Flooring, Congoleum Corporation, Forbo Holding AG, Tarkett S.A., Mannington Mills, Inc., Mohawk Industries, Inc., Gerflor SAS, and IVC Group.
Vinyl flooring is a new type of resilient and robust flooring used in various residential and commercial buildings such as homes, offices, hotels, and others. It is produced by heating polyvinyl chloride (PVC) resin with plasticizers to give flexibility, with pigments to provide color, with stabilizers to ensure stability to heat and light, and with mineral fillers to improve the properties and reduce the cost. It is supplied in either form of luxury vinyl tiles and vinyl sheets & composite floor tile. Durability, low cost, and ease of maintenance has made it the perfect flooring solution over other traditional modes of flooring, such as wood, concrete, ceramic, and marble.
Superior properties of vinyl flooring such as water-resistant nature, ease of cleaning, and ability to improve indoor air quality increase its demand in construction of health care and educational infrastructures. Moreover, manufacturers are introducing innovative graphic film layers and design versatility to vinyl flooring making it more consumer-friendly and indistinguishable from natural materials, such as premium stone finishes and rich wood floors. Availability of vinyl flooring in different shapes, sizes, colors, and patterns makes it suitable for decorating and renovating homes. Growth in number of renovation projects also contributes to the growth of the vinyl flooring market.
Vinyl sheet & composite vinyl tile is composed of binder, fillers, and pigments. The binder consists of one or more resins of poly (vinyl chloride), or vinyl chloride copolymers, or both, compounded with suitable plasticizers and stabilizers. Due to the versatility of its graphic layer, vinyl sheet & composite vinyl tile provides superior design capabilities as compared to other traditional materials such as wood, marble, and concrete. In addition, these tiles are durable and withstand heavy settings, thus replacing traditional materials and making it most popular option for commercial flooring. Hence, the growth in demand for vinyl sheet and composite vinyl tile in commercial sectors, such as office, retail, hospitality, sport, and others increases the demand for vinyl flooring.
Owing to the adverse effects of chemicals such as volatile organic compounds (VOCs) on environment and human health, leading health, environmental justice, and health-impacted organizations such as United States Environmental Protection Agency (EPA), U.S. Department of Agriculture (USDA), and National Sanitation Foundation (NSF) have drafted stringent regulations on the usage of vinyl, which hampers the growth of the market. Nevertheless, owing to rise in investment in real estate and high disposable income of consumers, there is an increase in the need for better infrastructure. This further fuels the demand for vinyl flooring in the market.