Luxury Vinyl Tiles Market Research Report - Global Forecast 2030

Luxury Vinyl Tiles Market Information: by Type (Rigid and Flexible), by Application (Residential and Non-Residential) and by Region (North America, Europe, Asia-Pacific and the Rest of the World) - Forecast till 2030

ID: MRFR/CO/6791-HCR | January 2023 | Region: Global | 107 Pages         

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Luxury Vinyl Tiles Market

Luxury Vinyl Tiles Market is expected to grow USD 32 Billion CAGR at a 10% during the forecast period (2020-2027).

Segmentation
Type Rigid Flexible
Application Residential Non-Residential
Key Players
Companies Profiled   Mohawk Industries (US)    Shaw Industries Group Inc. (US)    Interface Inc. (US)    Tarkett (France)    Gerflor (France)    Mannington Mills Inc. (US)    Armstrong Flooring Inc. (US)    Forbo Group (Switzerland)    James Halstead plc (UK) The Dixie Group Inc. (US)    Responsive Industries Limited (India)    Vinylasa (Mexico)    Adore Floors Inc. (US)    Milliken & Company (US)
Drivers
Market Driving Forces    Increased expenditure on the remodeling and remodeling
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Luxury Vinyl Tiles Market Overview


Luxury Vinyl Tiles Market is expected to grow USD 32 Billion CAGR at a 10% during the forecast period, says market research future (MRFR). The vinyl tiles are polished and shiny surfaces used for lots of purposes. It is a natural emulator of granite, wood and flooring. IoT is a type of synthetic tile that can keep the surface dirt free and water-free. There are plenty of benefits of such surfaces. There are numerous benefits of luxury vinyl such as durability, design and flexibility. It is a tile that can improve the overall aesthetics of the building.


Today, many constructions are using such luxury Vinyl tiles. Some buildings such as hospitals, apartments and schools use these tiles. Due to low maintenance and smooth finish, the consumer preference for the tiles is higher. The demand for residential and non-residential constructions is surging demand for the market.


Further, the growing need for sustainable floors is contributing to growth. The growing investments room merging economies for construction activities are raising overall supply and demand. Due to infrastructural development and new construction, the adoption of luxury vinyl tiles is growing in India, China and Japan. These are factors that contribute to the overall expansion of the market. 


Regional Analysis: Global Luxury Vinyl Tiles Market


On the basis of region, the global luxury vinyl tile flooring market has been segmented as Europe, North America, Asia-Pacific, and the rest of the world. Asia-Pacific dominated the global for luxury vinyl tiles market, followed by North America. China, India, and other emerging countries have witnessed significant growth in the luxury vinyl tile market, due to the rising economy and rapid growth in industrialization. Furthermore, the region is regarded as one of the prominent producers and consumers of tiles across the globe.


Segmentation:


The global luxury vinyl flooring market has been segmented based on type and application. On the basis of type, the global market has been classified into rigid and flexible. The flexible segment held the largest market share of the global luxury vinyl tiles market in 2018 and is expected to witness the highest CAGR during the forecast period. The properties such as durability, flexibility, and ease of installation are some of the factors, which raise the demand for flexible luxury vinyl tiles in the global market.


On the basis of application, the global market has been segmented into residential and non-residential. The non-residential segment held the largest market share of the global luxury vinyl tile market in 2018 and is expected to witness the highest CAGR during the forecast period.


The Key Players operating in the global luxury vinyl tiles industry include Mohawk Industries (US), Shaw Industries Group, Inc., (US), Interface, Inc. (US), Tarkett (France), Gerflor (France), Mannington Mills, Inc.  (US), Armstrong Flooring, Inc. (US), Forbo Group (Switzerland), and James Halstead plc (UK). The Dixie Group, Inc. (US), Responsive Industries Limited (India), Vinylasa (Mexico), Adore Floors, Inc. (US), Milliken & Company (US), and American Biltrite (Canada) Ltd. (Canada) are some of the other players operating in the global luxury vinyl tile market.


The global luxury vinyl tile (LVT) flooring market is fairly competitive with a moderate number of players, across the globe. The players are expected to adopt various strategies to expand their global presence and increase their market shares. Some of the key strategies adopted by the players include focus on high quality product, cost-effectiveness, expansions, strategic partnerships, and collaborations with manufacturing companies.Recent Development


February 2021 


Axiom Cordages is accruing more shares in the luxury vinyl market. These are capital investments approved by other subsidiary companies. Due to more shareholding, the supply and demand for the product will rise. Also, production is expected to be high in the company. 


October 2021 


Mohawk Industries Inc. is expanding its market operation in the forecast period. There are new opportunities for the company to install luxury vinyl tiles. The company is getting an 87 million project. This is expected to increase the overall profitability of the market. The demand from high investors is expected to strengthen the overall portfolio. 


Intended Audience:



  • Luxury vinyl tiles (LVT) manufacturers

  • Luxury vinyl tiles traders/distributers/suppliers

  • Manufacturers of raw materials

  • Architects & engineers

  • Regulatory bodies

  • Research organizations

  • Association and industry bodies

  • Interior designers

  • End consumers

  • Market research and consulting firms



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2027: USD 32.0 Billion
  • 2030 : Significant value
  •   CAGR   10.0% CAGR (2022-2030)
      Base Year   2021
      Forecast Period    2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Billion)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Type and Application
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Mohawk Industries (US), Shaw Industries Group, Inc., (US), Interface, Inc. (US), Tarkett (France), Gerflor (France), Mannington Mills, Inc. (US), Armstrong Flooring, Inc. (US), Forbo Group (Switzerland), and James Halstead plc (UK).The Dixie Group, Inc. (US), Responsive Industries Limited (India), Vinylasa (Mexico), Adore Floors, Inc. (US), Milliken & Company (US), and American Biltrite (Canada) Ltd. (Canada)
      Key Market Opportunities   Rising consumer demand for luxury vinyl tiles from emerging economies
      Key Market Drivers   Increased expenditure on the remodeling and remodeling


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    Frequently Asked Questions (FAQ) :

    Luxury vinyl tiles market is projected to grow at a 10.0% CAGR between 2022-2030.

    Luxury vinyl tiles market is predicted to touch USD 32 billion by 2030.

    The APAC region is expected to dominate the luxury vinyl tiles market.

    The non-residential segment will lead the luxury vinyl tiles market.

    Growing environmental concerns may limit the luxury vinyl tiles market growth.