Market Overview:
The global vinyl tiles flooring market size was significantly large in 2020 and is expected to continue to register a rapidly inclining revenue CAGR between 2021 and 2028. Key factors responsible for driving market revenue growth are increased disposable income and rising renovation & remodeling activities. Besides, vinyl tiles flooring is gaining high popularity in both residential and non-residential construction activities, owing to its enhanced aesthetic appearance and high durability.
Vinyl flooring is a type of completed flooring that is constructed primarily of a limestone base material blended with natural and synthetic polymer ingredients such as polyvinyl chloride and plasticizers. It is extremely durable, functional, and reasonable. It is available in the shape of sheets, tiles, & planks and is utilized in the construction and remodeling of homes because it is impact-resistant and easy to maintain. Vinyl tiles flooring is a form of durable and resistant flooring that is mostly employed in commercial and residential construction applications. Water resistance and slip resistance are two advantages of vinyl tiles flooring. It is also easy to clean, and thus employed in healthcare and educational construction. Furthermore, the shock-absorbing and cushioning properties of vinyl floor tiles have increased usage in sports surfaces, fitness facilities, and gymnasiums.
Major Factors Driving Growth Of The Market:
Revenue growth of the global vinyl tiles flooring market is significantly driven by an increasing number of renovation & remodeling activities and the growing interest of consumers in interior decoration. The high growth of the residential construction industry and development of commercial infrastructures in various sectors such as healthcare, education, industrial, and automotive across the globe is expected to also drive market growth. When compared to other traditional materials such as wood, marble, and concrete, vinyl tiles flooring gives higher design opportunities due to the versatility of its graphic layer. Less time is required for the installation of vinyl tiles and there are no strong odors or dust from sanding during installation.
High demand for durable vinyl tiles that can withstand various weathering actions, are easy to clean, wet-resistant, and resist chemical attacks & deterioration are factors expected to support the vinyl tiles flooring market growth during the forecast period. Besides, low cost and availability in a wide variety of sizes, colors, patterns, and textures have increased its demand for usage in kitchens, bathrooms, laundry rooms, and other areas of homes. These are some of the significant factors driving market revenue growth.
Factors Restraining Growth Of The Market:
The global vinyl tiles flooring market growth is substantially hampered by several unfavorable factors. Vinyl tiles flooring is not as comfortable to walk on barefoot as natural hardwood, and it doesn’t look as luxurious. Vinyl tiles flooring is hard to remove, especially if the adhesive is used during installation. This factor mainly restrains the market growth. Sometimes, vinyl tiles flooring releases various levels of volatile organic compounds into the air for a short period after installation. These toxic substances have the potential to adversely affect the air quality of a specific area in which these tiles are installed. It can also induce respiratory issues over time. It is not environmentally friendly and recycling it is tough. This may hamper the global vinyl tiles flooring market growth.
Opportunities For Players Operating In The Market:
Increasing construction of healthcare, educational, & industrial infrastructures across the world, rising disposable incomes, increasing population, high demand for modified & better residential construction, and surging changes in lifestyles, especially in developed countries are expected to continue to open up lucrative business opportunities for major players and new entrants in the market. The need for renovation and construction of residential places such as family homes, apartments, and condominiums would also continue to support market growth in the upcoming years.
Revenue Led By Product Type Segment:
Based on product type, the flexible segment is expected to reach the highest revenue share over the forecast period. This is due to its cost-effectiveness, enhanced aesthetic appearance, and higher installations in regions that have extreme weather conditions. It is a classic glue-down flooring material with various qualities such as high durability, flexibility, and ease of installation. Because of its features, the flexible segment is a popular vinyl tile flooring option for practically all applications, including residential and commercial.
Leading End-use Segment:
One of the major factors contributing to this segment’s growth is rising housing renovations and remodeling of existing homes. Increasing housing maintenance costs are also expected to boost demand for vinyl tiles flooring in the residential sector. Vinyl tiles flooring enhances the building’s aesthetic appeal while also providing properties such as durability, comfort, and weather resistance. Because of its waterproof properties, vinyl tiles flooring is ideal for bathrooms, kitchens, laundry rooms, and basements. All of these factors are expected to drive the growth of the residential segment.
On the other hand, the non-residential is expected to exhibit the fastest CAGR over the forecast period. Because of the increasing construction and refurbishment of offices, supermarkets, hypermarkets, hospitals, & institutions, demand for low-maintenance and aesthetically sound tiles is surging rapidly. This factor is set to drive the non-residential segment shortly.
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