Vinyl Flooring Market Size Is Expected To Reach USD 61.15 Billion By 2030 | Reports And Data

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Vinyl Flooring Market Size USD 33.10 Billion in 2021, Growth at a CAGR of 6.9%, Trends - The rise in the trend of customer's high standard lifestyle.

NEW YORK CITY, NEW YORK, UNITED STATES, June 15, 2022 /EINPresswire.com / -- The Vinyl Flooring market is projected to reach USD 61.15 Billion by 2030. Rising demand is anticipated by factors such as High strength, excellent water resistance, and the lightweight properties offered by the product are expected to drive its demand over the forecast period in residential and commercial construction projects. These products are commercially available in several colors, textures, and design patterns and have attracted the attention of consumers for the past couple of years. In addition, the product is gaining recognition among middle-class consumers due to its visual resemblance to products made from concrete, natural stone, and wood flooring and significantly low cost. Luxury Vinyl Tiles is projected to witness a remarkable rate of growth due to the product's affordability, low maintenance, excellent water resistance, and easy to clean properties.

The vinyl flooring, because of their low noise levels and easy maintenance, is considered to be ideal for high traffic applications such as restaurants, cafes, and offices. Technological advancements in the sector to introduce easy-to-install self-adhesive flooring products can lead to high demand for flooring products. In particular, the demand in the residential segment is expected to be high. The prime end-user of vinyl tiles, thanks to their superior esthetical appeal, is expected to be nonresidential areas such as shopping malls and hotels.

The aesthetically pleasing design and easy maintenance are features expected to drive the popularity of wood flooring and laminate flooring. Advances in construction and printing techniques have increased the popularity of laminated floors and made them more popular across the globe. Technological advancements in wood flooring ultimately contributed to increased demand for products.

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Some Key Highlights from the Report

High strength, excellent water resistance, and lightweight properties propel significant factors such as the rise of the global market for vinyl flooring, which has to lead to increased penetration into residential applications of the product. Added environmental benefits help optimize the growth of this field. Companies are developing state-of-the-art, vinyl flooring technologies.
The Luxury Vinyl Tiles segment will rise at 9.0% in terms of revenue at the fastest CAGR over the forecast period.
In the market segment of commercial applications, vinyl flooring dominated the market with a share of revenues of over 65.1%: the hospitality, institutional segments, and office segments driven the majority of demand.
All major players in the industry have invested heavily in R&D ventures in recent years and led to several innovative products. The principal players are seeking to enhance their product portfolio through strategic mergers and purchases of SMEs. Thus, the intense rivalry between players is anticipated in the coming years.
In January 2019, Genflor introduced a new LVT – Luxury Vinyl Tile and Planks range, Creation 30 and Creation 55. A variety of LVTs with over 35 unique colors and designs are available. There are also ten tile and plank formats.

Key participants include Armstrong World Industries Inc., Mannington Mills Inc., Forbo, Boral Limited, Brumark Corporation, Mohawk Industries, Inc., Beaulieu International Group, Tarkett, Shaw Industries Group, Gerflor Group Inc., Interface, among others.

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Type Outlook (Revenue, USD Billion; Volume, Sq Mt; 2019 – 2030)

Vinyl Sheets
Vinyl Tiles
Luxury Vinyl Tiles

Material Outlook (Revenue, USD Billion; Volume, Sq Mt; 2019 – 2030)

Wood Plastic Composite
Stone Plastic Composite

End-use Outlook (Revenue, USD Billion; Volume, Sq Mt; 2019 – 2030)

Residential
Commercial
Industrial

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The global Vinyl Flooring market is segmented into:

North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

What are the dominating factors that are influencing the growth of the industry?
In the forecast period, which market segment is expected to rise the most?
What are the risks and challenges that the industry is facing?
In the coming years, which area is projected to dominate the market?
Who are the major players in the market?
What kind of strategic business plans have they made?

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