In the year 2021, while registering a CAGR of 5% over the forecast period of 2022-2027, the Indian LVT market reached a volume of 42 million square meters.
Luxury Vinyl Tile (LVT) Market Overview
Vinyl flooring, also known as resilient flooring, is manufactured from a mix of natural and synthetic polymer ingredients that are laid out in a pattern. It's a versatile synthetic flooring material that's water and stain-resistant. Vinyl flooring is cost-effective and offers a variety of benefits such as durability, flexibility in handling, and design options, making it ideal for usage in hospitals, schools, offices, and homes. Furthermore, because vinyl flooring is easy to walk on and decreases impact noise, it is frequently used as a substitute for more high-maintenance flooring such as carpet.
Product innovations are becoming increasingly popular in the Luxury Vinyl Tiles (LVT) flooring business. The major players in the luxury vinyl flooring market are concentrating their efforts on developing innovative products that use sophisticated technology to replace natural materials in goods that are more stable and environmentally friendly. For example, Tarkett, a French firm that specializes in luxury vinyl tile flooring, developed the iD Inspiration luxury vinyl tile collection in 2021, which is inspired by natural materials like wood and stone. It is ideal for places with moderate to high footfall and is intended for use in hotel, education, residential, retail, and workplace interiors.
Who are the Major Players in the Luxury Vinyl Tile (LVT) Market?
The global Luxury Vinyl Tile (LVT) includes the identification and analysis of the various market participants competing in the global market. Prominent competitors include Tarkett, Armstrong, Mannington Mills, Mohawk, Congoleum, Gerflor, Forbo, Novalis, LG Hausys, Karndean, Shaw Industries, CFL Flooring, Beaulieu, NOX Corporation, Metroflor, Milliken, Polyflor, Snmo LVT and others.
Industry News and Updates:
February 2021- The Board of Responsive Industries at its meeting held on 25 February 2021 approved the investment in its Indian subsidiary company Axiom Cordages through the purchase of its 104,18,162 no of equity shares in aggregate from Banyantree Growth Capital, LLC (BTC) and Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V (FMO) held by them in Axiom Cordages, India.
What are the major Applications, Types, and Regions for the Luxury Vinyl Tile (LVT) Market?
The market is segmented based on the type, applications, companies, and regions.
By Type, it is segmented into
- Commercial Use
- Residential Use
By Application, it is segmented into
- Flexible Luxury Vinyl Tile (LVT)
- Rigid Luxury Vinyl Tile (LVT)
Key Market Trends-
Industrialization is Acting as Catalyst to Help Grow the Market
- Over the last two decades, the construction business has seen dramatic changes in the flooring industry. The introduction of many new technologies, as well as the increased usage of specialized machinery, has transformed the market, particularly in the industrial and commercial LVT flooring segments. Because a high-quality, commercially rated product can last twice as long as LVT, it helps to satisfy sustainability/environmental goals. By reducing waste, replacing LVT flooring every twelve years rather than every six years (the normal replacement cycle for some hotels) is a more sustainable solution. Low-maintenance flooring products, such as LVT, use less water and do not require harsh cleaning chemicals. The industrial and commercial flooring industries have been growing at a steady rate.
Market Dynamics-
- The Luxury Vinyl Tiles (LVT) Flooring Market is led by the residential building segment.
Luxury vinyl tiles (LVT) improve a building's aesthetic appeal while also providing features including durability, comfort, and weather resistance. During the projection period, these variables are expected to drive the residential sector. Furthermore, rising per capita income and expanding urbanisation are driving up the number of people renovating and modifying their current residences. In addition, rising housing maintenance costs are expected to boost demand for luxury vinyl tiles in the residential sector.
- LVT flooring boosts the aesthetic appeal of residential structures while also providing durability and comfort. Bathrooms, kitchens, laundry areas, and basements all benefit from luxury vinyl tiles.
Luxury Vinyl Tile (LVT) Market Regional Analysis
In 2021, the US market is expected to be worth $5.9 billion, while China's market is expected to be worth $7.4 billion by 2027.
The market for Luxury Vinyl Tiles (LVT) Flooring in the United States is expected to reach $5.9 billion by 2021. China, the world's second-largest economy, is expected to reach a market size of US$7.4 billion by 2027, representing a 13.7 percent CAGR throughout the analysed period. Japan and Canada are two other important geographic markets, with growth forecasts of 7.1 percent and 8.9 percent, respectively, over the analysis period.
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East & Africa
- Latin America
The Luxury Vinyl Tile (LVT) Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type, and segment. It focuses extensively on revealing a detailed regional analysis. The Global Luxury Vinyl Tile (LVT) Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
What is our Luxury Vinyl Tile (LVT) Market report scope?
Scope of the Report covers Luxury Vinyl Tile (LVT) Market with a detailed analysis of the overall scenario for the market. It also highlights the business participants’ environment in the global marketplace. This report also provides an overview of leading companies covering the latest successful marketing strategies, market contributions, current and historical background, and latest market happenings to help key organizations to grow and generate larger profits. Business players will greatly benefit from this Luxury Vinyl Tile (LVT) Market analysis report as it has vital details to provide about regional markets and expected opportunities for the prediction time period 2022-2027. Growth between segments is used to understand the different growth factors that are expected to dominate the market as a whole and to develop strategies to differentiate between key applications and target markets. It further reveals how the worldwide market is working through efficient information graphics.
Report Attributes
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Report Details
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Report Title
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Luxury Vinyl Tile (LVT) Market - Global Growth, Trends and Forecast (2022 - 2027) By Types, By Application, By Regions, and By Key Players: Arconic, 3A Composites, Mulk Holdings, Mitsubishi Chemical Corporation
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Forecast Period 2022 to 2027 CAGR
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CAGR of 5.0% over the forecast period (2022-2027)
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By Type
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- Commercial Use
- Residential Use
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By Application
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- Flexible Luxury Vinyl Tile (LVT)
- Rigid Luxury Vinyl Tile (LVT)
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By Companies
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Tarkett, Armstrong, Mannington Mills, Mohawk, Congoleum, Gerflor, Forbo, Novalis, LG Hausys, Karndean, Shaw Industries, CFL Flooring, Beaulieu, NOX Corporation, Metroflor, Milliken, Polyflor, Snmo LVT and others.
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Regions Covered
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- North America
- Europe
- Asia-Pacific
- Rest of the World
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Countries Covered
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- US
- Canada
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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Base Year
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2022
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Historical Year
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2017 to 2021
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Forecast Year
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2022 to 2027
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Number of Pages
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122
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Customization Available
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Yes, the report can be customized as per your needs
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Key Takeaways from this Luxury Vinyl Tile (LVT) Report
- Evaluate Luxury Vinyl Tile (LVT) market potential through analyzing growth rates (CAGR %), Volume (Units), and Value ($M) data given at the country level - for product types, end-use applications, and different industries verticals.
- Understand the different dynamics influencing the market - growth driving factors, specific challenges, and hidden opportunities.
- Get in-depth insights on your competitor’s performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis, and more.
- Analyze the sales and distribution channels across geographies to enhance top-line revenues.
- Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies to your processes.
- Get a quick outlook on the Luxury Vinyl Tile (LVT) market entropy – M&As, deals, partnerships, and product launches of all key players for the past 5 years.
- Evaluate the import-export statistics, supply-demand, and competitive landscape for more than the top 20 countries globally for the market.
Frequently Asked Questions
What is the study period of this market?
The Luxury Vinyl Tile (LVT) Market is studied from 2017 - 2027.
What is the growth rate of the Luxury Vinyl Tile (LVT) Market?
The Luxury Vinyl Tile (LVT) Market is growing at a CAGR of 5.0% over the next 5 years.
Who are the key players in Luxury Vinyl Tile (LVT) Market?
Tarkett, Armstrong, Mannington Mills, Mohawk, Congoleum, Gerflor, Forbo, Novalis, LG Hausys, Karndean, Shaw Industries, CFL Flooring, Beaulieu, NOX Corporation, Metroflor, Milliken, Polyflor, Snmo LVT and others.
What regions does this Luxury Vinyl Tile (LVT) Market report cover?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
What are the significant types of Luxury Vinyl Tile (LVT) Market?
Commercial Use, Residential Use
What are the major end-use applications of Luxury Vinyl Tile (LVT) Market?
Flexible Luxury Vinyl Tile (LVT), Rigid Luxury Vinyl Tile (LVT)
All our reports are custom made to your company’s needs to a certain extent, we do provide 5 free consulting hours along with the purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
