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The global polyvinyl chloride (PVC) floor market was valued at USD 13,752.0 million in 2019 and is projected to reach USD 20,250.9 million by 2027, expanding at a CAGR of 5.4% during the forecast period. In terms of volume, the market is projected to expand at a CAGR of 4.8% during the forecast period. PVC flooring, also known as vinyl flooring, is one of the most important end-uses of PVC. It is made from synthetic materials such as fiberglass, PVC, and plasticizer. It is highly durable as it is composed of multiple layers and has a thick core to keep the user comfortable when walking. PVC floors are readily available in either sheet or tile form for residential and commercial uses. Introduction of new printing and manufacturing technologies in the last few years has improved PVC floorings performance especially durability against gouges, rips, and tears. These floors are longer-lasting, easier to maintain, and moisture-resistant as compared to many alternative materials; therefore, PVC floors are preferred for usage in bathrooms and residential kitchens, healthcare facilities, and commercial & retail establishments.

Market Dynamics

The PVC floor market is majorly driven by factors such as rise in population and rapid urbanization. According to data published by the United Nations Department of Economic and Social Affairs (UN DESA) in 2018, around 55% of the world’s total population lived in urban areas. This population is anticipated to rise to 68% by 2050. Moreover, the gradual shift in the residence of humans from rural to urban areas and the overall increase of the world’s population can complement 2.5 billion people more to urban areas by the year 2050.

Other factors such as the development of large-scale infrastructural projects in developing countries of regions Europe, South East Asia Pacific, and the Middle East are further boosting the market growth. Additionally, rise in construction of new malls, transport infrastructure, and restaurant renovation activities in countries such as India and China are anticipated to fuel market growth in Asia Pacific.

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PVC floor is prone to gouges, scratches, and dents; therefore, it is important to avoid dragging of chairs and heavy furniture over the surface and walking with pointed heel shoes on the floor. Moreover, dogs with long nails can damage the surface.

Growth in the disposable income of consumers is enabling them to enhance their lifestyle and invest in a high-quality luxurious home. Furthermore, it is commonly believed by the consumers that a well-decorated home is a symbol of social status, as a result, consumers are exploring various flooring options, including PVC flooring, to improve and maintain their social image. These factors are expected to offer ample opportunities for the PVC flooring market players in the coming years.

Regional Outlook

On the basis of regions, the market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is projected to account for a considerable share of the PVC floor market during the forecast period owing to the rising number of renovation and maintenance activities in residential and commercial buildings. Additionally, rise in the number of new housing units and growing investments in the infrastructural sector are expected to boost market growth in the region.

Competitive Landscape

  • Key players in the market include Armstrong Flooring, Shaw Industries Group, Inc., Tarkett, Hyundai L&C, and Gerflor among others. These companies are considered as key manufacturers of PVC floor based on their revenue, research & development (R&D) activities, regional presence, and supply chain management system.
  • The players are adopting key strategies such as merger, acquisition, and geographical expansion in order to strengthen their market position.
  • For instance, on January 17, 2019, Gerflor launched its latest collections of LVT – Luxury Vinyl Tiles & Planks namely Creation 30 and Creation 55. The collection included 35 new designs and colors and 10 formats of planks and tiles.
  • On December 3, 2018, Hyundai Department Store Group completed the acquisition of Hanwa L&C, one of the key manufacturers of building materials. Post-acquisition, the business name was changed to Hyundai L&C, where ‘L&C' stands for ‘Living and Culture'.

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