Vinyl Floor Covering Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 26.34 Billion |
| Market Size (2029) | USD 55.73 Billion |
| CAGR (2024 - 2029) | 16.17 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vinyl Floor Covering Market Analysis
The Vinyl Floor Covering Market size is estimated at USD 26.34 billion in 2024, and is expected to reach USD 55.73 billion by 2029, growing at a CAGR of 16.17% during the forecast period (2024-2029).
Vinyl flooring is a popular choice for residential and commercial applications due to its durability, ease of maintenance, and affordability. The market is being driven by factors such as the rising demand for eco-friendly flooring solutions, the increasing number of renovation and remodeling activities, and the growing popularity of luxury vinyl tiles (LVTs) and vinyl composite tiles (VCTs). Additionally, the use of vinyl flooring in healthcare facilities, schools, and other public buildings is also driving market growth.
Technological advancements by manufacturers to introduce self-adhesive floorings have benefited the industry's growth over the past few years. A rising number of multifamily houses to accommodate the growing population is expected to have a positive impact on vinyl flooring market growth. Moreover, increasing investments by key manufacturers to offer customized product solutions in different colors, design patterns, textures, and dimensions are fuelling product penetration in the construction sector.
Luxury vinyl tiles (LVT) flooring is the fastest-growing market due to significant investments, increased construction activities, and many regional manufacturers. The increased need to enhance commercial spaces such as offices, hospitals, schools, etc., because of their durability and ease of installation, boosts the market's growth.
Due to the rising growth opportunities, the demand for luxury vinyl tiles is increasing in countries like China, Australia, India, Japan, Thailand, Vietnam, and Indonesia, which drive the market.
Factors like an increasing standard of living and the market's offerings of vast opportunities attract a considerable workforce. The demand for luxury vinyl tiles also increases since the demand is increasing among residential units, single houses, and apartments simultaneously. The reason for the increasing demand for the luxury vinyl tile market is that luxury vinyl tiles are eco-friendly and provide improved indoor air quality (IAQ) performance.
Vinyl Floor Covering Market Trends
Luxury Vinyl Tile Segment to Remain the most Popular Category
- Luxury vinyl tile is expected to remain the most popular category of vinyl flooring solutions, and the segment is likely to grow at a higher CAGR, in terms of revenue, over the forecast period. Luxury vinyl tile is more durable and offers better performance in comparison to standard vinyl tiles, which offers them a competitive advantage over their counterparts.
- The luxury vinyl tile segment has caught the attention of consumers in the past few years owing to the availability of the product in numerous designs and textures. The introduction of digital printing technology to the flooring industry, which enables easy texture printing on these tiles, is likely to support the market growth over the projected period.
Commercial Segment Hold the Largest Market Share
- The commercial application segment accounted for the largest share of the vinyl floor market, and the segment is anticipated to grow at a higher compound annual growth rate (CAGR), in terms of revenue, over the forecast period. Commercial construction segments such as hotels and shopping malls are expected to be the key users of these tiles as they offer cost-effectiveness along with superior aesthetics.
- The rising influence of designers and architects for the use of vinyl flooring in commercial applications is expected to boost product demand. Easy cleaning and sterilization and, stylish designs, and slip & water resistance offered by these products are likely to propel their demand in commercial application over the projected period.
Vinyl Floor Covering Industry Overview
The report covers major international players operating in the Vinyl floor covering market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets. Some major players in the market are Armstrong Flooring, Inc., Mohawk Industries, Inc., Shaw Industries Group, Inc., Tarkett S.A., and Mannington Mills, Inc.
Vinyl Floor Covering Market Leaders
-
Armstrong Flooring, Inc.
-
Mohawk Industries, Inc.
-
Shaw Industries Group, Inc.
-
Tarkett S.A.
-
Mannington Mills, Inc.
*Disclaimer: Major Players sorted in no particular order
Vinyl Floor Covering Market News
- February 2023: Shaw Industries Group, Inc. completed the purchase of a controlling interest in Watershed Solar LLC. (Watershed Solar). Watershed Solar provides patented renewable energy solutions. The technology, branded PowerCap, supplies low-profile, high-output solar arrays on top of landfills, coal ash closures, and rooftops, turning liabilities or underused spaces into renewable energy assets.
- June 2022: Mohawk Industries, Inc. purchased the Vitromex ceramic tile business from Grupo Industrial Saltillo (GIS) for approximately USD 293 million in cash. The Vitromex business is expected to be accretive to Mohawk's earnings.
Vinyl Floor Covering Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Construction Activities
4.2.2 Increase in Demand for Luxury Vinyl Tiles is Driving the Market
4.3 Market Restraints
4.3.1 Fluctuations in Raw Material Prices
4.4 Value Chain / Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights into Technological Innovations in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 Product
5.1.1 Vinyl Sheet
5.1.2 Vinyl Composite Tile
5.1.3 Luxury Vinyl Tile
5.2 End-Use
5.2.1 Residential
5.2.2 Commercial
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Latin America
5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.1 Armstrong Flooring, Inc.
6.2.2 Mannington Mills, Inc.
6.2.3 Mohawk Industries, Inc.
6.2.4 Tarkett S.A.
6.2.5 Forbo Flooring Systems
6.2.6 Shaw Industries Group, Inc.
6.2.7 Polyflor Ltd
6.2.8 Beaulieu International Group
6.2.9 Fatra a.s.
6.2.10 Gerflor
6.2.11 Forbo*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Vinyl Floor Covering Industry Segmentation
Vinyl flooring is a finished flooring material predominately made from a combination of limestone-based material mixed with composites of natural and synthetic polymer materials such as polyvinyl chloride and plasticizers.
The vinyl floor covering market is segmented by product, end-user, and geography. By product, the market is sub-segmented into vinyl sheet, vinyl composite tile, and luxury vinyl tile. By end-user, the market is sub-segmented into residential and commercial. By geography, the market is sub-segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The market size and forecasts are provided in terms of value (USD) for all the above segments.
| Product | |
| Vinyl Sheet | |
| Vinyl Composite Tile | |
| Luxury Vinyl Tile |
| End-Use | |
| Residential | |
| Commercial |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East and Africa |
Vinyl Floor Covering Market Research FAQs
How big is the Global Vinyl Floor Covering Market?
The Global Vinyl Floor Covering Market size is expected to reach USD 26.34 billion in 2024 and grow at a CAGR of 16.17% to reach USD 55.73 billion by 2029.
What is the current Global Vinyl Floor Covering Market size?
In 2024, the Global Vinyl Floor Covering Market size is expected to reach USD 26.34 billion.
Who are the key players in Global Vinyl Floor Covering Market?
Armstrong Flooring, Inc., Mohawk Industries, Inc., Shaw Industries Group, Inc., Tarkett S.A. and Mannington Mills, Inc. are the major companies operating in the Global Vinyl Floor Covering Market.
Which is the fastest growing region in Global Vinyl Floor Covering Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Vinyl Floor Covering Market?
In 2024, the Asia Pacific accounts for the largest market share in Global Vinyl Floor Covering Market.
What years does this Global Vinyl Floor Covering Market cover, and what was the market size in 2023?
In 2023, the Global Vinyl Floor Covering Market size was estimated at USD 22.08 billion. The report covers the Global Vinyl Floor Covering Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Global Vinyl Floor Covering Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vinyl Floor Covering Industry Report
Statistics for the 2024 Vinyl Floor Covering market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vinyl Floor Covering analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
