Over the recent years, the global vinyl flooring market has been growing at a healthy rate. Some of the factors which are giving impetus to the market include global economic growth, technological advancements, rapid industrialisation, elevating disposable incomes and a strong demand from developing nations.
Vinyl flooring refers to a new variety of the resilient flooring which is widely used in the construction sector. It acts as a cost-effective substitute for natural floors like concreate, marble, ceramic and wood. In addition to this, vinyl flooring is one of the popular flooring materials which displays several advantages like durability, scratch-resistance, easy maintenance as well as installation, and extensive availability in terms of colour, design and patterns. Moreover, vinyl flooring is mainly used in the commercial settings as it has the potential to withstand high foot traffic. A new research report titled “Vinyl Flooring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” by IMARC Group estimates that the global vinyl flooring market reached a volume of 1013 Million Sq. Metres in 2017. The report further anticipates the market to cross a volume of 1,334 Million Sq. Metres by 2023, at a projected CAGR of more than 10% over the forecast period.
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Global Vinyl Flooring Market Drivers/Constraints:
- The recovery of the economy at a global scale has bolstered the overall construction industry. Additionally, the existing poor infrastructure, particularly in the developing regions like Africa, Asia, Eastern Europe and Latin America has propelled the growth of the global vinyl flooring market.
- In order to survive the market competition, manufacturers are expanding the consumer-base and are using technological advancements for printing and introducing innovative graphic film layers as well as versatile vinyl flooring designs.
- Some of the other factors fostering the growth of the vinyl flooring market include population growth, rapid urbanisation and industrialisation, escalating disposable incomes and rising interest of consumers towards home décor.
- Nonetheless, the installation of vinyl flooring requires a higher level of skills or training. Manufacturers are responsible for providing extensive training to the professional installers as improper installation may lead to wrong patching, irregular surface and surface cracking.
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Product Type Insights:
On the basis of type, the market is segmented as vinyl sheet, luxury vinyl tile (LVT) and vinyl composition tile (VCT). Amongst these, luxury vinyl tile (LVT) holds the majority of the total market share.
Based on sector, the global vinyl flooring market is segregated as residential and commercial. Currently, commercial sector exhibits a clear dominance in the market.
On a geographical front, Asia-Pacific enjoys a leading position in the global vinyl flooring market, accounting for the largest market share. Asia-Pacific is followed by North America, Western Europe, Eastern Europe, Latin America, and Middle East and Africa.
The market is fragmented in nature with the presence of many small and large manufacturers that are competing in terms of prices and quality. There is an intense competition in the market which makes it hard for small players to survive.
Some of the leading players operating in the market are:
- Mohawk Industries Inc.
- Armstrong World Industries, Inc.
- Shaw Industries, Inc.
- Mannington Mills, Inc.
- Beaulieu International Group
Browse Related Report:
Laminate Flooring Market: http://bit.ly/2ONtof9
Hardwood Flooring Market: http://bit.ly/2z0ToJ7
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