The luxury vinyl tile (LVT) flooring market is estimated to be valued at USD 21,653.8 Million in 2021 and is poised to grow at a CAGR of 8.3% over 2022-2028. Vinyl flooring is a type of completed flooring that is constructed mostly of a limestone base material blended with natural and synthetic polymer ingredients such as polyvinyl chloride and plasticizers. Based on product the global luxury vinyl tile (LVT) flooring market is segmented into the luxury vinyl tile and vinyl sheets & vinyl composite tile. Luxury vinyl tile segments account to hold the largest market share in the forecasting period owing to stylish, long-lasting durability and higher moisture resistance, customer shift towards interior design, renovation ad remolding to change the building appearance will boost the composition of LVTS in a residential and commercial building. Moreover, players are focusing on launching new products into market. For instance, in June 2021, Armstrong Flooring launched three new luxury vinyl flooring collections, Biome, Terra, and Coalesce, and refreshed its homogeneous sheet collections, Med intones and Maintech. Each LVT product features a 2.5mm structure with a 20-mil wear layer and each sheet collection is engineered for infection control. An increase in demand for mounting residential and non-residential construction, remodeling & maintenance activities, and the high durability and enhanced aesthetic appearance of the LVTs are likely to underpin the demand for LVT flooring during the forecast period.
Recent Market Developments:
In January 2019, Genflor launched Creation 30 and Creation 55, a new collection of LVT–Luxury Vinyl Tiles & Planks. The company offers a range of LVTs with more than 35 new colors and designs. It also consists of 10 formats of tiles & planks.