CHICAGO, Aug. 5, 2019 /PRNewswire/ -- According to the new market research report "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" Published by MarketsandMarkets™, The LVT flooring market is projected to grow from USD 18.0 billion in 2019 to USD 31.8 billion by 2024, recording a CAGR of 11.7% from 2019 to 2024.
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The luxury vinyl tiles flooring industry is projected to grow in parallel to the growth of the construction industry across the globe. Factors such as the increase in the residential and non-residential constructions, innovation in flooring solutions, rising number of remodeling projects, along with a high demand for durable LVTs that can withstand various weathering actions and resist chemical attacks & deterioration are factors expected to support the market growth during the forecast period.
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In terms of value and volume, the flexible segment is estimated to lead the luxury vinyl tiles (LVT) flooring market in 2019.
The flexible segment accounted for a larger share, on the basis of type, in the luxury vinyl tiles flooring market as it is affordable and is installed in regions that have extreme weather conditions. It is a traditional glue-down flooring material that inherits several properties such as durability, flexibility, ease installation, and budget-friendly. The growth of the flexible segment remains high due to its properties, which makes it a preferred LVT flooring solution for the residential as well as commercial application. The flexible LVT flooring solutions are considered suitable for almost all applications such as residential and commercial.
In terms of volume, the residential segment leads the luxury vinyl tiles (LVT) flooring market in 2019.
Luxury vinyl tiles (LVT) enhances the aesthetic appeal of a building, along with properties such as durability, comfort, and protection from extreme weather conditions. These factors are also projected to drive the residential sector during the forecast period. In addition, the rise in housing renovations and maintenance is further projected to drive the demand for luxury vinyl tiles in the residential sector.
The use of LVT flooring solutions in residential buildings also enhances the aesthetic appeal and provides durability and comfort. Luxury vinyl tiles are preferred for bathrooms, kitchens, laundry rooms, and basements, due to their waterproof features. Further, LVTs don't trap dust and pet dander in the bedrooms. All these factors are projected to drive the demand for LVT flooring solutions in the residential sector.
The Asia Pacific region is projected to account for the largest share in the luxury vinyl tiles (LVT) flooring market during the forecast period
The Asia Pacific region is projected to dominate the Luxury Vinyl Tiles (LVT) Flooring Market, in terms of both value and volume, during the forecast period. Factors such as the increasing number of new housing units and huge investments in the infrastructural sector are projected to drive the luxury vinyl tiles (LVT) flooring industry growth in the Asia Pacific region. In addition, increasing demand in countries such as China, Australia, India, Japan, Thailand, Vietnam, and Indonesia, due to the increasing growth opportunities in these countries has driven the market for LVT flooring.
Mohawk Industries (US), Tarkett (France), Forbo (Switzerland), Shaw Industries, Inc. (US), and Interface (US) are the key players operating in the luxury vinyl tiles flooring market. Expansions, acquisitions, partnership, and new product developments are some of the major strategies adopted by these key players to enhance their position in the LVT flooring market.
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