Vinyl Composition Tile (VCT) Flooring Market: Overview
Vinyl composition tile (VCT) flooring is manufactured by using natural materials such as limestone, color, pigments, and synthetic polymer materials such as polyvinyl chloride and plasticizers. It is typically used in commercial buildings such as hotel lobbies, hospitals, and commercial offices due to its high durability and low upfront cost. It is available in a wide range of colors and is resistant to abrasion, water, stains, and dirt. Vinyl composition tile (VCT) flooring has excellent dimensional stability and it can withstand UV radiations and excess heating conditions. This further aids in less wear and tear of the flooring material. Vinyl composition tile (VCT) flooring provides excellent slip-resistant finishes and excellent noise absorbance.
Vinyl Composition Tile (VCT) Flooring Market: Key Segments
The global vinyl composition tile (VCT) flooring market has been segmented based on product and application. Based on product, the market has been divided into single- layered vinyl composition tile (VCT) flooring and multiple-layered vinyl composition tile (VCT) flooring. Based on application, the global vinyl composition tile (VCT) flooring market has been segmented into residential, commercial, and industrial. Commercial is a leading application segment of the market, followed by the industrial segment. The residential segment holds a minor share of the market. Rising demand for tough tiles with high abrasion and slip resistance is augmenting the demand for vinyl composition tile (VCT) flooring for use in industrial applications.
Vinyl Composition Tile (VCT) Flooring Market: Drivers & Restraints
Increasing demand for harder tiles with high shine and glossy finish is driving the global vinyl composition tile (VCT) flooring market. Vinyl composition tile (VCT) flooring is becoming a popular choice for high-traffic applications such as schools, hospitals, hotels, and supermarkets, as it is eco-friendly and resistant to abrasion, chemicals, and solvents. It is manufactured by using recycled materials. This, in turn, is boosting the global vinyl composition tile (VCT) flooring market. Vinyl composition tile (VCT) flooring requires regular waxing, polishing, and stripping, which increases its maintenance cost and lifetime cost. This may hinder the global vinyl composition tile (VCT) flooring market during the forecast period. In addition, stiff competition from vinyl sheet and luxury vinyl tile (LVT), which have low maintenance cost and high durability, may also hamper the sale of vinyl composition tile (VCT) flooring marketduring the forecast period.
Vinyl Composition Tile (VCT) Flooring Market: Regional Outlook
In terms of region, the global vinyl composition tile (VCT) flooring market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is a leading consumer of vinyl composition tile (VCT) flooring, followed by North America and Europe. Rising urbanization coupled with industrialization is generating high demand for commercial as well as industrial complexes. This, in turn, is boosting the demand for vinyl composition tile (VCT) flooring market. China, ASEAN, and India are likely to provide lucrative growth opportunities to vinyl composition tile (VCT) flooring manufacturers in Asia Pacific in the near future, due to rising construction activities and increasing construction GDP index in the region. Rising repair and re-construction activities in the U.S. are propelling the vinyl composition tile (VCT) flooring market in the country. In addition, the rising demand for durable flooring products with features such as easy installation, water resistance, stain resistance, and usability for DIY users is augmenting the vinyl composition tile (VCT) flooring market in North America. Germany, France, and countries in Rest of Europe are leading consumers of vinyl composition tile (VCT) flooring in Europe. Rising demand for flooring with excellent insulation properties and temperature resistance is fueling the market in Europe. The market in Latin America and Middle East & Africa is expected to expand at a moderate CAGR during the forecast period. Rising demand for use of vinyl composition tile (VCT) flooring in industrial warehouses and commercial buildings in GCC and Mexico is expected to propel the market in Middle East & Africa and Latin America, respectively, during the forecast period.
Vinyl Composition Tile (VCT) Flooring Market: Key Players
Key players operating in the global vinyl composition tile (VCT) flooring market are Armstrong Flooring, LG Hausys, Mohawk Industries Inc., and Shaw Industries Group Inc.
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