Us Vinyl Floor Covering Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Us Vinyl Floor Covering Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Vinyl floor covering is a type of resilient floor covering, made by combining natural and synthetic polymer materials, which are placed in repeating structural units. It is a synthetic flooring material, which is water- and stain-resistant. It is widely used in the construction sector.

Vinyl flooring is cost-effective in nature and exhibits various features, such as durability, flexible handling, and design possibilities, which make it suitable to be used in hospitals, schools, offices, and houses. The global vinyl floor covering market is expected to grow with a CAGR of 3% from 2018-2024.

• The vinyl flooring market is facing a severe shortage of labor. Due to this, the manufacturers are compelled to turn down the projects and are paying more to retain the existing labor force.
• Luxury vinyl tile (LVT) is cost-effective in comparison to the price of hardwood flooring. To maintain hardwood property, one must spend a significant amount in treating and refinishing the material. Thus, commercial and residential builders prefer LVT over the hardwood flooring.
• Emerging trends have a direct impact on the dynamics of the vinyl flooring in the global construction industry, such as an increase in demand for vinyl flooring. Other factors like the development of infrastructures in various sectors, like healthcare, education, industrial automotive, and others and the growth of residential construction and homeowners fuel the growth of the market.

A luxury vinyl tile (LVT) with improved design possibilities, installation technology and the emergence of an entirely new subcategory of rigid-core LVT products, gaining prominence than the other segments. Demand has followed innovation as manufacturers have developed newer and better LVT products.

The development of more advanced products has put pressure on competitors in the industry to keep up, catalyzing even more innovation. Some of the trends for the growth of the segment are limitless design versatility in LVT products and improving the performance of LVT systems.

The vinyl floor covering market has opportunity globally and regionally. The non-residential segment is expected to be the largest segment. Increase in demand for luxury vinyl tiles in non-residential buildings, such as offices, hotels, educational institutions, and hospitals, is expected to drive the vinyl floor covering market in the future.

In 2015, the vinyl floor covering brands, such as Armstrong, Mannington, Congoleum, and Tarkett are major sources of vinyl flooring for the construction companies in United States.

The report covers major international players operating in the US vinyl floor covering market. In terms of market share, few 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.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support