Luxury Vinyl Tiles Market is Projected to Expand at a CAGR of 10%, While Touching Approximately USD 32 Billion by 2030 – Report by Market Research Future (MRFR)

Luxury Vinyl Tiles Market Research Report Information by Type (Rigid and Flexible), by Application (Residential and Non-Residential) and by Region (North America, Europe, Asia-Pacific and the Rest of the World) – Forecast till 2030

New York (US), June 23, 2023 (GLOBE NEWSWIRE) — Luxury Vinyl Tiles Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Luxury Vinyl Tiles Market Information by Type, Application, and Region – Forecast till 2030”, Luxury Vinyl Tiles Market could thrive at a rate of 10% between 2022 and 2030. The market size will be reaching around USD 32 Billion by the end of the year 2030

Market Synopsis

The luxury vinyl tiles (LVT) market refers to the market for high-quality, synthetic flooring materials that mimic the look and texture of natural materials such as wood, stone, or ceramic tiles. Luxury vinyl tiles offer a combination of durability, versatility, and aesthetic appeal, making them a popular choice for both residential and commercial applications.

Luxury vinyl tiles find extensive usage in various settings, including residential homes, commercial buildings, healthcare facilities, hospitality spaces, and retail establishments. They are primarily used for flooring purposes, providing an elegant and realistic look of natural materials while offering enhanced durability, ease of maintenance, and resistance to moisture and wear. Luxury vinyl tiles are commonly used in living areas, bedrooms, kitchens, bathrooms, hallways, and commercial spaces with high foot traffic.

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Market Competitive Landscape:

The affluent companies in the Luxury Vinyl Tiles industry include

• Mohawk Industries
• Shaw Industries Group Inc
• Interface Inc
• Tarkett
• Gerflor
• Mannington Mills Inc
• Armstrong Flooring Inc
• Forbo Group
• James Halstead
• The Dixie Group Inc
• Responsive Industries Limited
• Vinylasa
• Adore Floors Inc
• Milliken & Company
• Among others.

Report Scope:

Report Attribute	Details
Market Size	2030: USD 32.0 Billion
CAGR	10.0% CAGR (2022-2030)
Base Year	2021
Forecast Period	2022 to 2030
Historical Data	2019 & 2020
Forecast Units	Value (USD billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Type, Application, and Region
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers	Increased expenditure on the remodeling and remodeling

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October 2021

Mohawk Industries Inc. has announced its plans to expand its market presence during the projected period. The company is set to capitalize on new prospects by introducing luxury vinyl tiles into its product lineup. With an investment of $87 million, this strategic move is anticipated to enhance the market’s overall profitability. The surge in demand from influential investors is expected to fortify the company’s portfolio and drive further growth.

Market USP Covered:

Market Drivers:

The market for luxury vinyl tiles is driven by the growing consumer preference for visually appealing and trendy flooring options. Luxury vinyl tiles offer a wide range of designs, patterns, and textures that can replicate the look of natural materials, allowing customers to achieve their desired aesthetic without compromising on durability and functionality. Luxury vinyl tiles are known for their exceptional durability, scratch resistance, and water resistance, making them suitable for high-traffic areas and moisture-prone spaces. Additionally, they require minimal maintenance, making them a convenient choice for busy households and commercial settings. The demand for easy-to-maintain and long-lasting flooring solutions drives the growth of the luxury vinyl tiles market.

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Market Restraints:

One of the main restraints for the luxury vinyl tiles market is the competition from other flooring materials such as hardwood, ceramic tiles, and laminates. While luxury vinyl tiles offer numerous advantages, including cost-effectiveness and durability, customers may still prefer the authenticity and natural feel of traditional materials. Additionally, the market may face challenges related to volatile raw material prices, environmental concerns, and regulations governing the use of certain chemicals in the manufacturing process.

COVID 19 Analysis

The COVID-19 pandemic significantly impacted the luxury vinyl tiles market. During the pandemic, the market experienced disruptions in manufacturing, supply chains, and construction activities. However, as people spent more time at home, there was an increased focus on home improvement projects, including flooring upgrades. The demand for luxury vinyl tiles witnessed a rebound as customers sought durable, low-maintenance, and visually appealing flooring options. In the post-COVID scenario, the market is expected to continue its growth trajectory as construction activities rebound and consumers prioritize versatile and resilient flooring solutions.

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Market Segmentation

By Type

By Type, the segment includes Rigid and Flexible.

By Application

By Application, the segment includes Residential and Non-Residential.

Regional Insights

North America holds a significant share in the luxury vinyl tiles market. The region’s robust construction industry, high consumer spending on home renovation projects, and the preference for versatile and cost-effective flooring options contribute to market growth. Additionally, the demand for luxury vinyl tiles in commercial applications, such as healthcare and hospitality, further drives the market in this region.

Europe is another prominent region in the luxury vinyl tiles market. The region’s focus on eco-friendly and sustainable construction practices has led to an increased demand for environmentally friendly flooring materials. Luxury vinyl tiles, with their low environmental impact and recyclability, have gained popularity in Europe. The region’s strong emphasis on aesthetics and design also drives the market, as luxury vinyl tiles offer a wide range of options to suit various architectural styles.

The luxury vinyl tiles market in Asia Pacific is experiencing significant growth due to rapid urbanization, infrastructure development, and increasing disposable incomes. Emerging economies like China, India, and Southeast Asian countries are witnessing a surge in construction activities and rising consumer awareness about advanced flooring solutions. The market in this region is driven by factors such as urbanization, increased consumer spending, and the growing demand for aesthetically pleasing and durable flooring materials.

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