The expansion of the construction sector is a primary driver of the global LVT flooring market. The LVT market is dominated by new residential and commercial construction as well as the repair and renovation of existing buildings. Additionally, compared to wood and ceramic tiles, LVT flooring has lower installation and maintenance costs, which attracts new customers worldwide. On the other hand, LVT flooring's limited lifespan, high volatile organic content (VOC) level, and fluctuating temperature conditions are the main market growth inhibitors. As a result, these need a consistent temperature to function properly, which limits their applicability in nations with frequent temperature changes. However, businesses engage in R&D to innovate and improve the longevity, recyclable nature, and lower LVT floor cost to dominate the luxury vinyl tile flooring market share. New potential for the expansion of the LVT market is anticipated to result from this.
The COVID-19 lockdown has caused a delay in India's flooring business due to the country's suspension of housing and building projects. This has a negative impact on the LVT flooring market. The lockdown has reduced the number of new LVT purchases made in India. During the projection period, it is anticipated that the industry will recover.
Rising Construction Activities to Drive Market Growth
The luxury vinyl tiles (LVT) flooring market is anticipated to increase rapidly due to the building industry's rapid expansion. Compared to other flooring options currently on the market, luxury vinyl flooring is more affordable and effective. Additionally, LVT is lightweight and requires little maintenance, making it a perfect option for flooring in the construction industry. For instance, the monthly amount of building output climbed by 3.5% in November 2021, according to the Office of National Statistics UK. Additionally, the nation's investment promotion and facilitation agency, Invest India, projects that India's building market will reach $1.4 trillion by 2025. As a result, the market for luxury vinyl tile flooring is driven by the building industry's rapid rise.
Raw Material Price Fluctuations are Likely to Impede Market Expansion
Some raw components are polyvinyl chloride resins, plasticizers, limestone, glass fiber, career sheet, colors, and trace stabilizers. These materials' prices are either high or will continue to change. Almost half of the plant's overall expenses are for raw materials. As a result, price changes significantly impact the cost of manufacturing certain flooring. Consequently, it is projected that changes in raw material prices will impede market expansion.
By Product Type
Based on product type, the luxury vinyl tile (LVT) market is segmented into flexible luxury vinyl tile (LVT) and rigid luxury vinyl tile (LVT). The flexible luxury vinyl tile (LVT) category dominated the market in 2022. It is a conventional glue-down flooring material with various qualities, including durability, flexibility, ease of installation, and affordability, all of which are expected to fuel the segment's expansion. Almost all applications, including residential and commercial ones, are acceptable for the flexible segment.
Based on application, the luxury vinyl tile (LVT) market is segmented into commercial use and residential use. The commercial use category dominated the market in 2022. The expansion of commercial and retail space and increased urbanization contribute to this market's growth. Additionally, the increased need for offices, healthcare facilities, and hospitals will drive key market expansion in the commercial sector. Conversely, the growth of vinyl flooring from the residential segment will be boosted by the growing renovation and remodeling activities in residential homes and structures to improve living spaces.
The Asia Pacific is projected to hold the largest share of the luxury vinyl tile (LVT) market over the forecast period. The region is anticipated to experience exponential expansion as a result of the development of the construction sector and upcoming projects in important nations like China and India. Additionally, as urbanization increases, more commercial and residential buildings are being renovated, increasing the need for vinyl flooring in this area. In 2020, China was the region's biggest consumer of goods. The country's rise is a result of both the increased demand for improving the interiors of homes and the expanding number of multistory structures being built. On the other hand, the European luxury vinyl tile (LVT) market is anticipated to grow significantly over the forecast period due to an increase in the region's demand for innovative and cutting-edge flooring products in the residential application segment. The market for the area is also anticipated to rise as a result of population expansion and rising demand for residential and commercial construction. The existence of well-established manufacturing and service industries in Germany, the U.K., France, Italy, and Spain is also projected to fuel the region's product demand.
LIST OF KEY COMPANIES PROFILED:
- Forbo Flooring Systems
- Galaxy Vinyl Flooring
- interface inc.
- Armstrong Flooring
- May 2021: For commercial end customers, Armstrong Flooring introduced three LVT collections with the names Biome, Terra, and Coalesce that include unique Diamond Ten technology. The creation of these three collections uses less raw materials and energy due to their 2.5 mm structure, which results in a 31% smaller carbon footprint. These goods have 29% or so recycled material in them.
- January 2021: Sarlon and Modul'up are new collections created by Forbo Flooring Systems that are compact, bonded, or entirely loose-laid and provide acoustic resistance. It has roughly 90 designs and colors to improve a building's dynamics.
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Product Type, By Application, and By Geography|
|By Product Type||