ID: MRFR/CO/6791-HCR | February 2021 | Region: Global | 107 pages
Luxury Vinyl Tiles Market is expected to grow USD 32 Billion CAGR at a 10% during the forecast period, says market research future (MRFR). Luxury vinyl tiles are a type of synthetic tile that is impervious to liquids and smudges. It is cost-effective and provides numerous benefits such as durability, changeable treatment, and design flexibility, making it ideal for use in hospitals, schools, workplaces, and apartments. The market will be driven by the usage of vinyl tiles to enhance the interior appearance, aesthetics, and comfort underfoot in a variety of residential and commercial structures.
Additionally, customer preference for sustainable flooring solutions will drive worldwide product usage. The market will benefit from the increased usage of slip-resistant, stain-resistant, and waterproof floor coverings in residential homes and buildings, as well as commercial and healthcare institutions.
Additionally, the tiling is comfortable to walk on and reduces collision turbulence, which is why it is frequently used in place of more eminent sustaining surfaces such as matting. At the moment, there are a variety of unique impression and textural techniques that enable vinyl tile to replicate the appearance of a variety of carpeting alternatives such as wood, limestone, and granite, which is impeding industry growth.
In the home and non-residential architectural divisions, the Asia-Pacific (APAC) province experienced an increasing number of renovation and subsistence pursuits. The growing number of trendy residential units and rising infrastructure costs are driving the demand for a market in this province. Numerous building operations have been halted globally due to the COVID-19 epidemic. Variations in the availability and supply of raw materials, as well as a contractor manpower scarcity, have slowed the progress of existing and new building projects.
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.
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.
October 2021: Mohawk Industries Inc. (NYSE: MHK) is expanding its operations in Thomasville for the fourth time since 2017. The Fortune 500 flooring and accessory producer will invest USD 87 million to expand its laminate flooring manufacturing facility and create 87 new jobs.
|CAGR||10.0% CAGR (2022-2030)|
|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|
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.