Dublin, Aug. 09, 2019 (GLOBE NEWSWIRE) -- The "Luxury Vinyl Tiles (LVT) Flooring Market by Type (Rigid, Flexible), End-Use Sector (Residential, Non-residential), and Region (North America, Asia Pacific, Europe, Middle East & Africa, and South America) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The LVT Flooring Market is Projected to Grow from USD 18 Billion in 2019 to USD 31.4 Billion by 2024, Recording a CAGR of 11.7% from 2019 to 2024
The LVT flooring market comprises major manufacturers such as Mohawk Industries (US), Tarkett (France), Forbo (Switzerland), Shaw Industries, Inc. (US), and Interface (US).
Increase in the construction activities (innovation, remodeling, and maintenance) are projected to drive the overall growth of the luxury vinyl tiles (LVT) flooring market across regions from 2019 to 2024
The global LVT flooring market witnesses a high growth mainly due to the increasing construction activities worldwide. The rising disposable income of consumers, particularly in developing countries, is another key factor contributing to the increase in renovation and remodeling activities, which in turn, is projected to drive the growth of the LVT flooring market over the next few years.
In terms of both value and volume, the rigid segment is projected to record a higher CAGR during the forecast period
The rigid segment of the LVT flooring market is projected to grow at a higher CAGR during the forecast period, in terms of value as well as volume. It is a durable, waterproof, and resilient flooring material in the market. It includes an extruded polymer-based core layer, which provides a better rigid property to the floor. Its properties, such as ease of installation and smooth finished appearance after the installation, is further projected to drive the market for rigid LVT flooring solutions.
In terms of both value and volume, the residential segment is projected to dominate the LVT flooring market during the forecast period
The growth of the residential segment in the LVT flooring market is mainly attributed to the favorable and lenient lending policies initiated by governments across all regions. This is projected to drive the sales of residential construction projects. The residential construction expenditure is estimated to go up, particularly in the developing countries of the Asia Pacific and Latin America. There is an increasing trend of urbanization observed in these regions, which has resulted in higher growth rate for the residential construction market, in comparison to the developed markets. The increasing need for renovation, remodeling, and maintenance further leads to a growing need for LVT in the residential segment.
In terms of both value and volume, the Asia Pacific luxury vinyl tiles (LVT) flooring market is projected to account for a major market share during the forecast period
In terms of value, the Asia Pacific region is projected to dominate the LVT flooring market during the forecast period due to the increasing demand from countries such as China, Australia, India, Japan, Thailand, Vietnam, and Indonesia. Increasing demand in these countries is due to the rising growth opportunities in the construction industry. The increasing number of new housing units and huge investments in the infrastructural sector are factors that are also projected to drive market growth.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
3.1 Introduction
3.2 Luxury Vinyl Tiles (LVT) Flooring Market Scenario
4 Premium Insights
4.1 Attractive Opportunities in the Luxury Vinyl Tiles (LVT) Flooring Market
4.2 Asia Pacific: Luxury Vinyl Tiles (LVT) Flooring Market, By Type and Country
4.3 Luxury Vinyl Tiles (LVT) Flooring Market, By Type
4.4 Luxury Vinyl Tiles (LVT) Flooring Market, By End-Use Sector
4.5 Luxury Vinyl Tiles (LVT) Flooring Market, By Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Population & Rapid Urbanization
5.2.1.2 Rise in the Number of Renovation & Remodeling Activities
5.2.1.3 Growing Interest of Consumers Toward Interior Decoration
5.2.2 Restraints
5.2.2.1 Volatile Raw Material Prices
5.2.2.2 Rise in Environmental Concerns
5.2.3 Opportunities
5.2.3.1 Rising Demand From Emerging Economies
5.2.3.2 Growing Investments in the Construction Industry
5.2.4 Challenges
5.2.4.1 Disposal of Waste
6 Luxury Vinyl Tiles (LVT) Flooring Market, By Type
6.1 Introduction
6.1.1 Luxury Vinyl Tiles (LVT) Flooring Market, By Type
6.1.1.1 The Rigid Segment is Projected to Be the Fastest-Growing Segment in the LVT Flooring Market
6.2 Rigid
6.3 Flexible
7 Luxury Vinyl Tiles (LVT) Flooring Market, By End-Use Sector
7.1 Introduction
7.2 Residential
7.3 Non-Residential
8 Luxury Vinyl Tile (LVT) Flooring Market, By Region
8.1 Introduction
8.1.1 Luxury Vinyl Tile (LVT) Flooring Market Size, By Region
8.2 Asia Pacific
8.2.1 China
8.2.1.1 The Chinese Luxury Vinyl Tile (LVT) Flooring Market to Grow at the Second-Highest Rate By 2024
8.2.2 Japan
8.2.2.1 The Non-Residential Segment is Projected to Grow at A HigherRate By 2024
8.2.3 India
8.2.3.1 India is Projected to Witness the Highest Growth in the Asia Pacific Market
8.2.4 Australia
8.2.4.1 Non-Residential Sector in Australia to Drive the Luxury Vinyl Tile (LVT) Flooring Market
8.2.5 South Korea
8.2.5.1 Flexible Luxury Vinyl Tiles to Be Consumed More in the Vietnamese Market
8.2.6 Rest of Asia Pacific
8.2.6.1 Demand for New Construction Projects to Drive the Luxury Vinyl Tile (LVT) Flooring Market in Rest of Asia Pacific
8.3 North America
8.3.1 US
8.3.1.1 The Residential Segment to Witness Higher Consumption in the US By 2024
8.3.2 Canada
8.3.2.1 The Rigid Segment to Grow at A Higher Cagr, in Terms of Both Volume and Value, in Canada
8.3.3 Mexico
8.3.3.1 The Non-Residential Sector to Witness High Growth, in Terms of Volume, in Mexico By 2024
8.4 Europe
8.4.1 Germany
8.4.1.1 The Rigid Segment is Projected to Record A Higher Growth in Germany
8.4.2 UK
8.4.2.1 The Residential Segment in the UK is Projected to Witness A Higher Demand for LVT Flooring Solutions By 2024
8.4.3 France
8.4.3.1 The Rigid Segment is Projected to Grow at A Higher Rate in France
8.4.4 Italy
8.4.4.1 The Non-Residential Segment is Projected to Witness Higher Growth During the Forecast Period
8.4.5 Russia
8.4.5.1 The Residential Segment Accounted for the Largest Share in the Russian Market in 2018
8.4.6 Spain
8.4.6.1 The Flexible Segment Accounted for the Largest Share in Spain in 2018
8.4.7 Rest of Europe
8.4.7.1 The Rigid Segment is Projected to Record A Higher Growth in the Rest of Europe Market By 2024
8.5 Middle East & Africa
8.5.1 UAE
8.5.1.1 The Flexible Segment is Projected to Be the Fastest-Growing Luxury Vinyl Tile (LVT) Type in the UAE, in Terms of Value
8.5.2 Saudi Arabia
8.5.2.1 Saudi Arabia to Be the Second-Fastest-Growing Market in the Middle East & Africa, in Terms of Value
8.5.3 South Africa
8.5.3.1 Residential Segment to Lead the South African Luxury Vinyl Tiles (LVT) Flooring Market, in Terms of Value
8.5.4 Turkey
8.5.4.1 Turkey to Be the Second-Largest Market for Luxury Vinyl Tiles (LVT)In the Middle East & Africa
8.5.5 Rest of Middle East & Africa
8.5.5.1 Rest of Middle East & Africa Projected to Have A High Potential for Growth in the Luxury Vinyl Tiles (LVT) Flooring Market
8.6 South America
8.6.1 Brazil
8.6.1.1 Brazil to Account for the Largest Share in the South American Luxury Vinyl Tile (LVT) Flooring Market
8.6.2 Argentina
8.6.2.1 Increase in Investment in Constructions is Projected to Drive the Luxury Vinyl Tile (LVT) Flooring Market in Argentina
8.6.3 Rest of South America
8.6.3.1 Flexible Luxury Vinyl Tiles are Projected to Remain the Larger Consumed Segment LVT Flooring Market in Rest of South America
9 Competitive Landscape
9.1 Overview
9.2 Competitive Scenario
9.2.1 Acquisitions
9.2.2 Expansions & Investments
9.2.3 Partnerships
9.2.4 New Product Launches
9.3 Microquadrant for Luxury Vinyl Tiles (LVT) Flooring Manufacturers
9.4 Luxury Vinyl Tiles (LVT) Flooring Market: Competitive Leadership Mapping, 2018
9.4.1 Strength of Product Portfolio
9.4.2 Business Strategy Excellence
10 Company Profiles
10.1 Mohawk Industries
10.2 Tarkett
10.3 Shaw Industries Group, Inc.
10.4 LG Hausys
10.5 Forbo
10.6 Interface
10.7 Gerflor
10.8 Armstrong Flooring
10.9 Mannington Mills, Inc.
10.10 The Dixie Group, Inc.
10.11 Other Players
10.11.1 James Halstead Plc
10.11.2 Responsive Industries Ltd.
10.11.3 American Biltrite
10.11.4 Milliken & Company
10.11.5 Raskin Industries Llc
10.11.6 Wellmade Performance Floors
10.11.7 Vinylasa
10.11.8 Congoleum
10.11.9 Adore Floors, Inc.
10.11.10 Earthwerks
10.11.11 Parador
10.11.12 Floorfolio Industries
10.11.13 Daejin Co., Ltd
10.11.14 Zhejiang Hailide New Material Co., Ltd
10.11.15 Jiangsu Taide Decoration Materials Co., Ltd
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