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Luxury Vinyl Tiles (LVT) Flooring Market on Track for Strong Growth, Estimated to Grow at 13.3% CAGR Through 2029
Luxury Vinyl Tiles (LVT) Flooring
What Is the Expected CAGR for the Luxury Vinyl Tiles (LVT) Flooring Market Through 2025?
In recent years, there has been a swift expansion in the market size of luxury vinyl tiles (LVT) flooring, with forecasts predicting its growth from $26.01 billion in 2024 to $29.68 billion in 2025 - a compound annual growth rate (CAGR) of 14.1%. This historic climb has been spurred on by factors such as a surge in residential renovations, the emergence of commercial flooring solutions, resilience to water and moisture, a commitment to environmental sustainability, and adherence to health and safety regulations.
What's the Projected Size of the Global Luxury Vinyl Tiles (LVT) Flooring Market by 2029?
In the coming years, the market size of luxury vinyl tiles (LVT) flooring is projected to witness a significant surge, reaching $48.92 billion by 2029 with a compound annual growth rate (CAGR) of 13.3%. The anticipated growth within this forecast period can be credited to factors such as an increase in housing constructions, the rise of e-commerce, the implementation of green building methodologies, wellness and biophilic designs, global connectivity efforts, and the demand for sustainable supplies. Trends that are predicted to take lead during this forecast period encapsulate the need for sustainable materials, refurbishment of infrastructure, the evolution of digital printing technology, integration of smart flooring, and swift installation techniques.
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Top Growth Drivers in the Luxury Vinyl Tiles (LVT) Flooring Industry: What's Accelerating the Market?
The luxury vinyl tiles (LVT) flooring market is expected to experience growth driven by the expansion of the construction industry. The reasons behind the preference for luxury vinyl flooring include its economy, efficiency compared to other available floorings in the market, and other attributes of LVT such as their being lightweight, cost-efficient, and low maintenance, making them the perfect flooring option for the construction sector. For instance, Invest India, the national investment promotion and facilitation agency in India, forecasts the construction industry will be worth $1.4 trillion by 2025. Hence, the significant growth seen in the construction industry is driving the market for luxury vinyl tiles flooring.
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What Trends Will Shape the Luxury Vinyl Tiles (LVT) Flooring Market Through 2029 and Beyond?
Leading businesses active in the luxury vinyl tiles (LVT) flooring arena are adopting strategies to introduce top-tier Contour luxury vinyl tiles, aiming to magnify the aesthetic charms and resilience of high-end residential and commercial spaces. Contour luxury vinyl tiles offer an elite class of luxury vinyl flooring, concentrating on elaborate designs, textures, and forms to mimic the looks of natural elements, such as wood, stone, or ceramic. The LVT comprises a 32-mil wear layer offering high-level resistance to dents, scrapes, scuffs, and discolorations. For example, Tarkett S.A., a manufacturing corporation based in France, unveiled True to Form in May 2024, a fresh series of its premier Contour luxury vinyl tiles. The selection embraces 64 colors over singular wood and stone designs. True to Form Wood supplies 40 wood hues within nine woodgrain motifs, meanwhile, True to Form Stone provides 24 colors in six stone designs, including textures resembling sandstone and travertine. True to Form incorporates Tarkett's Brilliance Digital Color System, enabling designers to envision color choices in their environments, preserve project boards, and effectively request samples.
What Are the Main Segments in the Luxury Vinyl Tiles (LVT) Flooring Market?
The luxury vinyl tiles (LVT) flooring market covered in this report is segmented -
1) By Type: Rigid Luxury Vinyl Tiles (LVT), Flexible Luxury Vinyl Tiles (LVT)
2) By Construction Type: New Construction, Renovation
3) By End-User: Residential, Non-Residential
Subsegments:
1) By Rigid Luxury Vinyl Tiles (LVT): Stone Plastic Composite (SPC) LVT, Wood Plastic Composite (WPC) LVT
2) By Flexible Luxury Vinyl Tiles (LVT): Conventional Flexible LVT, Loose Lay LVT, Glue-Down LVT
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Which Top Companies are Driving Growth in the Luxury Vinyl Tiles (LVT) Flooring Market?
Major companies operating in the luxury vinyl tiles (LVT) flooring market include 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.
Which Regions Will Dominate the Luxury Vinyl Tiles (LVT) Flooring Market Through 2029?
Asia-Pacific was the largest region in the luxury vinyl tiles (LVT) flooring market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury vinyl tiles (LVT) flooring market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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