Covina, July 02, 2024 (GLOBE NEWSWIRE) -- According to a recent research study, the global vinyl composition tile (VCT) market size was valued at USD 4.2 Billion in 2024 and is expected to reach USD 7.8 billion by 2034, growing at a CAGR of 7.0%.
Vinyl Composition Tile (VCT) Market Overview
The final flooring material known as vinyl composition tile, or VCT, is mostly utilized in commercial and institutional settings. During installation, a malleable vinyl adhesive or tile mastic that has been properly prepared is used to apply floor tiles or sheet flooring to a leveled and smooth subfloor. Certain tiles are usually waxed and polished in commercial settings using specific tools and supplies. Vinyl floor tile is relatively inexpensive, very durable, and easy to maintain, hence frequently used in high-traffic areas. Chemical strippers together with mechanical tucken bladers can refinish vinyl tiles quite often since they are very resistant to abrasion and impact damage. If laid properly, tiles are easily replaceable and can be removed when damaged. Many of the largest flooring manufacturers provide tiles in a variety of colors.
VCT tiles are also gaining much recognition because of their eco-friendliness and sustainability. They gain more attraction due to advanced designs, ease of installation procedure, and long life. They are thus made from recycled materials. Attractive technological advancements that have resulted in increased production add to their popularity with many customers. Urbanization and infrastructure development projects also lead to market growth, notably in emerging markets. As VCT tiles are relatively inexpensive, the range of their applications in residential and commercial building constructions is extensive. Nevertheless, their market growth could be restrained by substitute flooring products.
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- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
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- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
Vinyl Composition Tile (VCT) Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Armstrong Flooring
- LG Hausys
- DuPont
- Karndean
- Forbo
- Universal Building Products
- Mohawk
- Gerflor
- Milliken & Company
- Mannington Mills
- USFloors
- Kraus Flooring
- Tarkett
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Analyst View:
The Vinyl Composition Tile (VCT) Market inflated recently because of its wide adaptability. It is a popular flooring material in commercial and institutional settings due to its affordability, durability, and ease of maintenance. It is eco-friendly, made from recycled materials, and offers advanced designs, ease of installation, and long life. VCT tiles are resistant to abrasions and dents, and consume less raw material. They are divided into single-layer for low-traffic areas and multilayer for areas with greater traffic or visual appeal. In North America, VCT is highly in demand due to affordability and ease of maintenance, while in the Asia Pacific region, rapid urbanization and building boom drive the highest demand expansion. Single-layer VCT is the most preferred option due to its price sensitivity.
Market Dynamics:
Drivers:
Excellent abrasion resistance
- The ability of a substance to resist deterioration brought on by another material rubbing against it is known as abrasion resistance. The urethane-based topcoat that shields vinyl flooring from abrasions, dents, scratches, and stains is the layer that resists abrasions. Your vinyl floor will be more robust and lasting the thicker the wear layer.
Environmental sustainability
- It reuses a lot of material and consumes less raw material altogether. Vinyl flooring is made of materials that use less water and throw off less emission during manufacturing than hardwood does, which requires trees to be cut and has a large water footprint.
Market Trends:
Reasonably priced flooring choice
- Vinyl flooring is pretty inexpensive to maintain because cleaning and maintaining the floor is relatively easy, as it resists stains, spills, and scratches. It's also much cheaper compared to tile or hardwood, hence making it a great option for such households. People would find it pretty convenient to install in place of carpeting due to its characteristics of easy cleaning.
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Segmentation:
Vinyl Composition Tile (VCT) Market is segmented based on Type, Application, and Region.
Type Insights
- This segment is divided in two categories, for low-traffic areas or cost-sensitive projects in commercial and residential contexts, single-layer VCT is a well-liked and reasonably priced alternative. It is useful and reasonably priced, and it comes in basic colors. Nevertheless, multilayer VCT offers more strength, moisture resistance, and aesthetic appeal. There may be multiple layers in the multilayer VCT, with a wear layer providing further defense against wear and scratches. Multilayer VCT is useful in areas with greater traffic or visual appeal.
Application Insights
- The application classification is based on the residential and commercial. VCTs are used in a lot of household spaces, such as mudrooms, kitchens, and bathrooms, because of their affordability, resistance to moisture, and easy cleaning. Except for residential purposes, the selection in the commercial sector is based on cost, maintenance-friendliness, and durability—what will work perfectly in places needing moderate to high foot traffic: office buildings, retail stores, healthcare, and schools.
Recent Development:
- In June 2024, California seeks first-in-nation EPR for LVT and other flooring options. California lawmakers want to recycle vinyl and composite flooring for the first time in the US, proposing a bill that would mandate fees on companies to pay for infrastructure and set a potential 25 percent recycling rate target.
- In April 2023, the Finance ministry imposed anti-dumping duty on luxury vinyl tiles from China and Taiwan. The center imposed a definitive anti-dumping duty of $2.05 per square meter on luxury vinyl tiles imports from China and $1.44 per square meter on imports from Taiwan based on the recommendations of the Commerce Ministry.
Vinyl Composition Tile (VCT) Market: Report Scope
| Report Attributes | Details |
| Market value in 2024 | USD 4.2 Billion |
| Market value in 2034 | USD 7.8 Billion |
| CAGR | 7.0% from 2024 – 2034 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2034 |
Regional Insights
- North America: North America is an established market with huge investments in commercial construction projects. VCT is high in demand due to being inexpensive and easily maintainable. Balancing performance versus affordability is quite crucial. Even though the single-layer VCT might still be used in some of the high-traffic areas, it is still widely used due to the simple fact that it will be cheap compared to the multilayer version of VCT.
- Asia Pacific: The Asia Pacific is the market with the greatest growth rate, where rapid urbanization and a building boom drive the highest rate in demand expansion for VCT. Another important element is its price sensitivity. Certainly, the single-layer VCT is most usually preferred, since that is the cheapest option.
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