What is the Historic and Current Scenario of the Luxury Vinyl Tiles (LVT) Flooring Market?
The luxury vinyl tiles (lvt) flooring market has seen considerable growth due to a variety of factors.
• The market size of luxury vinyl tiles (LVT) flooring has experienced swift expansion lately. It's projected to climb from $26.01 billion in 2024 to $29.68 billion in 2025 with a compound annual growth rate (CAGR) of 14.1%.
The upsurge during the historic period is linked to the surge in residential renovations, the demand for commercial flooring solutions, water and moisture resistance, environmental sustainability, and adherence to health and safety regulations.
What are the Forecasted Growth and Key Factors of the Luxury Vinyl Tiles (LVT) Flooring Market?
The luxury vinyl tiles (lvt) flooring market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the luxury vinyl tiles (LVT) flooring market is anticipated to experience a significant upsurge. The market size is expected to escalate to $48.92 billion by 2029, growing at a compound annual growth rate (CAGR) of 13.3%.
The growth during this forecasted period can be credited to an increase in housing construction, the explosion of e-commerce, adoption of eco-friendly construction practices, inclination towards wellness and biophilic designs, as well as global connectivity initiatives, along with a rising demand for sustainable materials. The anticipated trends during this period encompass the increased demand for sustainable materials, infrastructural modernization, progression in digital printing technology, incorporation of smart flooring, and adoption of fast-track installation techniques.
What Main Forces Are Fueling Expansion In The Luxury Vinyl Tiles (LVT) Flooring Market?
The upscale vinyl tiles (LVT) flooring market is anticipated to thrive in conjunction with the burgeoning construction industry. Luxury vinyl flooring, being economical and superior to other flooring options available in the market, coupled with features like cost-effectiveness, lightweight, and easy maintenance, is deemed as an excellent choice for flooring within the construction field. For instance, Invest India, a national agency promoting and facilitating investment, projects that by 2025, the Indian construction industry will be worth $1.4 trillion. Consequently, the luxury vinyl tiles flooring market is driven by this significant growth in the construction industry.
What Are The Primary Segments In The Global Luxury Vinyl Tiles (LVT) Flooring Market?
The luxury vinyl tiles (LVT) flooring market covered in this report is segmented –
1) By Type: Rigid Luxury Vinyl Tiles (LVT), Flexible Luxury Vinyl Tiles (LVT)
2) By Construction Type: New Construction, Renovation
3) By End-User: Residential, Non-Residential
Subsegments:
1) By Rigid Luxury Vinyl Tiles (LVT): Stone Plastic Composite (SPC) LVT, Wood Plastic Composite (WPC) LVT
2) By Flexible Luxury Vinyl Tiles (LVT): Conventional Flexible LVT, Loose Lay LVT, Glue-Down LVT
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Which Key Trends Are Driving Changes In The Luxury Vinyl Tiles (LVT) Flooring Market?
Major industry players in the luxury vinyl tiles (LVT) flooring sector are concentrating on the launch of superior Contour luxury vinyl tiles to boost the aesthetic allure and lifespan of sophisticated residential and commercial premises. Contour luxury vinyl tiles pertain to an elite type of luxury vinyl flooring that underscores complex designs, finishes, and forms to mimic the look of organic components like wood, stone, or ceramic. The LVT boasts a 32-mil wear layer, yielding superb resilience to impressions, abrasions, marks, and stains. For example, in May 2024, Tarkett S.A., a company based in France, unveiled True to Form, a fresh assortment of its high-end Contour luxury vinyl tiles. The suite includes 64 shades across unique wood and stone patterns. True to Form Wood comprises 40 wood hues in nine wood grain textures, while True to Form Stone provides 24 shades in six stone motifs, featuring textures such as sandstone and travertine. True to Form utilizes Tarkett’s Brilliance Digital Color System, enabling designers to envisage color variations in their areas, preserve project panels, and request samples with ease.
Who Are the Key Players in the Luxury Vinyl Tiles (LVT) Flooring Market?
Major companies operating in the luxury vinyl tiles (LVT) flooring market include:
• Tarkett SA
• Forbo Holding AG
• Armstrong World Industries Inc.
• Shaw Industries Inc.
• Global Flooring Group
• Interface Inc.
• Mannington Mills Inc.
• Mohawk Industries Inc.
• Parador GmbH
• Polyflor Ltd.
• Metroflor Corp.
• Milliken Co.
• LG Hausys Ltd.
• James Halstead plc
• Beauflor USA LLC
• Congoleum Corporation
• EarthWerks vinyl flooring company
• Forbo Holding AG
• Halstead International plc
• IVC US Inc.
• Karndean Designflooring USA
• Moduleo Group
• Novalis Innovative Flooring Inc.
• Responsive Industries Ltd.
• Roppe Holding Company
• The Dixie Group Inc.
• The Stonhard Group
• Toli Corporation
• Torlys Inc.
• USFloors Inc.
• Välinge Innovation AB
• Vifloor Canada Ltd.
• Vinylasa Inc.
• Wineo
• Wonderfloor
• World Class Industries Ltd.
• Zhejiang Kingdom Decorative Material Co. Ltd.
• Zhejiang Yihua Plastics Co. Ltd.
• Zibo Piton Industry Co. Ltd.
What Is The Most Dominant Region In The Luxury Vinyl Tiles (LVT) Flooring Market?
Asia-Pacific was the largest region in the luxury vinyl tiles (LVT) flooring market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury vinyl tiles (LVT) flooring market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
