Growing inclination of consumers towards sustainable flooring solutions is driving the demand for vinyl tiles furthering the development of global vinyl tiles market.
The value of the Vinyl Tile market is projected to grow to USD 51.45 billion with an estimated CAGR of 6.8% by 2028
COVID-19 Impact and Market Status
Considering recent COVID-19 breakout, several industries' operations have been temporarily halted or are operating with a reduced workforce due to mandated lockdowns and rules by different regulating authorities.
The global vinyl tiles market report analysis provides the study of buying behavior and industry trends, drivers, restraints, and opportunities in the market. Ranges and Segments of Vinyl Tile (LVT) Tiles in the World, The market for luxury vinyl tiles (LVT) is segmented by type (i.e.. The report can help players, stakeholders, as well as other players in the Vinyl Tile (LVT) monitored (LVT) market achieve an advantage.
Residential Segment Accounted For Highest Market Share
Based on the application segment the global vinyl tiles market is classified into commercial and residential segments. Among these, the residential segment accounted for the highest market share owing to key factors such as rising disposable incomes, growing attraction towards renovating home interior with luxurious flooring, and growing investment in luxurious housing projects.
APAC Dominated the Global Vinyl Tiles Market
In terms of volume and revenue, Asia Pacific saturated the global vinyl tiles market in 201821, and this trend is expected to continue so over the forecast period. Ceramic tiles have exhibited immense acceptance in the past to improve offerings in the flooring industry globally, more specifically in the APAC region. Innovative design, rising consumer preferences and ongoing developments in the construction area both residential and commercial spaces are encouraging rapid growth in the global vinyl tiles market. Over the forecast period, the market for vinyl flooring inside the United States is predicted to expand at an annual rate of 8.5 percent. Over the forecasted period, the Southeast regions of the United States are likely to grow at a strong rate. The product's main markets in Canada are likely to be the western provinces and territories. Ontario is home to more than 40% of Canada's population. Growing single-family construction expenditures in this region, owing to the region's population increase, are anticipated to fuel the growth.
Owing to benefits such as durability, water resistance, easy installation, good appearance, versatility, the vinyl tiles have become material of choice for kitchen and family bathrooms and popular alternative to expensive flooring types such as wood or tiles.
The key factors for people preferring vinyl tiles as a flooring alternative include replacing damaged floors and upgrading interior are increasing the demand for vinyl tiles in the market.
One of the primary drivers of global vinyl tiles market is the growing market for luxury vinyl tiles. The material is the most commonly utilised resilient flooring option. Because of its light weight, ease of care, and expense, customers are switching from conventional stone flooring to robust flooring.
The global vinyl tiles market is expected to grow to US $ 38.9 billion by 2029 with an annualized growth rate of 15.3 percent through the forecast span 2022-2029.
Vinyl tile is inexpensive and resistant to extreme weather. Vinyl tiles are in high demand owing to factors such as glue-down features, along with additional advantages such as easy installation, economic sustainability, and flexibility among others. These factors have increased is demand making it a popular and best vinyl tile floor alternative for both homes and businesses.
Product improvements and advancements continue to improve product performance and expand its use in downstream applications.
Despite the popularity of vinyl tiles across the world for flooring in kitchen and bathroom in commercial and residential spaces, the global vinyl tiles market is facing several challenges limiting its market growth.
The decline in construction activities during the covid-19 pandemic due to fluctuations in availability of raw materials, shortage of raw materials such as stabilizers, glass fiber, limestone, plasticizers is restraining the global vinyl tiles market.
However, the sudden rise in CAGR due to countries lifting lockdown restrictions and residential and commercial spaces witnessing interior renovation and construction activities, rising disposable incomes, changing lifestyles, growing attraction towards luxurious flooring is anticipated to be a growth opportunity to the global vinyl tiles market.
The key industry players in global vinyl tiles market are Tajima, Beaulieu, TOLI, Mohawk, LG Hausys, Hanwha, Shaw, NOX Corporation, Mannington Mills, Armstrong, Tarkett, and Gerflor among others.
Latest Innovation In Global Vinyl Tiles Market: A Snapshot
- Market participants in the global vinyl tiles market are aiming at expanding their geographical presence across emerging economies. Both organic and inorganic initiatives are equally vital for all the market participants in the global vinyl tiles market. An in-depth examination of the supply chain evaluation contained within the file would provide a better understanding of the World Vinyl Tile Market. Armstrong Flooring will release three new heterogeneous sheets products in 2022: AsanaTM, NidraTM, and ZenscapeTM. Each collection has Diamonds 10® Technology, a unique wearing layer that uses grown diamonds to provide the best in scratch, stain, or scuff resistance while eliminating the need for polishing.
Vinyl Tile Market Scope
|Revenue forecast in 2028
|US $ 38.9 billion.
|CAGR of 15.3% during 2021-2028
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and South Africa
|Key Players Profiled
|Tajima, Beaulieu, TOLI, Mohawk, LG Hausys, Hanwha, Shaw, NOX Corporation, Mannington Mills, Armstrong, Tarkett & among others.
Key Segments of Global Vinyl Tiles Market
Type Overview, 2019-2029 (USD Billion)
- Luxury Vinyl Tile (LVT)
- Vinyl Composite Tile (VCT)
Application Overview, 2019-2029 (USD Billion)
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa