LVT Flooring Market is expected to reach US$ 43.95 billion by 2031

PRESS RELEASE BY The Insight Partners 30 Apr 2024

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Increasing Demand from Residential Sector Drive LVT Flooring Market Growth

According to the latest market study on “LVT Flooring Market Forecast to 2031 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type and End User,” the market was valued at 22.22 billion in 2023 and is projected to reach US$ 43.95 billion by 2031; it is estimated to register a CAGR of 8.9% from 2023 to 2031. The report highlights key factors contributing to the LVT flooring market size and prominent players, along with their developments in the market.

Luxury vinyl tile (LVT) flooring is also known as stone plastic or PVC flooring. LVT is made of polyvinyl chloride or vinyl resin and is added to the appropriate stone powder additive for the building's floor (or wall) decoration. Rising urbanization, particularly in emerging economies, has intensified the need for new residential spaces, prompting increased construction activities. LVT flooring has emerged as a favored choice among homeowners and builders due to its versatile characteristics and practical benefits. The key factor propelling its popularity is the availability of an extensive range of design options, ranging from realistic wood and stone looks to innovative tile patterns, catering to diverse aesthetic preferences and interior design trends. Moreover, the cost-effectiveness of LVT flooring compared to natural materials such as hardwood or stone makes it an attractive proposition for residential construction projects seeking to optimize budget allocations without compromising on quality or style.

LVT Flooring Market Breakdown – by Region

LVT Flooring Market Breakdown – by Region

LVT Flooring Market Growth Insights to 2031

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LVT Flooring Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Rigid and Flexible) and End User (Residential, Commercial, and Institutional)

The ease of installation and low maintenance requirements associated with LVT flooring contribute to its appeal, facilitating smoother construction processes and reducing long-term upkeep expenses for homeowners. Its durability and longevity further enhance its value proposition, offering a resilient flooring solution capable of withstanding the rigors of everyday life while maintaining its aesthetic appeal over time. The preference for modern features and sustainable materials in residential construction projects aligns well with the characteristics of LVT flooring, which often incorporates eco-friendly components and advanced manufacturing techniques to minimize environmental impact. As consumers increasingly prioritize sustainable living practices, the availability of eco-conscious flooring options becomes crucial, further driving the adoption of LVT in the residential construction market. According to the US Census Bureau, the US construction industry was worth US$ 1.8 trillion, whereas the global construction industry was valued at US$ 8.9 trillion in 2023. Additionally, construction spending in the US during August 2023 was estimated at a seasonally adjusted annual rate of US$ 1,983.5 billion, 0.5% above the revised July estimate of US$ 1,973.7 billion. Thus, the growing residential construction sector significantly drives the luxury vinyl tiles (LVT) flooring market.

The commercial segment held a significant LVT flooring market share in 2023. LVT flooring has emerged as a favored choice for commercial spaces such as offices, retail outlets, and hospitality establishments due to its exceptional durability, low maintenance requirements, and design versatility. In bustling commercial environments, where foot traffic can be intense and continuous, durability is paramount. LVT’s robust construction ensures it can withstand the rigors of high-traffic areas without succumbing to damage or wear, maintaining its aesthetic appeal and structural integrity over time. For instance, the commercial real estate market size in the US reached US$ 1.2 trillion in revenue in 2022. Moreover, businesses appreciate the low maintenance nature of LVT, as their smooth surface is easy to clean, requiring only routine sweeping and occasional mopping to keep it looking pristine. This results in reduced operational costs and minimal downtime, enhancing the overall efficiency of commercial operations.

LVT offers unparalleled design flexibility, with a vast array of colors, patterns, and textures to suit diverse aesthetic preferences and interior design themes. Furthermore, the cost-effectiveness of LVT, considering its long-term durability and low maintenance requirements, makes it a sound investment for commercial applications, offering significant savings over its lifespan. All these factors drive the demand for LVT flooring. 

The LVT flooring market trends include the increasing technological advancements in the design and production of LVT. Improved printing technologies have allowed for more realistic and intricate designs, enhancing the aesthetic appeal and making LVT flooring a more attractive option for consumers seeking the look of natural materials such as wood or stone.

The integration of enhanced performance features such as waterproofing and scratch resistance significantly broadens the applications of LVT flooring. Waterproof LVT allow for installation in moisture-prone areas such as kitchens, bathrooms, and basements, where traditional flooring options, including hardwood or laminate, may not be suitable. This expansion into previously untapped segments of the market increases the versatility and appeal of LVT, further driving its demand in both residential and commercial sectors. The incorporation of scratch-resistant properties enhances the durability and longevity of LVT flooring, making it ideal for high-traffic areas in commercial settings such as retail stores, restaurants, and healthcare facilities. This enhanced durability not only reduces maintenance costs but also extends the lifespan of the flooring, providing long-term value to customers.

The LVT flooring market analysis is carried out by identifying and evaluating key players operating across different regions. Wedge Industries Ltd, Mohawk Industries Inc, Tarkett, Shaw Industries Group Inc, Interface Inc, AHF LLC, Gerflor SAS, Congoleum, Mannington Mills Inc, and Forbo Holding AG are among the key players profiled in the LVT flooring market report.

The report includes the segmentation of the LVT flooring market as follows:

The global LVT flooring market is segmented on the basis of type and end user. Based on type, the market is segmented into rigid and flexible. On the basis of end user, the market is segmented into residential, commercial, and institutional. Geographically, the LVT flooring market report focuses on regions including North America (the US, Canada, and Mexico), Europe (Germany, France, the UK, Italy, Russia, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

In terms of geography, Asia Pacific accounted for the leading LVT flooring market share, owing to growing infrastructure development in the region. The region’s diverse consumer base and cultural preferences influence LVT flooring trends. The urban population leans toward modern and minimalist designs, whereas people staying in rural areas prefer more traditional aesthetics. Manufacturers in the region respond to these diverse demands by offering a wide range of LVT designs, colors, and textures tailored to local preferences. Moreover, the luxury vinyl tile (LVT) flooring market in Asia Pacific benefits from the region's growing middle-class population and rising disposable incomes. As consumers prioritize standard of living improvements and home aesthetics, there's a heightened demand for premium flooring options, including LVT. This trend is particularly evident in countries such as China and India, where the burgeoning middle class drives demand for housing and interior upgrades. In addition to residential applications, the Asia Pacific commercial sector presents significant opportunities for LVT flooring. Retail outlets, hospitality establishments, healthcare facilities, and corporate offices increasingly choose LVT for its durability, ease of maintenance, and design flexibility. The region's booming tourism industry further fuels the demand for LVT in hotels, resorts, and entertainment venues. Thus, all these factors are driving the LVT flooring market growth in the region.  

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