Dublin, June 04, 2024 (GLOBE NEWSWIRE) -- The "Global 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) - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The 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%
The rising global population, especially the shift from rural to urban areas, has fueled demand for luxury vinyl tiles. By 2050, the world population is projected to reach 9.7 billion, with 68% living in urban areas, according to the UN. Asia Pacific, particularly India and China, has seen significant growth in the flooring market, driven by its large and growing urban workforce.
These trends support the LVT market's expansion. 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 comprises 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 Ltd. (India), LX Hausys (South Korea), among others.
By Type, Rigid segment in terms of value 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 stability and resistance to dents, impacts, and temperature changes. Rigid LVT features layers such as foam, cork, or PVC backing, a WPC or SPC core, 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 for handling temperature fluctuations due to its stone-based polymer composite core. Its water-resistant properties make it perfect for moisture-prone spaces like bathrooms, kitchens, and basements. The thicker profile offers better comfort underfoot and improved sound insulation. While rigid LVT is more expensive than flexible LVT, its quality and performance make it a top choice for residential and commercial spaces.
By End-Use sector, Residential Segment in terms of value Accounted For The Highest CAGR During the Forecast Period.
Luxury vinyl tiles have gained popularity in residential settings for their versatility, durability, and aesthetic appeal, especially in moisture-prone areas like kitchens and bathrooms. LVT's ability to withstand moisture, combined with its resemblance to natural materials such as hardwood and stone, makes it an ideal choice for homeowners.
Its resistance to scratches, stains, and dents suits high-traffic areas like kitchens and living rooms, ensuring a long-lasting, pristine appearance. LVT requires minimal maintenance, with regular sweeping, vacuuming, and mopping being sufficient for upkeep. The flooring's longevity, influenced by product thickness, wear layer, and proper care, makes 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 projected to account for the fastest-growing in the Luxury vinyl tiles market during the forecast period.
The North America region is anticipated to witness the fastest growth in the luxury vinyl tile market. This growth encompasses countries like US, Canada, and Mexico. Rising investments in construction and infrastructure projects, along with technological advances in the construction industry, are expected to drive the LVT market in North America. Initiatives like 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 set for significant growth due to robust construction industry expansion, 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 high durability and aesthetic appeal contribute to its adoption in remodeling and maintenance projects. These factors are expected to propel the growth of the LVT market in North America in the coming years.
The report provides insights on the following pointers:
- Analysis of key drivers (Increasing Population and rapid urbanization, Rise in the number of renovation and remodeling activities, and Growing interest of consumer towards interior decoration), restraints (Volatile raw material prices, and Rise in environmental concerns), opportunities (Rising demand from emerging economies, and Growing investment in the construction industry) and challenges (Disposal of waste).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the luxury vinyl tiles market
- Market Development: Comprehensive information about lucrative markets - the report analyses the luxury vinyl tiles market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the luxury vinyl tiles market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 224 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $18.8 Billion |
| Forecasted Market Value (USD) by 2029 | $35.9 Billion |
| Compound Annual Growth Rate | 13.7% |
| Regions Covered | Global |
Companies Featured
- Mohawk Industries Inc.
- Tarkett
- Shaw Industries Group, Inc.
- Interface, Inc.
- Gerflor
- Forbo Group
- Armstrong Flooring
- Mannington Mills, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/wmi48j
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