Latest News- Vinyl Flooring Market: Commercial is expected to lead the End-user segment during 2024-2028

The Vinyl Flooring Market is being driven by Increase in building and construction activities

The Vinyl Flooring Market is expected to grow at a CAGR of 7.06% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 12629.4 million. The vinyl flooring market has experienced a significant resurgence, with modern vinyl planks offering enhanced abrasive properties and a wider range of stylish choices compared to their first-generation counterparts. These advancements have made vinyl planks a popular alternative in both commercial and residential sectors. Notably, vinyl planks are now offered as 100% waterproof, expanding their application to bathrooms and kitchens. Additionally, contemporary vinyl planks adhere to stringent environmental standards, such as LEED credit EQ4.3 for Low-Emitting Materials, and provide finishings akin to high-end hardwood flooring at more affordable rates. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Commercial
  • Residential
• Product
  • Luxury vinyl tile
  • Vinyl composite tile
  • Vinyl sheet
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
  • Europe
    • Germany
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in building and construction activities
• Low cost and easy maintenance
• Growing demand for luxury vinyl tiles

However, the market also witnesses some limitations, which are as follows:

• Shortage of skilled labor
• High competition from substitutes
• Environmental impact of vinyl flooring

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Market Scope in Vinyl Flooring Market Research Report

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Research Analysis Overview

The flooring sector has seen a significant growth in the demand for vinyl flooring in both commercial facilities and residential houses due to its moisture and water resistance properties. Vinyl flooring is an excellent choice for buildings that require high durability and resistance to wear and tear. In the service industry, waterproof floor coverings with stain-resistant and slip-resistant properties are popular choices for kitchens, bathrooms, and other high-traffic areas. Vinyl flooring, a type of resilient flooring, is known for its sustainability and aesthetics. It comes in various forms, including Luxury Vinyl Tiles (LVT) and vinyl sheets. Moisture-resistant and resilient flooring solutions are ideal for commercial applications, such as hospitals, schools, and retail stores, where heavy foot traffic and spills are common. For residential applications, vinyl flooring is a popular choice for its durability and ease of maintenance. Its slip-resistant and stain-resistant properties make it an excellent choice for homes with children and pets. Vinyl flooring is also suitable for sports activities and can be designed to mimic the look of natural materials like wood and stone. Flooring installers play a crucial role in the application of vinyl flooring, ensuring proper installation and maintenance to ensure the longevity of the flooring solution. With advancements in flooring technology, vinyl flooring offers a wide range of design options, making it a versatile and attractive choice for both commercial and residential applications.

Market Research Overview

The vinyl flooring market is a significant segment of the larger global construction materials market, which encompasses the manufacturing and provision of various materials such as sand, clay, gypsum, lime, aggregates, cement, concrete, bricks, and others. The construction materials market size is derived from the combined revenues of chemical, construction materials, containers and packaging, metals and mining, and paper and forest products industries. Key growth drivers for the global construction materials market include the surge in the building and construction industry, with the market experiencing substantial expansion over the past few years and projected to continue this trend.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/