- The growing incidence in the construction industry, coupled with the increasing demand for a high standard of living, are major driving forces of the market
- Market Size – USD 29.66 Billion in 2019, Market Growth - CAGR of 6.6%, Market Trends – The rise in the trend of customer's high standard lifestyle
NEW YORK, June 16, 2020 /PRNewswire/ -- The Vinyl Flooring market is projected to reach USD 49.79 Billion by 2027. Rising demand is anticipated by factors such as High strength, excellent water resistance, and the lightweight properties offered by the product are expected to drive its demand over the forecast period in residential and commercial construction projects. These products are commercially available in several colors, textures, and design patterns and have attracted the attention of consumers for the past couple of years. In addition, the product is gaining recognition among middle-class consumers due to its visual resemblance to products made from concrete, natural stone, and wood flooring and significantly low cost. Luxury Vinyl Tiles is projected to witness a remarkable rate of growth due to the product's affordability, low maintenance, excellent water resistance, and easy to clean properties.
The vinyl flooring, because of their low noise levels and easy maintenance, is considered to be ideal for high traffic applications such as restaurants, cafes, and offices. Technological advancements in the sector to introduce easy-to-install self-adhesive flooring products can lead to high demand for flooring products. In particular, the demand in the residential segment is expected to be high. The prime end-user of vinyl tiles, thanks to their superior esthetical appeal, is expected to be nonresidential areas such as shopping malls and hotels.
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The aesthetically pleasing design and easy maintenance are features expected to drive the popularity of wood flooring and laminate flooring. Advances in construction and printing techniques have increased the popularity of laminated floors and made them more popular across the globe. Technological advancements in wood flooring ultimately contributed to increased demand for products.
Market players compete primarily based on product quality, price, and the network of distribution. Key players are committed to introducing low environmental impact and improved durability products. The brand reputation, diverse product portfolios, and broad geographical reach were the main drivers for significant companies' growth.
The COVID-19 impact:
As the COVID 19 crisis increases, manufacturers change their practices and acquisition priorities quickly to satisfy the pandemic's needs. This crisis has had a direct effect on the pace of growth of the vinyl flooring over the earlier few months as it has impacted production units. As all construction companies, contractors and business shops are closed, social restrictions and lock-up policies caused by the COVID-19 pandemic have had an enormous effect on the market. The usual supply chain is furthermore disrupted by the lockdown, causing the companies to consider strategic improvisations.
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Further key findings from the report suggest
For this report, Reports and Data segmented the global Vinyl flooring industry report based on product type, material type, application, and by region for this study:
Product Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Material Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
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