Vinyl Flooring Market : Lucrative Segments and their Underlying Factors
Vinyl Flooring Market
The global vinyl flooring market is growing at a rapid pace. The market growth attributes to the augmented demand from the residential floorings segment and increasing purchasing power led by the improving economy worldwide. Vinyl is a proven long-lasting and practical solution, attracting more consumers and hence perceiving a wide uptake. Also, easy-to-fix and maintenance-free vinyl flooring find diversified uptake across the non-residential segment.
According to Market Research Future (MRFR), the vinyl flooring market is poised to garner exponential traction by 2022, registering an impressive CAGR during the review period (2020–2028). Additionally, benefitting vinyl flooring properties, such as waterproofing, microbial protection, and decorative finishing, push the growth of the market. Rising urbanization and increasing commercial facilities in developing economies, such as India and China, generate growth opportunities for market players.
However, vinyl is not all that safe for the environment as its manufacturing process uses non-renewable natural resources like petroleum or natural gas. Besides, some toxic chemicals used in the process cause a toxic gassing post-installation, releasing VOC into the proximity, and leading to symptoms like eye irritation, asthmatic conditions, and respiratory problems. Also, vinyl flooring cannot withstand heavy loads and gets damaged by sharp objects. These factors are projected to impede the market growth.
Nevertheless, expected technological advances would support the market growth throughout the review period, presenting a more sustainable and ecological approach to the production processes. This would undoubtedly allow vinyl to rapidly increase, garnering more attention and prominence in the global market, presenting vinyl as an eco-friendly product in the future. Furthermore, improvements in coloring techniques would accelerate vinyl flooring applications across end-users.
Global Vinyl Flooring Market — Segmentation
The report is segmented into three dynamics;
By Product: Comprises Luxury Vinyl Tiles, Vinyl sheets, Printed Vinyl, Carpets, and others.
By Applications: Non-residential, Residential, Commercial, and others.
By Regions: North America, Europe, APAC, and the Rest of the World.
Global Vinyl Flooring Market — Regional Analysis
The Asia Pacific region dominates the global vinyl flooring market. The largest market share attributes to the burgeoning construction and real estate sectors in the region. Besides, changing lifestyles and rising consumer preference for vinyl flooring create substantial market demand. The increasing population in the region defines the significant landscape for infrastructure development and augmented application, which increases the vinyl flooring market size.
Additionally, high durability, hygiene, cost efficiency, and maintenance-free qualities increase the adoption of vinyl materials in flooring applications. Furthermore, augmented absorption of vinyl flooring in the building construction sectors drives the regional market growth. Moreover, rising investments push regional market growth. The North American vinyl flooring market is expected to progress significantly during the review period.
Global Vinyl Flooring Market — Competitive Landscape
Fiercely competitive, the vinyl flooring market appears fragmented due to the presence of several well-established players. They compete on quality, price, branding, extensive customer service. Industry players adopt strategic initiatives such as mergers acquisitions, collaborations, and expansion to gain a larger competitive share. Product launch and technology upgrades trend in the market.
As a result, market players make substantial RD investments. Due to low product differentiation and the availability of many similar products in the market, players aim to improve the brand value by minimizing recalls through effective marketing communications. High growth potential demonstrated by the market attracts several new entrants, making the market more competitive.
Major Players:
Players leading the global rubber underlayment for vinyl flooring are Gerflor Group, Mohawk Industries Convenience, Armstrong Flooring Inc., Shaw Industries Group Inc., Mannington Mills Inc., Tarkett Group, Interface, Inc., TOLI Floor Corporation, and Polyflor Ltd., among others
Innovation/ Industry/ Related News:
April 08, 2020 — — Responsive Industries Ltd. (India), a leading vinyl flooring and synthetic leather manufacturer, announced increased revenues from Operations for March 31, 2020, and the current financial year. The Company further said that it had utilized the enforced lock-down period to strengthen the traditional supply chains. Responsive also confirmed that with “Made in India” products through the Atmanirbhar Bharat schemes, Responsive is poised to make strong gains in the domestic market in public sector contracts.
Also, the Company has completed many key projects in the health sector, especially in emergency COVID 19 isolation facilities. Responsive Industries has also supplied its specialized anti-bacterial vinyl flooring for healthcare facilities in New Delhi (India). Additionally, Responsive has supplied vinyl flooring to NESCO, MMRDA, and WIPRO facilities in metro cities and the Indian Railways to facilitate converting railways coaches to COVID isolation centers. Therefore, despite the short-term challenges of COVID-19, the Company has solid growth prospects and looks to emerge stronger from the crisis.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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