New York, March 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Luxury Vinyl Tiles (LVT) Flooring Global Market Report 2022' -
The global luxury vinyl tiles flooring market 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%. The 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%.
The luxury vinyl tiles (LVT) flooring market consists of sales of luxury vinyl tiles flooring by entities (organizations, sole traders, and partnerships) that refer to modular vinyl flooring in which tiles are laid out individually by using single sheets.The luxury vinyl tiles flooring is sustainable, easy to handle, durable, and acoustic.
These are used to design the office space or the residential space to look like real wood.
The main types of luxury vinyl tiles (LVT) flooring are rigid luxury vinyl tiles (LVT), and flexible luxury vinyl tiles (LVT).The rigid luxury vinyl tiles (LVT) flooring market consist of sales of rigid luxury vinyl tiles by entities (organizations, sole traders, and partnerships) that refer to a rigid core type of LVT, a click-type plank vinyl flooring that doesn't require any adhesives.
There are main three types of rigid LVT including stone-polymer composite, wood-polymer composite, and Standard rigid core.These are used in residential and commercial industries.
The luxury vinyl tiles (LVT) flooring are used by residential and non-residential end users.
Asia Pacific was the largest region in the luxury vinyl tiles (LVT) flooring market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The high growth of the construction industry is expected to propel the growth of the luxury vinyl tiles (LVT) flooring market.Luxury vinyl flooring is economical and more efficient than other floorings currently available in the market, and additional factors of LVT such as cost-efficient, lightweight, the requirement of 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.
Product innovations are a key trend gaining popularity in the luxury vinyl tiles (LVT) flooring market.The key players in the 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 to improve well-being by deepening the connection between the outdoors, and the interior spaces where people work, learn and care.
In November 2021, Tarkett, a company operating in the luxury vinyl tiles flooring market-based in France acquired Vinylasa, a Mexico-based company involved in manufacturing of luxury vinyl tiles floorings and specialized in VCT product offerings for an undisclosed amount. With this acquisition, Tarkett is focusing on LVT flooring production at the Florence campus and also expanding its manufacturing in North America.
The countries covered in the Luxury Vinyl Tiles (LVT) Flooring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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