Published On:May 17, 2017, 6:11 pm
Vinyl is a synthetic substance which is made out of ethylene and chlorine and is used most commonly in construction activities, particularly for flooring purposes. It is easily procurable and is quite durable as compared to other laminate flooring options. Also, many homeowners prefer this flooring option owing to its robust nature and easy maintenance. Vinyl plank is specifically fabricated to look similar to hardwood and comes in long strips. Vinyl flooring is fabricated in several parts of the world and is most commonly used these days. A few of the key advantages of using vinyl flooring in living spaces are that they are wear resistant, scratch free and easily maintained, and these factors enables it to have an extra edge over other floorings which making is sustain at a competitive edge. Vinyl is available in several designs, colors and patterns to suit every consumer. Vinyl flooring is inexpensive and installing it does not require any complex procedure.
The global vinyl flooring market is predicted to grow lucratively in future and register itself at a substantial CAGR during the forecast period owing to increasing purchasing power being one of the great factors. Escalated inclination towards eco-friendly products are also contributing to the global growth of this industry’s market. Vinyl flooring’s environment friendly and cost efficient nature is driving more and more consumers to opt for this flooring and which in return is propelling the growth of this market. Also, enhanced technologies across the globe are also held responsible to stay ahead in the competition. Increased durability and strength coupled with bare minimum maintenance is driving this market industry further. Besides, elevated consumer preference towards esthetic value in terms of construction and altering choices are together responsible for driving this market. The key challenging factor for this market is that installation of vinyl flooring requires superior level of skills which needs particular type of training. The fabricators render extensive factory training for professional installers and if installed incorrectly, it could lead to unevenness and cracking. Also, these types of flooring are not meant to take heavy loads and can also be damaged by any kind of sharp objects; under direct sunlight the color on the vinyl planks tend to fade away. These factors possess a few hindrances for their growth in the market.
The major market players of the global vinyl flooring market are Armstrong, LG Hausys, Mohawk, Mannington Mills, Gerflor, Tarkett, Forbo, NOX Corporation, Congoleum. Residential use and commercial use are the two types this industry’s market is divided into. Besides, the end user applications of this industry are functional vinyl flooring and decorative vinyl flooring. Lastly, the geographical segmentation of the market is North America, Europe, Japan, China, Southeast Asia, and India.
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