Global Luxury Vinyl Tile (LVT) Market Size, Share & COVID-19 Impact Analysis, By Product Type (Flexible Luxury Vinyl Tile (LVT) and Rigid Luxury Vinyl Tile (LVT)), By Application (Commercial Use and Residential Use), and Regional Forecasts, 2023-2030
Chicago, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Markets N Research has recently released expansive research on Global Luxury Vinyl Tile Market with 220+ market data Tables, Pie Chart, and Graphs & Figures spread through Pages and easy to understand detailed analysis. The report endows with wide-ranging statistical analysis of the market’s continuous developments, capacity, production, production value, cost/profit, supply/demand and import/export. This market report provides best solutions for strategy development and implementation depending on client’s needs to extract tangible results. This market research report serves the clients by providing data and information on their business scenario with which they can stay ahead of the competition in today's rapidly changing business environment. RIGID LUXURY VINYL PLANK
As per the report titled "Luxury Vinyl Tile (LVT) Market Size, Share & COVID-19 Impact Analysis, By Product Type (Flexible Luxury Vinyl Tile (LVT) and Rigid Luxury Vinyl Tile (LVT)), By Application (Commercial Use and Residential Use), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 19.1 billion and USD 40.9 billion in 2030. The market is expected to exhibit a CAGR of 11.50% during the forecast period.
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Luxury Vinyl Tile (LVT) Market Analysis:
The expansion of the construction sector is a primary driver of the global LVT flooring market. The LVT market is dominated by new residential and commercial construction as well as the repair and renovation of existing buildings. Additionally, compared to wood and ceramic tiles, LVT flooring has lower installation and maintenance costs, which attracts new customers worldwide. On the other hand, LVT flooring's limited lifespan, high volatile organic content (VOC) level, and fluctuating temperature conditions are the main market growth inhibitors. As a result, these need a consistent temperature to function properly, which limits their applicability in nations with frequent temperature changes.
By Product Type, By Application, and By Geography
North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
List Of Key Companies Profiled:
Vinyasa, which Produces Premium Vinyl Tile Flooring, was Purchased by Tarkett in France
In November 2021, for an undisclosed sum, Tarkett, a French business engaged in the luxury vinyl tile flooring industry, purchased Vinyasa, a Mexican firm engaged in the production of luxury vinyl tile floorings and specializing in VCT product lines. With this acquisition, Tarkett is increasing its manufacturing in North America while concentrating on LVT flooring production at the Florence campus.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the luxury vinyl tile (LVT) market plan acquisitions to improve their brand recognition globally. For instance, in June 2021, the French flooring business Tarkett Group introduced the premium vinyl tile series iD Inspiration and imitated natural materials like stone and wood. The new LVT product range is designed to be used in places with moderate to high foot traffic, such as residential, hotel, educational, and workplace spaces.
January 2019: A new line of LVT-Luxury Vinyl Tiles & Planks, called Creation 30 and Creation 55, was introduced by Genflor. More than 35 new hues and patterns are available in the company's selection of LVTs. Additionally, it has ten different tile and plank formats.
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Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
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Rising Construction Activities to Drive Market Growth
The luxury vinyl tiles (LVT) flooring market is anticipated to increase rapidly due to the building industry's rapid expansion. Compared to other flooring options currently on the market, luxury vinyl flooring is more affordable and effective. Additionally, LVT is lightweight and requires little maintenance, making it a perfect option for flooring in the construction industry. For instance, the monthly amount of building output climbed by 3.5% in November 2021, according to the Office of National Statistics UK. Additionally, the nation's investment promotion and facilitation agency, Invest India, projects that India's building market will reach $1.4 trillion by 2025. As a result, the market for luxury vinyl tile flooring is driven by the building industry's rapid rise.
Product Innovation to Boost Market Growth
A crucial trend gaining traction in the luxury vinyl tile (LVT) flooring sector is product innovation. The leading companies in the luxury vinyl flooring industry are concentrating on creating cutting-edge products with novel technology to replace natural materials in the products with improved stability and ecological performance. For instance, the French company Tarkett, which competes in the luxury vinyl tile flooring market, introduced its iD Inspiration line of luxury vinyl tiles in 2021. These tiles are designed to mimic natural materials like wood and stone. It is appropriate for places with moderate to heavy foot traffic and is designed for hospitality, education, residential, retail, and office interiors. The product was intended to enhance well-being by strengthening the bond between the indoor areas where people work, learn, and care for one another and the outdoors by utilizing the power of nature to design aesthetically pleasing interiors.
Raw Material Price Fluctuations are Likely to Impede Market Expansion
Some raw components are polyvinyl chloride resins, plasticizers, limestone, glass fiber, career sheet, colors, and trace stabilizers. These materials' prices are either high or will continue to change. Almost half of the plant's overall expenses are for raw materials. As a result, price changes significantly impact the cost of manufacturing certain flooring. Consequently, it is projected that changes in raw material prices will impede market expansion.
Emissions of Volatile Organic Compounds will Restrict Market Growth
Vinyl is a material that, for some time after installation, generates high quantities of VOCs. Near an installation, toxic substances can reduce the safety of the air quality and are known to result in respiratory issues eventually. As the increasing emphasis is on minimizing environmental impact and ensuring human health safety, strict rules addressing VOC emission limits may negatively affect market growth. Further factors limiting desire include vinyl's shorter lifespan than wood floors, difficulties recycling vinyl, and difficulty removing vinyl from the floor after installation.
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Global Luxury Vinyl Tile (LVT) Market Segmentations:
Global Luxury Vinyl Tile (LVT) Market By Product Type:
Flexible Luxury Vinyl Tile (LVT)
Rigid Luxury Vinyl Tile (LVT)
Global Luxury Vinyl Tile (LVT) Market By Application:
Global Luxury Vinyl Tile (LVT) Market Regional Insights:
The Asia Pacific is projected to hold the largest share of the luxury vinyl tile (LVT) market over the forecast period. The region is anticipated to experience exponential expansion as a result of the development of the construction sector and upcoming projects in important nations like China and India. Additionally, as urbanization increases, more commercial and residential buildings are being renovated, increasing the need for vinyl flooring in this area. In 2020, China was the region's biggest consumer of goods. The country's rise is a result of both the increased demand for improving the interiors of homes and the expanding number of multistory structures being built.
The market in the Asia Pacific is expected to gain a huge portion of the global luxury vinyl tile (LVT) market share in the coming years because more renovation and maintenance projects are being undertaken in the residential and non-residential building sectors.
Factors including the rising number of new housing units and rising investments in infrastructure are driving the demand for vinyl flooring in this region.
In Europe, the growth in this region is primarily driven by the increased need for residential and commercial construction along with population growth.
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Key questions answered in this report:
What is the size of the Luxury Vinyl Tile (LVT) market and what is its expected growth rate?
What are the primary driving factors that push the Luxury Vinyl Tile (LVT) market forward?
What are the Luxury Vinyl Tile (LVT) Industry's top companies?
What are the different categories that the Luxury Vinyl Tile (LVT) Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Luxury Vinyl Tile (LVT) market sample report and company profiles?
Luxury Vinyl Tile Market Size, Share & Forecast by Revenue | 2023−2030
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis By Product Type, By Application, and By Geography
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Chapter 4: Global Luxury Vinyl Tile (LVT) Market, By Product Type Segment Analysis
Chapter 5: Global Luxury Vinyl Tile (LVT) Market, By Application Segment Analysis
Chapter 6: Luxury Vinyl Tile (LVT) Market – Regional Analysis, 2023 – 2030
Chapter 7: Luxury Vinyl Tile (LVT) Market – Industry Analysis
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Key Insights from Primary Research/Key Insights & Findings from the report:
As per the analysis shared by our primary respondents, the Luxury Vinyl Tile (LVT) market is expected to grow annually at a CAGR of around 11.50%.
Through primary research, it was established that the Luxury Vinyl Tile (LVT) market was valued at around USD 19.1 billion in 2022.
The Luxury Vinyl Tile (LVT) market is segmented based on Type: flexible luxury vinyl tile (LVT) and rigid luxury vinyl tile (LVT). The flexible luxury vinyl tile (LVT) category was predicted to show maximum market share in the year 2022.
The key factor driving the market is Rising Construction Activities.
The “Asia Pacific” region will lead the global Luxury Vinyl Tile (LVT) market during the forecast period 2023 to 2030.
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