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.