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% from 2019 to 2024. The high growth of the construction industry across regions is projected to drive the market growth. Factors such as the increasing residential and non-residential construction, remodeling & maintenance activities, the high durability and enhanced aesthetic appearance of the LVTs are projected to drive the demand for LVT flooring.
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Key Market Players
Key players such as Mohawk Industries (US), Tarkett (France), Forbo (Switzerland), Shaw Industries, Inc. (US), and Interface (US) adopted strategies that strengthen their product portfolios, expands their market presence, and enhances their growth prospects in the vinyl flooring market.
Recent Developments
- 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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Key Questions Addressed by the Report:
- What are the global trends witnessed in the LVT flooring market? Would the market witness a rise or decline in the demand in the coming years?
- What is the estimated demand for different materials of vinyl flooring market products?
- Where will the strategic developments take the industry in the mid to long-term?
- What are the upcoming industry applications and trends for LVT flooring solutions?
- Who are the major players in the vinyl flooring market globally?
