- Luxury Vinyl Tile
- Vinyl Sheets & Vinyl Composite Tile
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.
Luxury Vinyl Tile Flooring Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
8.3%
Largest Market
Asia-Pacific
Fastest Growing Market
North America
Luxury Vinyl Tile (LVT) Flooring Market
The market is expected to offer lucrative opportunities due to an increase in the high standard of living and better opportunities to attract an extremely skilled workforce from around the world. Rising immigration increases the number of ex-pats living in the country. Thus, the demand for residential units and single houses & apartments is on the rise. Moreover, growing construction projects will fuel the demand over the forecast period. Furthermore, global luxury vinyl tile (LVT) flooring is environmentally friendly and provide improved indoor air quality (IAQ) performance. They are useful when low maintenance is required and easy to install. They provide extra cushioning to reduce the impact and gain a soft feel. This feature also has acoustic properties that absorb more noise than tiles, wood, and laminate. They are proven solutions for high, medium, and low traffic.
Asia-Pacific Got Significant Share
Luxury Vinyl Tile (LVT) Flooring Market
Asia-Pacific is expected to be the largest and fastest-growing luxury vinyl tiles (LVT) flooring market during the forecast period. Due to massive investment and a large number of construction activities in the infrastructure sector, as well as the presence of a large number of manufacturers in the region. Moreover, North America is also expected to surge the growth the need of enhancing commercial facilities, including office, hospitals, schooling is driving the market growth. Furthermore, demand for durable and easy-to-install floor covering supports the market growth in this region.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The luxury vinyl tile (lvt) flooring market report provides granular level information about the market size, regional market share, historic market (2017-2021) and forecast (2022-2028)
- The luxury vinyl tile (lvt) flooring market report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The luxury vinyl tile (lvt) flooring market report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The luxury vinyl tile (lvt) flooring market report tracks recent innovations, key developments, and start-up details that are actively working in the market
- The luxury vinyl tile (lvt) flooring market report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Luxury Vinyl Tile Flooring Market Segmentation
Product Type
End User
- Residential
- Health Care
- Retail
- Education
- Sport
- Hospitality
- Office
- Industrial
- Automotive
Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Frequently Asked Questions
2021 is the base year and 2028 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.
- Inovar Floor
- Aditya Floors
- Puneet India
- Wedge India
- Wonder Floor
- Polyflor India Pvt Ltd
- Responsive Industries
- Forbo Flooring India Private Limited
- Indiana International Corporation Flooring Pvt. Ltd.