Global vinyl composition tile (VCT) flooring market was valued at USD xx Mn in 2019 and is expected to reach USD xx Mn by 2027 at a CAGR of 5.3% over the forecast period 2020-2027.
Global Vinyl Composition Tile (VCT) Flooring Market
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The report covers an in-depth analysis of COVID 19 pandemic impact on Global vinyl composition tile (VCT) flooring market by region and on the key players revenue affected till July 2020 and expected short term and long-term impact on the market.
Global Vinyl Composition Tile (VCT) Flooring Market Dynamics;
VCT contains a high proportion of inorganic filter as compared to other floorings such as vinyl sheet flooring and vinyl tile flooring. Vinyl composition tile (VCT) flooring is manufactured by using various natural materials limestone, plasticizer, and a copolymer of vinyl chloride (95 %) and vinyl acetate (5 %). A finishing layer of styrene-butadiene adhesive is used during installation. These Vinyl composition tile (VCT) floorings are used in various commercial buildings like hotel, hospitals, and commercial offices. Various factors such as high durability low upfront cost as compared to other floorings, availability of wide range of colour in VCTs, resistant to abrasion heat, water, stains and dirt’s, rapidly expanding construction industry in many developing countries such as China, India, South Korea and ASEAN, growing population urbanisation and rapid industrialisation are driving the Vinyl Composition Tile (VCT) Flooring Market over the forecast period.
However, factors such as fluctuations in raw material prices, stringent rules and regulations on VCT flooring applications, lack of universal enforcement directives pertaining to manufacturing process of VCTs and less adoption in many underdeveloped countries are restraining the market growth over the forecast period.
Global Vinyl Composition Tile (VCT) Flooring Market is segmented by product, by application and by region. By product, multiple-layered vinyl composition tile (VCT) flooring held the highest market share in 2019 and is expected to keep its dominance over the forecast period. Multilayer vinyl composition tile (VCT) flooring includes ceramic tiles, wood, laminate, stone, marble, bamboo, and terrazzo. Multiple-layered vinyl composition tile (VCT) floorings are highly water resistant and offers various benefits such as low maintenance, high reliability. Multiple-layered vinyl composition tile (VCT) flooring is mainly used in commercial buildings such as shopping malls and corporate centers. By application, commercial application segment held the highest market share in 2019 and is expected to keep its dominance over the forecast period owing to increasing adoption of vinyl composition tile (VCT) flooring in this sector. Factor such as growing commercial construction activities in China, India, Brazil, South Korea, and United States, high spending on office spaces across the globe are driving the market growth of this segment over the forecast period.
By geography, market is segmented into North America, APAC, Europe, MEA Africa and South America. Among all these, Asia Pacific held the highest market share in 2019 and is expected to keep its dominance over the forecast period. Factors such as increasing number of new housing units, increase in population, and growing investments in the commercial institutional constructions and infrastructural projects, higher spending on office spaces and favourable government policies are driving the market growth in this region. China is leading the Asia Pacific vinyl composition tile (VCT) market over the forecast period owing to growing construction of healthcare, educational, and industrial infrastructures in major provinces of China. APAC is followed by North America and Europe. North America is expected to hold the second largest market share over the forecast period owing to growing investment in the Construction Industry and rise in the number of renovation remodelling activities in the United States and Canada. Europe is expected to hold the third largest market share over the forecast period owing to expansion in various end-user industries such as sports, automotive, hospitality, and others.
Report covers in depth analysis of key development, marketing strategies, supply-side and demand side indicators and company profiles of market leaders, potential players, and new entrants. Key players operating in this market are adopting various organic and inorganic growth strategies such as merger acquisitions, joint ventures, collaborations, expansion, new product launches and patents to increase their regional presence and business operatations. Armstrong Flooring, Inc. is a major market player in the Global vinyl composition tile (VCT) flooring market. Armstrong Flooring, Inc. is a global leader in the design and manufacture of innovative vinyl composition tile (VCT) flooring solutions, and it is a leading manufacturer of resilient products across North America and Europe. They have 8 manufacturing facilities globally equipped with high tech machineries and research and development labs. Armstrong Flooring, Inc, is working to provide good service, quality, and innovation to ensure it remains as strong and vital as its 150-year heritage.
The objective of the report is to present a comprehensive analysis of the Global vinyl composition tile (VCT) flooring market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global vinyl composition tile (VCT) flooring market dynamics, structure by analyzing the market segments and project Global vinyl composition tile (VCT) flooring market Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global vinyl composition tile (VCT) flooring market the report investor’s guide.
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Global vinyl composition tile (VCT) flooring market, by Product
• Single- layered
Global vinyl composition tile (VCT) flooring market, by Application.
Global vinyl composition tile (VCT) flooring market, by Region
• North America
• MEA Africa
• South America
Global vinyl composition tile (VCT) flooring market Major players
• Armstrong Flooring
• LG Hausys
• Mohawk Industries Inc.
• Shaw Industries Group Inc.
• Berkshire Hathaway Inc.
• CBC Flooring
• Congoleum Corporation
• Forbo Holding AG
• Tarkett S.A.
• Mannington Mills, Inc.
• Mohawk Industries, Inc
• Gerflor SAS
• IVC Group
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