Global Luxury Vinyl Tiles Market

DUBLIN, June 04, 2024 (GLOBE NEWSWIRE) — “Global Luxury Vinyl Tiles Market by Type (Rigid & Flexible), End-Use Sector (Residential & Commercial), and Region (North America, Europe, Asia Pacific, South America ), and Middle East and Africa) – Forecast to 2029” is included in the report. of ResearchAndMarkets.com The offer

The luxury vinyl tiles market will grow from USD 18.8 billion in 2024 to USD 35.9 billion by 2029, at a CAGR of 13.7%.

The growing global population, especially the shift from rural to urban areas, has increased the demand for luxury vinyl tiles. According to the United Nations, by 2050, the world’s population is expected to reach 9.7 billion, with 68 percent living in urban areas. Asia Pacific, particularly India and China, has witnessed significant growth in the flooring market due to its large and growing urban workforce.

These trends support the expansion of the LVT market. Renovation and home remodeling projects, encouraged by government initiatives such as Europe’s National Energy Efficiency Action Plans (NEEAPS), further stimulate demand for LVT in residential and commercial buildings.

The global luxury vinyl tiles market consists of major manufacturers, such as 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 Limited (India), LX Houses (South Korea), among others. .

By type, the rigid segment by value is accounted for the highest CAGR during the forecast period.

Rigid luxury vinyl tile (LVT) is a durable, waterproof flooring solution known for its versatility and aesthetic appeal. Its rigid core, typically made of stone-plastic composite (SPC) or wood-plastic composite (WPC), provides exceptional durability and resistance to dents, impacts, and temperature changes. Rigid LVT features layers such as foam, cork, or PVC backing, WPC or SPC cores, and protective wear and UV layers.

This construction makes it ideal for high traffic areas and extreme weather conditions. Rigid vinyl plank (RVP), a type of rigid LVT, is particularly suited to withstand temperature fluctuations due to its stone-based polymer composite core. Its water-resistant properties make it perfect for moisture-prone areas such as bathrooms, kitchens, and basements. The thicker profile offers better comfort underfoot and better sound insulation. Although rigid LVT is more expensive than flexible LVT, its quality and performance make it a great choice for residential and commercial spaces.

In terms of end-use sector, the residential segment accounted for the highest CAGR during the forecast period in terms of value.

Luxury vinyl tiles have gained popularity in residential settings due to their versatility, durability, and aesthetic appeal, especially in high-moisture areas such as kitchens and bathrooms. LVT’s ability to withstand moisture, along with its resemblance to natural materials such as hardwood and stone, make it an ideal choice for homeowners.

The story continues.

Its resistance to scratches, stains, and dents is perfect for high-traffic areas like kitchens and living rooms, ensuring a long-lasting, vintage appearance. LVT requires minimal maintenance, with regular sweeping, vacuuming, and mopping sufficient for maintenance. The flooring’s longevity is influenced by product thickness, wear layer, and proper maintenance, making LVT a cost-effective and valuable option for residential properties. Homeowners are drawn to LVT for its combination of aesthetic appeal and practical benefits.

North America is estimated to be the fastest growing luxury vinyl tiles market during the forecast period.

The North American region is expected to witness the fastest growth in the luxury vinyl tile market. This development includes countries like USA, Canada and Mexico. Increasing investment in construction and infrastructure projects, along with technological advancements in the construction industry, are expected to drive the LVT market in North America. Initiatives such as Canada’s USD 180 billion investment in infrastructure through the Investing in Canada plan will boost demand for LVT in the region.

The North American LVT market is poised for significant growth due to the expansion of a strong construction industry, fueled by government funding and demand for residential and non-residential properties. LVT’s ease of installation, durability, and water resistance make it popular for commercial use, while its superior durability and aesthetic appeal support its adoption in remodeling and maintenance projects. These factors are expected to drive the growth of the LVT market in North America in the coming years.

The report provides insights on the following points:

• Analysis of key drivers (growing population and rapid urbanisation, increase in number of renovation and remodeling activities, and increasing consumer interest towards interior decoration), constraints (fluctuation in raw material prices, and increasing environmental concerns), opportunities (increasing demand) emerging economies, and increased investment in the construction industry) and challenges (waste disposal).

• Product Development/Innovation: Detailed insights into upcoming technologies, research and development activities, and new product and service launches in the Luxury Vinyl Tiles market.

• Market Development: Comprehensive Insights into Profitable Markets – The report analyzes the luxury vinyl tiles market across various regions.

• Market Diversification: Complete information on new products and services, untapped geographies, recent developments, and investments in the Luxury Vinyl Tiles market.

Key attributes:

Featured companies

For more information on this report, visit https://www.researchandmarkets.com/r/wmi48j.

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