Luxury Vinyl Tiles (LVT) Flooring Market is
Gaining Traction in Terms of Durability, Cost-effectiveness, Easy Installation &
Maintenance
The luxury vinyl tiles (LVT)
flooring market has witnessed significant growth in recent years owing to its
numerous advantages such as durability, affordability, easy installation and
aesthetic appeal. Luxury vinyl tiles flooring offers a cost-effective
alternative to natural materials like wood, stone and ceramic, providing
similar visual effects while being easier to maintain and install. The luxury
vinyl tiles come in various sizes and shapes, offering a wide range of design
options for different applications. Factors contributing to the luxury vinyl
tiles (LVT) flooring market growth includes, increasing demand for affordable
and durable flooring solutions, rising construction activities in both
residential & commercial sectors, and a growing preference for luxury and
aesthetically pleasing flooring options. Technological advancements in the manufacturing
process of luxury vinyl tiles have also contributed to market growth. These
advancements have led to improved performance, easier installation and a wider
range of design options, attracting more customers to choose luxury vinyl tiles
for their flooring needs.
The Desire for Improved Aesthetics &
Government Initiatives Fuels the Market
North America is one of the
prominent regions in the luxury vinyl tiles (LVT) flooring market. The United
States is the largest market in this region, driven by increasing residential
and commercial construction activities. Additionally, increased expenditure on
renovation and remodelling activities has a positive impact on the luxury vinyl
tiles (LVT) flooring market. As customers seek to improve the aesthetics of
their living spaces, flooring plays a crucial role. Luxury vinyl tiles offer a
cost-effective and visually appealing option for flooring, driving their demand
in the market. Europe is another significant market for luxury vinyl tiles
(LVT) flooring, driven by increasing renovation activities. Countries such as
Germany, France and the United Kingdom have witnessed a surge in demand for luxury
vinyl tiles flooring owing to its durability and design versatility. The
waterproof nature of luxury vinyl tiles prevents damage from water spills or
leaks, making it a practical and durable flooring solution for various spaces. The
Asia Pacific region has emerged as a lucrative market for luxury vinyl tiles
(LVT) flooring, primarily due to rapid urbanization, infrastructure development
and changing lifestyles. Government reforms and regulations aimed at
strengthening infrastructure and real estate industries also contributes to the
growth of the construction industry and, in turn, drive the demand for luxury
vinyl tiles (LVT) flooring.
Price Sensitivity, Alternate Flooring
Options and Environmental Impact are Restricting the Market Growth
The price of luxury vinyl tiles
(LVT) flooring can be higher compared to other flooring options such as
laminate or carpet. This price differential can make it less accessible for price
sensitive customers, limiting market growth. The luxury vinyl tiles (LVT)
flooring market faces competition from various flooring types, including
hardwood, ceramic tiles and natural stone. Customers who prefer the authentic
look and feel of natural materials may opt for alternatives instead of luxury
vinyl tiles, thus hampering the market growth. Some customers and industry
stakeholders have raised environmental concerns related to luxury vinyl tiles
(LVT) flooring. The presence of PVC (polyvinyl chloride) in the composition of luxury
vinyl tiles (LVT) flooring has raised questions about sustainability and
potential environmental impacts. Manufacturers need to address these concerns
through sustainable practices, eco-friendly materials, and transparent
communication to mitigate the impact on market growth.
Luxury Vinyl Tiles (LVT) Flooring Market is
Encouraged by Novel Innovations
The luxury vinyl tiles (LVT)
flooring market is highly competitive, with several key players operating on
both global and regional levels. Companies use various strategies such as
mergers and acquisitions, product launches, partnerships and geographic
expansion to strengthen their market presence and gain a competitive edge. Armstrong
Flooring introduced three collections of luxury vinyl flooring, namely Biome,
Terra and Coalesce, in June 2021. Alongside these additions, the company also
refreshed its existing homogeneous sheet collections, Medintone and Medintech. Key
players in the industry are continuously investing in research and development
to introduce innovative luxury vinyl tiles flooring products to meet evolving customer
demands. Gerflor unveiled its collection of LVT-Luxury Vinyl Tiles & Planks
called Creation 30 and Creation 55, in January 2019. The collection included 10
different formats of tiles and planks, allowing for versatile and customizable
installation patterns. In July 2018, Mohawk Industries made a strategic move to
enhance its global operations by acquiring the Godfrey Hirst Group, a flooring
company based in Australia and New Zealand.
Armstrong Flooring Inc.,
Mannington Mills, Inc., Mohawk Industries, Inc., Shaw Industries Group, Inc.,
Tarkett S.A., Interface, Inc., Beaulieu International Group, Gerflor and Forbo
Holding AG are some of the prominent companies operating in the global luxury
vinyl tiles (LVT) flooring market.
Luxury Vinyl Tiles (LVT) Flooring Market is
Being Driven by Renovation and Remodelling Activities and the Growing
Construction Industry
The demand for luxury vinyl tiles
(LVT) is anticipated to experience significant growth due to a variety of
influential factors. These include the expanding construction industry, the
upward trend in renovation and remodelling activities, and the surging
popularity of tiles as a flooring option. These factors contribute to the
overall market growth and create opportunities for luxury vinyl tiles
manufacturers. The construction industry plays a significant role in driving
the demand for luxury vinyl tiles. Increased real estate investments have led
to a growth in construction activities globally. The construction of various commercial
buildings including office complexes, educational institutions and commercial
complexes has increased the demand for luxury vinyl tiles (LVT) flooring. Furthermore,
the rising number of housing projects globally also drives the demand for
luxury vinyl tiles. As more housing projects are undertaken, there is a greater
need for high-quality flooring solutions like luxury vinyl tiles (LVT) flooring.
The durability, affordability and aesthetic appeal of luxury vinyl tiles make
them a popular choice for residential applications. The combination of
waterproof properties and low maintenance requirements positions luxury vinyl
tiles as an attractive flooring solution for residential applications. The
growing awareness and appreciation for these benefits among customers are
expected to drive the demand for luxury vinyl tiles (LVT).
The report provides a detailed
overview of the luxury vinyl tiles (LVT) flooring market insights in regions
including North America, Latin America, Europe, Asia-Pacific, Oceania, and the
Middle East and Africa. The country-specific assessment for luxury vinyl tiles
(LVT) flooring market has been offered for all regional market share, along
with forecasts, market scope estimates, price point assessment, and impact
analysis of prominent countries and regions. Throughout this market research
report, Y-o-Y growth and CAGR estimates are also incorporated for every country
and region, to provide a detailed view of the luxury vinyl tiles (LVT) flooring
market. These Y-o-Y projections on regional and country-level markets brighten
the political, economic and business environment outlook, which are anticipated
to have a substantial impact on the growth of the luxury vinyl tiles (LVT)
flooring market. Some key country and region included in the luxury vinyl tiles
(LVT) flooring market report as follows:
North America (U.S., Canada)
Latin America (Mexico, Argentina,
Brazil, Peru, Chile)
Europe (Germany, France, Italy,
U.K., BENELUX, Nordics, Spain, Poland, Russia, CIS)
Asia Pacific (China, ASEAN,
India, Japan, South Korea)
Oceania (Australia, New Zealand)
Middle East and Africa (South
Africa, GCC Countries, Turkey, Israel, Iran)
The Luxury Vinyl Tiles (LVT) Flooring
Market Research Report Covers In-depth Analysis on:
·
Luxury vinyl tiles (LVT) flooring market
segments
·
Luxury vinyl tiles (LVT) flooring market
dynamics
·
Luxury vinyl tiles (LVT) flooring market value
and share analysis
·
Recent trends, restraints, opportunities in luxury
vinyl tiles (LVT) flooring market
·
Companies & competition involved luxury
vinyl tiles (LVT) flooring market
·
Latest technologies in luxury vinyl tiles (LVT)
flooring market
·
Supply chain and value chain luxury vinyl tiles
(LVT) flooring market
·
Luxury vinyl tiles (LVT) flooring market sales
and distribution strategies
Luxury Vinyl Tiles (LVT) Flooring Market
Growth Highlights:
·
A comprehensive overview of parent market
·
Market dynamics, demand and trends in the
industry
·
Current, historical and anticipated market size
in terms of volume
·
In-depth market segmentation
·
Competition landscape
·
Key strategies of leading companies and product
portfolio
·
Luxury vinyl tiles (LVT) flooring industry
trends and developments
·
Potential and country, regions and segments
exhibiting future growth
·
A detailed viewpoint on luxury vinyl tiles (LVT)
flooring market forecast by countries
·
Essential information to enhance market position
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