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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.