The report "Luxury Vinyl Tiles Market by Type (Rigid And Flexible), End-Use Sector (Residential And Commercial), And Region (North America, Europe, Asia Pacific, South America, And Middle East Africa) - Global Forecast to 2029", Luxury Vinyl Tiles Market is projected to grow from USD 18.8 billion in 2024 to USD 35.9 billion by 2029, at a CAGR of 13.7% during the forecast period.
The luxury vinyl tiles market is projected to increase in parallel to the growth of the construction industry across the globe. Factors such as an innovation in flooring solutions, increase in the residential and non-residential constructions, rising number of remodeling projects, along with a high demand for durable LVTs that can resist various weathering actions and chemical attacks deterioration are factors expected to support the market growth during the forecast period.
Browse in-depth TOC on "Luxury Vinyl Tiles Market".
329 - Tables
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"Flexible type segment accounted for the second highest CAGR during the forecast period."
Flexible LVT (luxury vinyl tiles) is a versatile, multi-layered flooring material that features a base backing layer, a clear wear layer, and a protective topcoat. It's similar to traditional glue-down flooring in terms of durability and flexibility, allowing for easy installation. This material can be installed using the glue-down method and offers several advantages, particularly its straightforward installation process. The flexible nature of the tiles means they can be laid over various subfloors, such as concrete, plywood, or existing flooring, with minimal preparation. This can result in significant time and cost savings compared to rigid LVT, which typically requires a completely smooth surface for installation.
"Commercial end-use sector segment accounted for the second highest CAGR during the forecast period."
Luxury vinyl tile has become a popular choice in the commercial sector due to its durability, appealing appearance, and low maintenance. It is being increasingly preferred over vinyl composition tile (VCT) in environments such as healthcare, education, hospitality, retail, offices, and public buildings. Although VCT may have a lower initial cost, its need for regular maintenance can lead to higher long-term expenses compared to LVT or vinyl sheet flooring. In commercial settings, the demand for LVT is fueled by factors such as increased investment in office spaces and other commercial buildings, as well as an emphasis on employee comfort. LVT's durability and ability to withstand heavy foot traffic make it an excellent option for offices, retail spaces, and healthcare facilities.
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"Europe is projected to be the second largest region in terms of volume during the forecast period."
The regional luxury vinyl tiles market in Europe is growing due to several key factors. These include higher spending on residential floor replacement and home improvement in established markets such as Germany, France, and the UK. The growth of the European construction market is driven by the increasing demand for urban housing, more infrastructure development projects, and the modernization and renovation of buildings to enhance their energy efficiency. Europe's strong economic growth is also leading to a rise in the construction of commercial infrastructure, including offices, schools, hotels, restaurants, and leisure facilities.
Luxury Vinyl Tiles Market Key Players
The key players profiled in the report include Mohawk Industries Inc. (US), Tarkett (France), Shaw Industries Group, Inc. (US), Interface, Inc. (US), Gerflor (France), Forbo Flooring Systems (Switzerland), Armstrong Flooring (US), Mannington Mills, Inc. (US), Responsive Industries Ltd. (India), LX Hausys (South Korea) and other leading companies in this market.
Mohawk Industries, Inc. (US) is a flooring manufacturer that focuses on enhancing residential and commercial spaces worldwide. With a cohesive system and a finely tuned distribution network, the company gains a significant competitive edge in producing ceramic tile, laminate, carpets, rugs, as well as wood and vinyl flooring. Mohawk offers a diverse portfolio of products including carpet, rugs, laminates, sheet vinyl, and wood flooring. Additionally, the company provides luxury vinyl tiles under various brands such as Mohawk, Quick-Step, Pergo, Moduleo Design Floors, and IVC Resilient Design.
