An analysis of the recent Future Market Insights forecast for the commercial flooring industry, focusing on the predicted growth and technological advancement of vinyl flooring.
The global market for vinyl flooring is estimated to reach a global value of $21.9 million by the end of 2018, and that figure is expected to increase to $41.5 million by 2028. This is according to a market report by Future Market Insights, examining the vinyl flooring market and offering many crucial market insights for the future.
The report highlights that the plank segment is set to remain a strong market leader, recording the highest rate of growth in the forecast period. It is predicted that the plank segment will make up approximately 40% of the overall flooring market value between now and 2028.
An expanding number of infrastructure activities are propelling the growth of the vinyl flooring market. With the aim of delivering waterproof, stain-resistant flooring solutions with the versatility for a range of indoor environments, prominent manufacturers focus on digital and 3D printing techniques for the development of vinyl planks and products. These technologies enable the duplication of any other material, including wood, gravel, even metal, and enabling the accommodation of any colour trends for the coming year.
As the number of SMEs continues to grow, demand for quality infrastructure is persistent. Additionally, constructors are focused on developing new healthcare infrastructures in residential areas. Keeping pace with this growth in construction projects, the vinyl flooring market is likely to increase in momentum as time progresses.
To offer convenience to end users in the commercial flooring industry, top manufacturers are developing a diverse range of vinyl flooring solutions that are water-resistant and easy to maintain. And with the recent upgrades in technology, vinyl flooring has taken on new decorative properties, even resembling ceramic and other contemporary looks. Furthermore, high foot traffic areas favour vinyl flooring for its durability and trendy appearance.
Looking forward to the market
Based on vinyl flooring application, the commercial sector is forecast to experience substantial growth in volume during the period the Future Market Insights report covers. Commercial flooring is estimated to make up 56.5% of the overall market value by 2028, largely due to the innovative constructions that are set to apply vinyl flooring in their projects.
The UK, along with the rest of Western Europe, is expected to dominate the global vinyl flooring market. Leading players in the industry are placing the focus upon the incorporation of advanced technologies to achieve optimal performance. To this end, vinyl flooring manufacturers are making strategic acquisitions that show the potential to broaden their growth prospects as the market becomes increasingly competitive. These are the factors that look set to reflect positively on the growth of the vinyl flooring market for the foreseeable future.