The number of infrastructure projects in developing economies have sky-rocketed in the last few years. This has boosted the demand for construction materials. The global vinyl flooring market is one of the benefiters of this. The market is growing rapidly, and the future promises higher growth rates with players expanding footprints in developing nations.
The new-age flooring material is a combination of natural and synthetic polymers along with limestone-based materials. It is manufactured in different forms like luxury vinyl tiles, composite floor tiles, and vinyl sheets.
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Global Vinyl Flooring Market: Drivers and Restraints
The steep rise in the number of infrastructure projects across the globe is the biggest driver of the global vinyl flooring market. Developing nations are increasingly investing in industries, residential complexes, offices, hospitals, and educational institutions. Further, the growth in the volume of renovation projects in developed nations is also a massive booster for the global vinyl flooring market.
Vinyl flooring is considered a resilient material. Its durability, low maintenance, and reduced price has made it one of the most-preferred flooring option. Further it is water resistant and easy to clean. Its potential to improve air quality makes them ideal for healthcare and educational buildings. All such USPs are believed to be fuelling the global vinyl flooring market.
Technology has played a huge role in making vinyl flooring innovative and attractive. Innovative graphics makes vinyl flooring indistinguishable from natural flooring materials like rich wood and premium stone finishes. Additionally, they are available in a wide variety in size, shape, color, and pattern. These days, sellers even allow consumers to customize the design. All these may be having a positive impact on the market.
Other factors that could be fostering the growth of the global vinyl flooring market are growing disposable income, rapid urbanization, rising interest in home décor, population growth, and industrialization.
Along with several growth drivers, there are some pertinent challenges for the market players to overcome. Vinyl flooring installation requires extensive training and greater skills than needed for other flooring materials. Even a small mistake amounts to a huge loss for the supplier.
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Global Vinyl Flooring Market: Geographical Distribution
Geography-wise, the Asia Pacific region could capture the highest share of the global vinyl flooring market. This is because of the rapid development in countries like India and China that has boosted their construction industry. People’s willingness to spend and changing lifestyles of the middle and upper middle class is predicted to provide further boost to the market in the region in the near future.
Meanwhile, North America and Europe will continue to have a sizeable share in the global vinyl flooring market. Latin America, another developing region, is projected as a promising market as well..
Global Vinyl Flooring Market: Competitive Dynamics
Armstrong World Industries, CBC Flooring, Tarkett S.A., IVC Group, and Gerflor SAS are among the key players of the global vinyl flooring market. The consistently rising demand for the product has egged several new players to enter the market. To sustain and stay relevant, established players are adopting latest technological advancements for printing. This has helped them manufacture innovative graphic films and expand their consumer base.
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