Vinyl Flooring Market: The Growth of an Industry in 2022
For those perusing flooring renovation projects over the past several years, you’ve probably noticed the surge in the vinyl flooring market. Specifically, in terms of vinyl tile, this material now features thousands of colors, textures, and styles for homeowners and businesses alike.
While hardwood remains a popular choice, vinyl flooring quickly accumulated market share in 2022. Let’s take a look at vinyl’s domestic rise, how each type performs against each other, and why it’s become such a hit.
The flooring industry saw many challenges and unique circumstances during the COVID-19 pandemic. Notably, the housing experienced a sudden boom before its current sluggish state. In fact, this directly contributed to massive spikes in home renovation projects.
While the real estate market, further constrained the global supply chain many U.S.-based flooring manufacturers invested heavily in bringing production stateside. In doing so, this strategy lowers delivery time and expands the vinyl flooring market domestically. Just to name a few leading manufacturers, Novalis Innovative Flooring, CFL, Mohawk, Mannington Mills, and Shaw Industries all invested more than $1 billion in domestic manufacturing.
As a result, the luxury vinyl footprint expanded rapidly throughout the past couple years. These investments produce quicker products without sacrificing the quality, durability, and pristine looks that make vinyl such a runaway success.
Recently, luxury vinyl tile (LVT) eclipsed sheet and standard vinyl tiles. However, the vinyl flooring market definitively expanded as a whole with each passing year.
Crucially, analysts estimated the global market at $25.6 billion in 2018. Despite the estimate, vinyl flooring grew 7.5% each year since. Luxury vinyl tiles made up more than two-thirds of the vinyl flooring market.
Overall, flooring experts believe that luxury vinyl tile (LVT) will remain the most popular type of vinyl flooring. Furthermore, the luxury vinyl tile area expects growth of 9% compared to other vinyl counterparts in the next handful of years. With the trending surge, analysts point to luxury vinyl tile’s availability, style choices, textures, and durability.
Why is vinyl becoming so popular with people looking to update their flooring? Simply put, vinyl offers numerous benefits compared to alternatives. More so, the vinyl flooring market presents an affordable, yet high-quality solution to residential and commercial spaces.
In 2022, most manufacturers create durable, cleanable, and water-resistant vinyl flooring. Plus, this is a very flexible flooring style in terms of its creative possibilities. Lastly, vinyl flooring generates lower installation prices on average with easily replaceable tiles.
To install luxury vinyl flooring in your living space, contact the Chicagoland flooring specialists at Scharm Floor Covering.