Vinyl Flooring Market Expected to Reach $48 Billion by 2023
Portland, Ore. -- The global vinyl flooring market was valued at $20 billion in 2016, and is projected to reach $48.47 billion by 2023, registering a compound annual growth rate (CAGR) of 13.3% from 2017 to 2023, according to a recent report by Allied Market Research. In 2016, the vinyl sheet and composite vinyl tile segment accounted for more than half of the global market share in terms of value.
The vinyl sheet and vinyl composite tile segment was the highest contributor to the market in 2016, and is projected to grow at a CAGR of 12.4%. Luxury vinyl tile (LVT) is expected to grow at the highest CAGR of 14.1% from 2017 to 2023. In 2016, residential end-user segment generated the highest revenue and is expected to grow at a significant CAGR of 13.7%. Asia-Pacific accounted for less than half of the share in the global vinyl flooring market in 2016, but is projected to grow at a significant CAGR of 13.8%. In 2016, China accounted for the highest market share accounting approximately for three-fifths in Asia-Pacific.
Durability, low cost, and ease of maintenance has made it the perfect flooring solution over other traditional modes of flooring, such as wood, concrete, ceramic, and marble. Superior properties of vinyl flooring such as water-resistant nature, ease of cleaning, and ability to improve indoor air quality increase its demand in construction of health care and educational infrastructures. Moreover, manufacturers are introducing innovative graphic film layers and design versatility to vinyl flooring, making it more consumer-friendly and indistinguishable from natural materials, such as premium stone finishes and rich wood floors. Availability of vinyl flooring in different shapes, sizes, colors, and patterns makes it suitable for decorating and renovating homes. Growth in number of renovation projects also contributes to the growth of the vinyl flooring market.
Due to the versatility of its graphic layer, vinyl sheet and composite vinyl tile provide superior design capabilities as compared to other traditional materials such as wood, marble, and concrete. In addition, these tiles are durable and withstand heavy settings, thus replacing traditional materials and making it most popular option for commercial flooring.
Owing to the adverse effects of chemicals such as volatile organic compounds (VOCs) on environment and human health, leading health, environmental justice, and health-impacted organizations such as United States Environmental Protection Agency (EPA), U.S. Department of Agriculture (USDA), and National Sanitation Foundation (NSF) have drafted stringent regulations on the usage of vinyl, which hampers the growth of the market. Nevertheless, owing to rise in investment in real estate and high disposable income of consumers, there is an increase in the need for better infrastructure. This further fuel the demand for vinyl flooring in the market.
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