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Global Luxury Vinyl Tiles (LVT) Flooring Market Growth Prospects, Future Industry Landscape 2033
Luxury Vinyl Tiles (LVT) Flooring Global Market Report 2024
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According to The Business Research Company's, The luxury vinyl tiles (lvt) flooring market size has grown rapidly in recent years. It will grow from $23 billion in 2023 to $26.36 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to residential renovation boom, commercial flooring solutions, water and moisture resistance, environmental sustainability, health and safety compliance.
The luxury vinyl tiles (lvt) flooring market size is expected to see rapid growth in the next few years. It will grow to $43.35 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to rising housing construction, e-commerce boom, green building practices, wellness and biophilic design, global connectivity initiatives, demand for sustainable materials. Major trends in the forecast period include demand for sustainable materials, infrastructure modernization, digital printing technology, smart flooring integration, rapid installation methods.
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Market Drivers and Trends:
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, and 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, 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.
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Major Key Players of the Market:
Tarkett SA, Forbo Holding AG, Armstrong World Industries Inc., Shaw Industries Inc., Global Flooring Group, Interface Inc., Mannington Mills Inc., Mohawk Industries Inc., Parador GmbH, Polyflor Ltd., Metroflor Corp., Milliken Co., LG Hausys Ltd., James Halstead plc, Beauflor USA LLC, Congoleum Corporation, EarthWerks vinyl flooring company, Forbo Holding AG, Halstead International plc, IVC US Inc., Karndean Designflooring USA, Moduleo Group, Novalis Innovative Flooring Inc., Responsive Industries Ltd., Roppe Holding Company, The Dixie Group Inc., The Stonhard Group, Toli Corporation, Torlys Inc., USFloors Inc., Välinge Innovation AB, Vifloor Canada Ltd., Vinylasa Inc., Wineo, Wonderfloor, World Class Industries Ltd., Zhejiang Kingdom Decorative Material Co. Ltd., Zhejiang Yihua Plastics Co. Ltd., Zibo Piton Industry Co. Ltd.
Luxury Vinyl Tiles (LVT) Flooring Market 2024 Key Insights:
• The luxury vinyl tiles (lvt) flooring market size is expected to see rapid growth in the next few years. It will grow to $43.35 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%.
• Construction Industry Boom Fuels Growth In The Luxury Vinyl Tiles (LVT) Flooring Market
• Innovating With Nature Trends In Luxury Vinyl Tiles (LVT) Flooring
• Asia-Pacific was the largest region in the luxury vinyl tiles (LVT) flooring market share in 2023
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