Vinyl Flooring Market Size, Share & Industry Analysis, By Type (Vinyl Sheets, Vinyl Tiles, and Luxury Vinyl Tiles), By End-Use (Residential and Non-Residential), and Regional Forecast, 2024-2032

The global vinyl flooring market size was USD 36.63 billion in 2023 and is projected to grow from USD 39.19 billion in 2024 to USD 66.94 billion in 2032 at a CAGR of 6.8% during the 2024-2032 period. Asia Pacific dominated the vinyl flooring market with a market share of 33.93% in 2023.

Vinyl flooring is a major resilient flooring used in the construction industry. This flooring type is comparatively easier to maintain, offers more moisture-resistant, and is more durable than other flooring solutions. The use of vinyl floor coverings to enhance interior looks, aesthetics, and comfort underfoot in several residential and commercial structures will drive the market. Additionally, the inclination of consumers towards sustainable flooring solutions will surge product consumption globally. The adoption of slip-resistant, stain-resistant, and waterproof floor coverings in residential houses and buildings and commercial and healthcare facilities will provide growth opportunities to the market.

The COVID-19 pandemic has restricted several construction activities globally. The fluctuations in availability and supply of raw materials and shortage of contractor workforces have delayed the existing and new construction plans. The construction projects in early 2020 were postponed due to the lockdown restrictions in different countries, including China, India, Japan, and the U.S. According to the U.S. Chamber of Commerce Study, about 85% of contractors faced delays in construction work in July 2020 due to the pandemic. This reduced the demand for vinyl flooring around the globe. However, the contractors also reported a drop in their project delays from 40% in April to 26% in July. These contractors also stated that the U.S. market would showcase new business opportunities in the coming year. Furthermore, the government plans and investments in constructing healthcare and medical facilities within a short duration of time are expected to create such flooring products.

Vinyl Flooring Market Trends

Surging Demand for Luxury Vinyl Tiles (LVTs) from Construction Industry to Drive Market Growth

The flooring sector has evolved beyond recognition owing to emerging technologies and the increasing use of specialized machinery. This has led to the demand for long-lasting industrial and commercial LVTs. This vinyl flooring type can remain intact for up to 25 years or twice the duration of other quality floorings. LVTs reduce replacement cost and material wastage thus, meet environmental and sustainability objectives. This type is mainly used in commercial sectors such as retail, offices, and hospitality. It is also a low-maintenance flooring solution as it is easy to clean and has superior properties, including water and slip resistance. Hence, this flooring type is highly preferred in healthcare and educational buildings. Moreover, the shock-absorbent property and cushion effect of LVTs has surged its use in constructing sports surfaces, fitness centers, and gymnasiums during the forecast period.

Vinyl Flooring Market Growth Factors

Rapid Growth in Residential Buildings to Drive Market

According to the World Bank, by 2050, the United Nations predicts the number of people on the planet will grow to nearly 10 billion. The growing migration of the population to cities is creating requirements for more housing and infrastructure. This need presents both an opportunity and a challenge for the architecture, engineering, and construction (AEC) sector. Rapid urban development is expected to impact on a local, regional, and ultimately global level. It is expected to impact schools, energy systems, hospitals, and employment opportunities. This is anticipated to create the need for more housing and better public transit, roads, and bridges. Moreover, between 2018 and 2050, it is forecasted that multifamily housing will comprise more than half the regular average residential buildings constructed per day, which is approximately 10,000 per day.

The rise in the disposable income of consumers over the past few years has enabled them to modify their lifestyle and invest in luxurious housing projects or renovation and remodeling of their existing houses. The rise in demand for housing maintenance is anticipated to boost the global vinyl flooring market growth during the forecast period. The use of flooring solutions in residential buildings enhances the aesthetic appeal and provides durability and comfort. Furthermore, consumers perceive that an appropriately decorated home symbolizes their status. This has led to them adopting innovative flooring solutions, including vinyl flooring, to uplift their social image. These floorings are suitable for living rooms, bedrooms, kitchens, laundry rooms, bathrooms, and basements. All these factors are projected to drive the product’s demand in the residential construction areas.

RESTRAINING FACTORS

Fluctuations in Prices of Raw Materials is Likely to Hinder Market Growth

The raw materials include polyvinyl chloride resins, plasticizers, limestone, glass fiber, career sheet, pigments, & trace stabilizers. The costs of these materials are either high or remain to fluctuate. The cost of raw materials accounts for nearly 50% of the total expenditure of the plant. Therefore, fluctuations in the prices create a huge impact on the overall manufacturing cost of these types of flooring. Hence, raw material price fluctuations are anticipated to hamper the market growth.

Vinyl Flooring Market Segmentation Analysis

By Type Analysis

Luxury Vinyl Tiles Segment to Witness Fastest-Growth owing to its Efficient Properties

Based on type, the market is classified into vinyl sheets, vinyl tiles, and luxury vinyl tiles.

The luxury vinyl tiles segment is expected to hold the largest vinyl flooring market share due to its long-lasting durability and higher moisture resistance. Shifting consumer preference towards interior designing, renovation, ad remolding to change the building appearance will boost the consumption of LVTs in residential and commercial buildings.

The vinyl sheet segment held a significant share in the market. The rising demand for thin floor coverings offering resistance to mold spills and moisture from retail and commercial facilities is expected to drive the usage of vinyl sheets during the forecast period.

Vinyl tiles are gaining importance from application areas where occasional spills are the main concern. The easy installation and availability at a lower cost contribute to the growing use of this type of flooring in non-residential buildings.

By End-Use Analysis

Non-Residential Segment to Account for the Major Share Rising Urbanization

In terms of end-use, the market is segmented into residential and non-residential.

The non-residential segment is expected to hold a significant share in the market. The growth of this segment is associated with the rising urbanization and enhancement of commercial and retail spaces. Additionally, the rising need for hospitals, healthcare centers, and offices will surge the key market growth in the non-residential segment.

The increasing renovation and remodeling activities in residential houses and buildings to enhance the living spaces will surge the growth of vinyl flooring from the residential segment.

REGIONAL INSIGHTS

The market size in Asia Pacific stood at USD 12.43 billion in 2023. The region is expected to showcase exponential growth owing to the progress of the construction industry and planned projects in leading countries such as China and India. Moreover, the rising urbanization has raised the adoption of renovation in commercial and residential buildings leading to the demand for vinyl flooring in this region. China was the largest product-consuming country in the region in 2023. The growth in the country is due to the rising need for enhancing housing interiors, along with the increasing construction of multistory buildings.

The increasing usage of vinyl floor coverings in non-residential buildings is expected to surge the growth of the market in Europe. Moreover, a high preference for luxurious houses is expected to boost the market in Europe.

In North America, the need for enhancing commercial facilities, including offices, hospitals, and schools, is driving the market growth. Furthermore, demand for durable and easy-to-install floor coverings supports the market growth in the region.

The increasing preference for cost-effective floorings from building contractors of South America, and the Middle East and Africa shall provide substantial growth opportunities during the forecast period. Besides, the rise in large construction projects in these regions to advance living is expected to drive the vinyl flooring usage during the forecast period.

List of Key Companies in Vinyl Flooring Market

Key Players Focus on New Product Launch to Strengthen Their Market Positions

The key players in the market, such as Armstrong Flooring and Forbo Flooring Systems, have launched new flooring collections to strengthen their product portfolio. This enables them to offer their customers a wide range of options to choose from. The development of sustainable products is the key aspect adopted by the leading companies. Hence, these companies have invested ample resources in the R & D of recycled and bio-floor coverings. For instance, in 2019, Tarkett developed BIOVYN using bio-attributed ethylene that is derived from non-food biomass. A wide range of product portfolios and superior production facilities will allow the companies to strengthen their position in the market.

LIST OF KEY COMPANIES PROFILED

• Armstrong Flooring, Inc. (U.S.)


• Forbo Flooring Systems (Netherlands)


• Mohawk Industries, Inc. (U.S.)


• Tarkett S.A. (France)


• Mannington Mills, Inc. (U.S.)


• Shaw Industries Group, Inc. (U.S.)


• LG Hausys (South Korea)


• Greflor (France)


• Interface, Inc. (U.S.)


• Polyflor Ltd (U.K.)

KEY INDUSTRY DEVELOPMENTS

• October 2023 – Tarkett Home, one of the major players in the flooring market, announced the next generation of its innovative ‘FiberFloor’ sheet vinyl collection. High Street sheet, particularly designed with Main Street in mind, offers the best of both worlds- the durability needed for light commercial applications and the trendy designs to suit any decor.


• May 2021 – Armstrong Flooring launched three LVT collections named Biome, Terra, and Coalesce with patented diamond ten technology for commercial end-users. These three collections have a thinner profile with a 2.5 mm structure that reduces the raw materials and energy used during production and results in a 31% lower carbon footprint. These products contain about 29% of recycled content.


• January 2021 – Forbo Flooring Systems developed new collections named Sarlon and Modul’up that are compact, glued, or fully loose laid and offer acoustic resistance. It has a range of about 90 designs and colors to enhance the dynamics of a building.

REPORT COVERAGE

The global market research report provides a comprehensive and in depth analysis of the product and focuses on crucial aspects such as the competitive landscape, types, and end-use. The market report also includes country-level data for end-users. Additionally, the report covers market trends, market dynamics, and key industry developments. Furthermore, the report provides various factors that have led to market growth over recent years.

Report Scope & Segmentation