PUNE, India, Jan. 29, 2021 /PRNewswire/ — According to a recent market study published by Growth Market Reports (GMR), titled, “Polyvinyl Chloride (PVC) Floor Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast”, the market was valued at USD 13,752.0 million in 2019 and is expected to grow at a healthy growth rate of 5.4% by the year 2027. In terms of volume, the market is estimated to grow at 4.8% during the forecast period. The global polyvinyl chloride (PVC) floor market is anticipated to grow owing to increasing population and urbanization, rising construction activities in the developing countries, and growing infrastructural projects across the globe.
The global polyvinyl chloride (PVC) floor market has been fragmented based on product type, compositions, end-uses, sales channels, and region. Based on product type, the polyvinyl chloride (PVC) floor market is categorized into sheets, vinyl tiles (VT), and luxury vinyl tiles (LVT). Based on compositions, the market has been bifurcated into homogeneous and heterogeneous. Based on end-uses, the market has been divided into commercial and residential. Based on sales channels, the market has been segmented into manufacturer/distributor/service provider and aftermarket. Based on region, the global polyvinyl chloride (PVC) floor market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into, India, China, South Korea, Australia, Japan, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into GCC, South Africa, and Rest of Middle East & Africa (MEA).
In year 2020, the polyvinyl chloride (PVC) floor market is expected to witness the decline in the growth due to COVID 19 pandemic. Recent outbreak of Covid-19 has had a major impact on various industries across the globe. Polyvinyl chloride (PVC) floor is used prominently in hospitals, schools, offices, and hotel lobbies. The recent crisis of novel coronavirus disease across the world is showing major impact on various businesses. The partial and complete lockdowns across the globe has resulted in the shutdown of schools, colleges, offices, hotels, and restaurants. Thus, the demand for PVC floor is expected to decrease in the near future.
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Key Takeaways from the Study:
- Companies such as Armstrong Flooring and Hyundai L&C holds approximately one tenth of the market share of global polyvinyl chloride (PVC) floor market in year 2019.
- Europe accounts for a major share of the market, followed by North America. The market in Asia Pacific is projected to expand at significant CAGR during the forecast period.
- The commercial segment is anticipated to expand at highest CAGR during the forecast period. In commercial establishments, PVC is a durable flooring option. It is utilized in hospitals, schools, offices, and hotel lobbies. It is extensively adopted in many other settings due to material and design innovations. Moreover, PVC floors are sunlight and water-resistant and the technological advancements in printing techniques offer unlimited design options.
- The aftermarket segment is projected to witness moderate growth during the period from 2020 to 2027. The aftermarket is a secondary market for goods and services that are associated with its primary market goods. In the PVC flooring market, aftermarket services involve warranting the flooring for imperfections in material and/or craftsmanship such as manufacturing defects, joint integrity, waterproofing, staining, and wear.
Read 175 Pages Research Report With TOC on “Global Polyvinyl Chloride (PVC) Floor Market By Product Type (Sheets, Vinyl Tiles (VT), Luxury Vinyl Tiles (LVT)), By Composition (Homogenous, Heterogeneous), By End-Use (Commercial, Residential), By Sales Channel (Manufacturer/Distributor/Service Provider, Aftermarket) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) Size, Share And Trends”
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