The luxury vinyl tiles (LVT) flooring market is projected to grow from USD 18.0 billion in 2019 to USD 31.4 billion by 2024, recording a CAGR of 11.7% during the forecast period. The growth of the LVT flooring market is attributed to the high growth in the construction industry across regions. Factors such as the rise in the number of renovation & remodeling activities, increasing population & urbanization, and the high durability of LVT flooring is projected to drive its demand.

Browse 137 market data Tables and 32 Figures spread through 146 Pages and in-depth TOC on “Luxury Vinyl Tiles (LVT) Flooring Market by Type (Rigid, Flexible), End-Use Sector (Residential, Non-residential), and Region (North America, Asia Pacific, Europe, Middle East & Africa, and South America) – Global Forecast”

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Luxury Vinyl Tiles (LVT) Flooring Market Key Players

The LVT flooring market is dominated by leading key players such Mohawk Industries (US), Tarkett (France), Forbo (Switzerland), Shaw Industries, Inc. (US), and Interface (US). These players have adopted various growth strategies such as expansions, investments, new product developments, acquisitions, partnerships, agreements, and joint ventures to increase their market share and enhance their product portfolios.

The new product development strategy accounted for the largest share of all the strategic developments that took place in the LVT flooring market between January 2015 and March 2019. Key players such as Forbo (Switzerland), Interface (US), and Gerflor (France)adopted these strategies to strengthen their product portfolios, expand their product portfolio, and enhance their growth prospects in the LVT flooring market.

Mohawk Industries is the leading flooring manufacturer, which primarily focuses on enhancing the residential and commercial spaces across the regions. The company offers a range of LVT flooring solutions through its various brands, namely, Mohawk, Quick-step, Pergo, Moduleo design floors, and IVC Resilient design.The company has its manufacturing facilities in 19 countries and provides an extensive range of soft and hard surface products for both residential and commercial applications in over 170 countries, with a strong foothold in the North American market.It also has a presence in the Asian, European, African, and South American markets.

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Tarkett’s leadership is based on its wide product portfolio and global rankings in all major types of floor coverings, excluding ceramics. Its focus toward delivering outstanding customer experience and the development of innovative solutions have contributed to its market position in the global LVT flooring industry. Strong global foothold and adoption of strategies such as acquisition & partnership have further helped the company to enhance its product portfolio and market presence. Its recent expansion of LVT production capacity in North America and Europe is projected to enhance its market position in the LVT flooring market in the coming years.

Recent Developments in Luxury Vinyl Tiles (LVT) Flooring Market

• In January 2019, Genflor launched Creation 30 and Creation 55, a new collection of LVT–Luxury Vinyl Tiles & Planks. The company offers a range of LVTs with more than 35 new colors and designs. It also consists of 10 formats of tiles & planks.
• In July 2018, Mohawk Industries acquired Godfrey Hirst Group (Australia), a flooring company in New Zealand and Australia, to expand its global operations. The manufacturing, marketing, and distribution leadership of Godfrey Hirst’s will complement Mohawk’s current hard surface distribution channel and strengthen its product portfolio.
• In June 2018, Interface introduced new global luxury vinyl tile (LVT), Drawn Lines. It offers a distinct pattern that incorporates biophilic elements into the floor design. Drawn Lines are available in ten different colors, namely, Smokey Quartz, Opal, Diamond, Bronze, Amber, Silver, Onyx, Aquamarine, Topaz, and Citrine.

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LVTis a hard surface flooring material comprising 100% vinyl, a protective wear layer, and a color or photographic film layer. It provides enhanced aesthetic value and textures of stone, wood, or ceramic tiles. It also provides 3D printing appearance on the flooring material and durability, along with various design options. The demand for LVT is rising due to its realistic designs, superior performance features, installation options, and ease of maintenance. The rise in construction, as well as remodeling of buildings projects, are projected to drive the demand for LVT flooring solutions. However, the volatile cost of raw materials is projected to hinder the growth of the LVT flooring market.

MarketsandMarkets expects that the LVT flooring market is projected to grow from USD 18.0 billion in 2019 to USD 31.4 billionby 2024, recording a CAGR of 11.7% during the forecast period.

The LVT flooring market is segmented, on the basis of type, into rigid and flexible. The flexible segment dominated the market during the forecast period. However, the rigid segment is projected to grow at a higher rate during the forecast period.

On the basis of the end-use sector, the residential segment is projected to dominate the market during the forecast period. The growth of the residential segment in the LVT flooring market is primarily attributed to the housing renovation and maintenance projects. The residential construction expenditure is estimated to go up, particularly in the developing countries of the Asia Pacific and Latin America.There is an increasing trend of urbanization observed in these regions, resulting in a much higher growth rate for the residential construction market, in comparison to the developed markets.

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The LVT flooring market is studied forfive regions, namely, North America, Asia Pacific, Europe, the Middle East &Africa, and South America. The Asia Pacific region is witnessing a rebound in its residential and non-residential construction sectors, and accounted for the largest share in 2018, in terms of value. In addition, the LVT flooring marketin this region is projected to grow at the highest CAGR during the forecast period, in terms of value.

The purpose of LVTsis more than just being a hard surface flooring material. It is a dependable and versatile flooring solution, which offers durability and various design options.LVTs provide a unique and enhanced appearance. The durability of LVTs may be defined on the basis of its ability to withstand various weather conditions and resist chemical attacks.

Key players operating in the LVT flooring market are undertaking various strategic initiatives such as new product launch, acquisition, agreement, partnership, expansion, and merger, to establish a leading position for their products in the LVT flooring market.

The report provides insights on the following pointers: 

• Market Penetration:Comprehensive information on the product portfolios of the top players in the Luxury Vinyl Tiles (LVT) Flooring market. 
• Product Development/Innovation:Detailed insights on the upcoming technologies, R&D activities, and product launches in the market. 
• Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market. 
• Market Development:Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies. 
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Luxury Vinyl Tiles (LVT) Flooring market.

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