Demand for vinyl in U.S. will boost hard surface flooring industry: report
Led by a growing demand for vinyl, the hard surface flooring industry in the U.S. is forecast to advance 6.1 per cent per year to 11.3 billion square feet in 2019 – valued at US$16.7 billion – according to a new study from market research firm Freedonia Group.
Growth will be spurred by increases in building construction expenditures and improvement and repair spending, the report said, and gains will also be fueled by interest in hard surface flooring as an alternative to traditional installed carpeting. “Consumers such as homeowners and owners and managers of hospitals, hotels, and commercial centers will select hard surface flooring because of its favorable performance properties, such as durability and low maintenance requirements,” the report said. “Many consumers will choose hard surface flooring because it enhances the appearance and value of their floors.”
Among all hard surface flooring types, vinyl flooring is expected to post the most rapid gains in demand going forward, driven by the increasing use of luxury vinyl tile (LVT). “Consumers in both the residential and nonresidential markets will increasingly install this material due to its glossy surface and its ability to mimic more expensive materials, such as hardwood flooring and decorative tile,” the report said. “Hardwood and decorative tile flooring demand will also rise at a strong pace going forward. Hardwood flooring demand will be boosted by aesthetic concerns, while decorative tile demand will be supported by its moderate cost and long lifespan.”
Turning to the residential market – which accounted for the largest share of hard surface flooring demand in 2014 – Freedonia Group expects to see the most rapid growth of all markets through 2019. “Gains in housing completions will fuel demand in the new housing segment, while the efforts of homeowners to improve the aesthetics of their houses will support replacement and remodeling demand growth,” the report said. “Advances will also come from consumer interest in utilizing hard surface flooring in rooms – such as living and dining areas – where carpeting has predominated over the last few decades. Homeowners will select such materials as hardwood, vinyl, and decorative tile based on their long lifespans and pleasing appearance.”
Nonresidential demand for hard surface flooring is projected to rise 5.8 percent annually through 2019. ”Double-digit annual advances in office and commercial construction will boost demand as more structures such as shopping malls and office buildings – where hard surface flooring is often specified because of its durability and slip resistance – are erected,” the study said. “The institutional segment will also support demand as owners and managers of healthcare and educational facilities install hard surface flooring due to its low maintenance qualities and ability to improve indoor air quality.”