LVT Flooring Market Growth and Analysis by 2031

Historic Data: 2020-2022   |   Base Year: 2023   |   Forecast Period: 2024-2031

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)

  • Report Date : Apr 2024
  • Report Code : TIPRE00007083
  • Category : Chemicals and Materials
  • Status : Published
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 230

The LVT flooring market size was valued at US$ 22.22 billion in 2023 and is expected to reach US$ 43.95 billion by 2031; it is estimated to register a CAGR of 8.9% from 2023 to 2031.

Market Insights and Analyst View:

Luxury vinyl tile offers a cost-effective alternative to traditional materials such as hardwood or stone, providing the look and feel of luxury at an affordable price. In addition, technological advancements in the manufacturing process have allowed for more realistic textures and patterns, enhancing the visual appeal of LVT flooring. Further, properties of LVT, such as durability, water resistance, and ease of maintenance, make it an attractive choice for both residential and commercial applications. Thus, all these factors are driving the growth of the LVT flooring market

Growth Drivers and Challenges:

The affordability of LVT flooring compared to natural materials such as hardwood, stone, or ceramic tiles makes it an appealing option for consumers and businesses, especially for those who operate within tight budget constraints. LVT  offer a lower initial purchase price and deliver long-term value through their durability and low maintenance requirements. The ease of installation further enhances its cost-effectiveness, as the straightforward click-and-lock or adhesive installation methods reduce labor costs and construction timelines. This is particularly advantageous for large-scale projects where minimizing labor expenses is critical for staying within budget. Moreover, the long-term durability of LVT flooring contributes to its cost-effectiveness by minimizing replacement and repair expenses over time. Its resistance to scratches, stains, and wear ensures that it maintains its appearance and functionality even in high-traffic areas, reducing the need for frequent repairs or replacements. The low maintenance requirements of LVT flooring, as it requires minimal cleaning and upkeep compared to other flooring materials, further result in cost savings for homeowners and businesses.

The customization options available with LVT flooring also allow consumers to achieve their desired aesthetic design without incurring high costs associated with customizing natural materials. Additionally, advancements in LVT technology have led to the development of energy-efficient and insulating variants, enhancing their cost-effectiveness by helping to regulate indoor temperatures and reduce energy bills. Thus, all these factors are driving the LVT flooring market growth.

The rising awareness of environmental issues has encouraged consumers to prioritize eco-friendly options, which is projected to impact their purchasing decisions. The negative perception of vinyl-based products, stemming from their association with nonrenewable resources and potential environmental drawbacks, dissuades environmentally conscious consumers from choosing LVT flooring. Additionally, stringent environmental regulations aimed at reducing pollution and promoting sustainability increase production costs and compliance burdens for LVT manufacturers, affecting pricing competitiveness. The disposal of vinyl-based material further increases environmental concerns, as the end-of-life management of vinyl-based products raises questions about landfill waste and pollution. Moreover, the competitive landscape is influenced by the availability of alternative flooring options, which are perceived as more environmentally friendly, intensifying competition and challenging the market positioning of LVT flooring. Thus, all these factors are projected to limit the LVT flooring market growth.

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LVT Flooring Market: Strategic Insights

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Report Segmentation and Scope:

The "Global LVT Flooring Market Analysis to 2031" is a specialized and in-depth study with a major focus on market trends and growth opportunities across the globe. The report aims to provide an overview of the market with detailed market segmentation in terms of type and end user. The market has witnessed high growth in the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of luxury vinyl tile (LVT) flooring globally. In addition, the global LVT flooring market report provides a qualitative assessment of various factors affecting the market performance globally. The report also includes a comprehensive analysis of the leading players in the market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, LVT flooring market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.

The LVT flooring market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Further, the ecosystem analysis and Porter's five forces analysis provide a 360-degree view of the market, which helps understand the entire supply chain and various factors affecting the market performance.

Segmental Analysis:

By type, the market is segmented into rigid and flexible. In terms of end user, the market is segmented into residential, commercial, and institutional. The commercial segment held a significant portion of the LVT flooring market share in 2023. Luxury vinyl tile flooring is used in commercial spaces such as offices, hotels, and shopping malls. These floorings are made of engineered products rather than natural materials to obtain more durability. Retail stores have embraced luxury vinyl tile flooring due to its aesthetic appeal and low maintenance. Design options in luxury vinyl tile flooring allow retailers to create a unique atmosphere that aligns with their brand.

In contrast, the durability ensures that the flooring can withstand high foot traffic. The flooring in office spaces requires a sophisticated appearance, including aesthetics, functionality, and durability, which the installation of luxury vinyl tile flooring can fulfill. The availability of luxury vinyl tile flooring in various looks from traditional hardwood or stone offers long-lasting solutions with wear and tear resistance. Moreover, hotels, restaurants, and other hospitality businesses choose luxury vinyl tile flooring in the lobby, guest rooms, and dining areas due to its stylish look and ability to endure constant use. Thus, all these factors are driving the LVT flooring market for the commercial segment.

Regional Analysis:

The market scope focuses on five key regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In terms of revenue, Asia Pacific dominated the LVT flooring market share, which accounted for ~US$ 7.5 billion in 2023. The rising urbanization rates have surged construction activities, particularly in the commercial and residential sectors. This, in turn, has accelerated the demand for modern and stylish flooring solutions. Moreover, rising disposable income levels across Asia Pacific have empowered consumers to invest more in enhancing their living spaces. As a result, there has been a growing preference for premium and aesthetically pleasing flooring options such as LVT.

LVT flooring, with its water-resistant properties and resilience to wear and tear, has emerged as a popular choice for both residential and commercial applications in the region. Furthermore, the hospitality sector in Asia Pacific plays a pivotal role in driving the luxury vinyl tile (LVT) flooring market growth. The Asia Pacific's hospitality sector, including hotels, resorts, and luxury accommodation facilities, focuses primarily on aesthetics, durability, and ease of maintenance, making LVT an ideal flooring solution to meet these requirements. Thus, all these factors are driving the market in Asia Pacific.

Europe is expected to register a CAGR of over 8% from 2023 to 2031 in the LVT flooring market. The demand for LVT flooring is rising among European consumers due to its durability, ease of maintenance, and aesthetic appeal. This trend is particularly pronounced in Germany, the UK, France, and the Nordic countries, where homeowners, renovators, and businesses seek high-quality, long-lasting flooring solutions. For instance, according to the European Commission, the value of residential renovation in Europe reached ~US$ 498.5 billion in the year 2023. Additionally, the construction revenue in Europe was valued at approximately US$ 1.45 trillion in 2023. The versatility of LVT, which can replicate the look of natural materials such as hardwood and stone, appeals to European consumers who value both style and practicality in their flooring choices. Regulatory standards and environmental concerns also influence the Europe LVT flooring market. With the EU placing greater emphasis on sustainability and eco-friendliness, manufacturers are under pressure to produce LVT flooring that meets stringent environmental standards. This has led to the development of eco-friendly LVT products that are made from recycled materials and feature low VOC emissions, catering to environmentally conscious consumers in Europe.

LVT Flooring Market Regional Insights

The regional trends and factors influencing the LVT Flooring Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses LVT Flooring Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

luxury-vinyl-tiles-lvt-flooring-market-global-geography
  • Get the Regional Specific Data for LVT Flooring Market

LVT Flooring Market Report Scope

Report Attribute Details
Market size in 2023 US$ 22.22 Billion
Market Size by 2031 US$ 43.95 Billion
Global CAGR (2023 - 2031) 8.9%
Historical Data 2020-2022
Forecast period 2024-2031
Segments Covered By Type
  • Rigid
  • Flexible
By End User
  • Residential
  • Commercial
  • Institutional
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • Germany
  • France
  • UK
  • Italy
  • Russia
  • Rest of Europe
Asia Pacific
  • Australia
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
and South and Central America
  • Brazil
  • Argentina
  • and Rest of South and Central America
Market leaders and key company profiles
  • Wedge Industries Ltd
  • Mohawk Industries Inc
  • Tarkett
  • Shaw Industries Group Inc
  • Interface Inc
  • AHF LLC
  • Gerflor SAS
  • Congoleum
  • Mannington Mills Inc
  • Forbo Holding AG

  • LVT Flooring Market Players Density: Understanding Its Impact on Business Dynamics

    The LVT Flooring Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

    Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

    Major Companies operating in the LVT Flooring Market are:

    1. Wedge Industries Ltd
    2. Mohawk Industries Inc
    3. Tarkett
    4. Shaw Industries Group Inc
    5. Interface Inc
    6. AHF LLC

    Disclaimer: The companies listed above are not ranked in any particular order.


    luxury-vinyl-tiles-lvt-flooring-market-cagr

    • Get the LVT Flooring Market top key players overview

    Industry Developments and Future Opportunities:

    A few initiatives taken by the key players operating in the LVT flooring market are listed below:

    • In January 2024, Gerflor unveiled two new lines of Luxury Vinyl Tile (LVT) named Creation WellPoint and Creation GuidePoint, manufactured in the US for healthcare and education sector.
    • In July 2023, AHF Products introduced a US-made luxury vinyl line, Armstrong Flooring's American Personality PRO. The products come with the signature Armstrong Flooring Diamond 10 Technology for durability.
    • In October 2023, Tarkett, a manufacturer of sustainable flooring solutions, launched its high-performing, premium Contour LVT offerings with two new design collections: Collaborative and Mindful Maker.

    Competitive Landscape and Key Companies:

    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 global market players focus on providing high-quality products to fulfill customer demand.


    Frequently Asked Questions

    What are the key factors influencing the LVT flooring market growth?

    The affordability of luxury vinyl tiles (LVT) flooring compared to natural materials such as hardwood, stone, or ceramic tiles makes it an appealing option for consumers and businesses, especially for those who operate within tight budget constraints. Luxury vinyl tiles (LVT) offer a lower initial purchase price and deliver long-term value through their durability and low maintenance requirements. The ease of installation further enhances its cost-effectiveness, as the straightforward click-and-lock or adhesive installation methods reduce labor costs and construction timelines. This is particularly advantageous for large-scale projects where minimizing labor expenses is critical for staying within budget. Moreover, the long-term durability of luxury vinyl tiles (LVT) flooring contributes to its cost-effectiveness by minimizing replacement and repair expenses over time. Its resistance to scratches, stains, and wear ensures that it maintains its appearance and functionality even in high-traffic areas, reducing the need for frequent repairs or replacements. The low maintenance requirements of luxury vinyl tiles (LVT) flooring, as it requires minimal cleaning and upkeep compared to other flooring materials, further result in cost savings for homeowners and businesses. All these factors drive the LVT flooring market growth.

    Which end user segment is expected to register the fastest growth in the global LVT flooring market?

    The commercial segment is expected to register the highest CAGR in the LVT flooring market from 2023 to 2031. Luxury vinyl tile flooring is used in commercial spaces such as offices, hotels, and shopping malls. These floorings are made of engineered products rather than natural materials to obtain more durability. Retail stores have embraced luxury vinyl tile flooring due to its aesthetic appeal and low maintenance. Design options in luxury vinyl tile flooring allow retailers to create a unique atmosphere that aligns with their brand. The flooring in office spaces requires a sophisticated appearance, including aesthetics, functionality, and durability, which the installation of luxury vinyl tile flooring can fulfill. The availability of luxury vinyl tile flooring in various looks from traditional hardwood or stone offers long-lasting solutions with wear and tear resistance. Moreover, hotels, restaurants, and other hospitality businesses choose luxury vinyl tile flooring in the lobby, guest rooms, and dining areas due to its stylish look and ability to endure constant use. All these factors are expected to drive the commercial segment growth from 2023 to 2031.

    In 2023, which end user segment dominated the global LVT flooring market?

    The residential segment held the largest share of the global LVT flooring market in 2023. Luxury vinyl tiles are an ideal choice for areas such as the living room, dining room, and bedrooms. The comfortable underfoot and easy-to-clean characteristics of luxury vinyl tiles make it a perfect fit for household spaces. Luxury vinyl tile flooring is also best suited for basement spaces to withstand moisture and temperature fluctuations. It acts as an efficient alternative to traditional concrete floors in providing a warmer and more comfortable environment in households. All these factors led to the dominance of residential segment in 2023.

    Can you list some of the major players operating in the global LVT flooring market?

    A few players operating in the global LVT flooring market include 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.

    In 2023, which region held the largest share of the global LVT flooring market?

    In 2023, Asia Pacific held the largest share of the global LVT flooring market. The rising urbanization rates have surged construction activities, particularly in the commercial and residential sectors. This, in turn, has accelerated the demand for modern and stylish flooring solutions. Moreover, rising disposable income levels across Asia Pacific have empowered consumers to invest more in enhancing their living spaces. As a result, there has been a growing preference for premium and aesthetically pleasing flooring options such as LVT. All these factors led to the dominance of the Asia Pacific region in 2023.

    In 2023, which type segment is leading the global LVT flooring market?

    The mineral oil segment held the largest share in the global LVT flooring market in 2023. Rigid luxury vinyl tile (LVT) flooring is made from a rigid core layer of composite material, such as stone polymer or wood polymer, sandwiched between two vinyl layers. Rigid luxury vinyl tiles, also known as floating or interlocking LVT, are designed to be installed without adhesive. The rigid core layer provides additional strength and stability to luxury vinyl tiles, making them suitable for high-traffic areas and busy homes. Rigid LVT can be installed over various subfloors, including concrete, ceramic tile, and even existing vinyl flooring, making it a preferable option for renovations and remodels. Several rigid core luxury vinyl tiles have a built-in underlayment that offers additional cushioning, making the flooring more comfortable to walk on and reducing the impact of foot traffic. These factors led to the dominance of the rigid segment in 2023.

    Habi Ummer
    Habi Ummer
    Manager,
    Market Research & Consulting

    Habi is a seasoned Market Research Analyst with 8 years of experience specializing in the Chemicals and Materials sector, with additional expertise in the Food & Beverages and Consumer Goods industries. He is a Chemical Engineer from Vishwakarma Institute of Technology (VIT) and has developed deep domain knowledge across industrial and specialty chemicals, paints and coatings, paper and packaging, lubricants, and consumer products. Habi’s core competencies include market sizing and forecasting, competitive benchmarking, trend analysis, client engagement, report writing, and team coordination—making him adept at delivering actionable insights and supporting strategic decision-making.

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    The List of Companies - LVT Flooring Market

    • Wedge Industries Ltd
    • Mohawk Industries Inc.
    • Tarkett
    • Shaw Industries Group Inc.
    • Interface Inc.
    • AHF LLC
    • Gerflor SAS
    • Congoleum
    • Mannington Mills Inc.
    • Forbo Holding AG
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