LONDON, March 10, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the Luxury Vinyl Tiles (LVT) flooring market, the high growth of the construction industry is expected to propel the growth of the LVT market. Luxury vinyl flooring is more economical and more efficient than other flooring currently available on the market, and additional factors of LVT, such as cost-efficient, lightweight, and the requirement for low maintenance, make them an ideal choice for flooring in the construction sector. For instance, according to the Office of National Statistics UK, the monthly construction output increased by 3.5% in volume in November 2021. Also, according to Invest India, an India-based national investment promotion and facilitation agency, the construction industry in India is expected to reach $1.4 trillion by 2025. Therefore, the high growth in the construction industry drives the luxury vinyl tiles flooring market.
The global luxury vinyl tiles flooring market size is expected to grow from $17.65 billion in 2021 to $19.94 billion in 2022 at a compound annual growth rate (CAGR) of 12.99%. Luxury Vinyl Tiles (LVT) flooring market growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $34.48 billion in 2026 at a CAGR of 14.67%.
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Product innovations are gaining popularity amongst Luxury Vinyl Tiles (LVT) flooring industry trends. The key players in luxury vinyl titles flooring are focusing on developing innovative products with advanced technologies to reciprocate natural materials in the products with greater stability and ecological performance. For instance, in 2021, Tarkett, a company operating in the luxury vinyl tiles flooring market based in France, has launched a luxury vinyl tile collection called iD Inspiration that emulates natural materials such as wood and stone. It is intended for use in hospitality, education, residential, retail, and workplace interiors and is suitable for areas with moderate to high footfall. The product has been developed to harness the power of nature to create feel-good interiors and also improve well-being by deepening the connection between the outdoors and the interior spaces where people work, learn and care.
Major players in the LVT flooring market are Tarkett, Forbo, Armstrong, Shaw Industries, Inc., Gerflor, Interface, Mannington Mills, Inc., Mohawk Industries, Parador GmbH, Polyflor, Metroflor, Milliken, LG Hausys, and James Halstead PLC.
TBRC’s global Luxury Vinyl Tiles (LVT) flooring market analysis report is segmented by type into rigid LVT, flexible LVT; by end-user into residential, non-residential.
Asia-Pacific was the largest region in the LVT flooring market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the LVT flooring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Luxury Vinyl Tiles (LVT) Flooring Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide Luxury Vinyl Tiles (LVT) flooring market overviews, Luxury Vinyl Tiles (LVT) flooring market analyze and forecast market size and growth for the whole market, Luxury Vinyl Tiles (LVT) flooring market segments and geographies, Luxury Vinyl Tiles (LVT) flooring market trends, Luxury Vinyl Tiles (LVT) flooring market drivers, Luxury Vinyl Tiles (LVT) flooring market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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