6/12/2023 0 Comments Vinyl floor tiles![]() Hence, raw material price fluctuations are anticipated to hamper the market growth. Therefore, fluctuations in the prices create a huge impact on the overall manufacturing cost of these types of flooring. The cost of raw materials accounts for nearly 50% of the total expenditure of the plant. The costs of these materials are either high or remain to fluctuate. The raw materials include polyvinyl chloride resins, plasticizers, limestone, glass fiber, career sheet, pigments, & trace stabilizers. RESTRAINING FACTORSįluctuations in Prices of Raw Materials is Likely to Hinder Market Growth All these factors are projected to drive the product’s demand in the residential construction areas. These floorings are suitable for living rooms, bedrooms, kitchens, laundry rooms, bathrooms, and basements. This has led to them adopting innovative flooring solutions, including vinyl flooring, to uplift their social image. Furthermore, consumers perceive that an appropriately decorated home symbolizes their status. The use of flooring solutions in residential buildings enhances the aesthetic appeal and provides durability and comfort. The rise in demand for housing maintenance is anticipated to boost the global vinyl flooring market growth during the forecast period. The rise in the disposable income of consumers over the past few years has enabled them to modify their lifestyle and invest in luxurious housing projects or renovation and remodeling of their existing houses. Rapid Growth in Residential Buildings to Drive Market Moreover, the shock-absorbent property and cushion effect of LVTs has surged its use in constructing sports surfaces, fitness centers, and gymnasiums during the forecast period. Hence, this flooring type is highly preferred in healthcare and educational buildings. It is also a low-maintenance flooring solution as it is easy to clean and has superior properties, including water and slip resistance. This type is mainly used in commercial sectors such as retail, offices, and hospitality. LVTs reduce replacement cost and material wastage thus, meet environmental and sustainability objectives. This vinyl flooring type can remain intact for up to 25 years or twice the duration of other quality floorings. This has led to the demand for long-lasting industrial and commercial LVTs. The flooring sector has evolved beyond recognition owing to emerging technologies and the increasing use of specialized machinery. Surging Demand for Luxury Vinyl Tiles (LVTs) from Construction Industry to Drive Market Growth Request a Free sample to learn more about this report. Furthermore, the government plans and investments in constructing healthcare and medical facilities within a short duration of time are expected to create such flooring products. market would showcase new business opportunities in the coming year. These contractors also stated that the U.S. However, the contractors also reported a drop in their project delays from 40% in April to 26% in July. This reduced the demand for vinyl flooring around the globe. Chamber of Commerce Study, about 85% of contractors faced delays in construction work in July 2020 due to the pandemic. The construction projects in early 2020 were postponed due to the lockdown restrictions in different countries, including China, India, Japan, and the U.S. The fluctuations in availability and supply of raw materials and shortage of contractor workforces have delayed the existing and new construction plans. The COVID-19 pandemic has restricted several construction activities globally. The adoption of slip-resistant, stain-resistant, and waterproof floor coverings in residential houses and buildings and commercial and healthcare facilities will provide growth opportunities to the market.ĭecline in Construction Activities during COVID-19 Pandemic to Hamper Market Additionally, the inclination of consumers towards sustainable flooring solutions will surge product consumption globally. The use of vinyl floor coverings to enhance interior looks, aesthetics, and comfort underfoot in several residential and commercial structures will drive the market. ![]() This flooring type is comparatively easier to maintain, offers more moisture-resistant, and is more durable than other flooring solutions. Vinyl flooring is a major resilient flooring used in the construction industry. Based on our analysis, the global market exhibited a huge decline of 0.1% in 2020. The global impact of COVID-19 has been unprecedented and staggering, with the product witnessing a negative demand shock across all regions amid the pandemic. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The global vinyl flooring market size was USD 30.61 billion in 2020 and is projected to grow from USD 32.37 billion in 2021 to USD 51.45 billion in 2028 at a CAGR of 6.8% during the 2021-2028 period.
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