Luxury Vinyl Tile Floor Covering Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, Canada, China, Japan, Germany - Size and Forecast 2024-2028

Luxury Vinyl Tile Floor Covering Market Size 2024-2028 

The luxury vinyl tile floor covering market size is forecast to increase by USD 24.01 billion at a CAGR of 11.82% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing demand for premium and durable flooring solutions. A key trend in the market is the adoption of advanced technologies such as Printed Vinyl Sheets (PVS) and UV-cured urethane coatings, which enhance the aesthetic appeal and durability of LVT flooring. In commercial applications, LVT flooring is gaining popularity in sectors such as hotels and shopping malls due to its easy cleaning and sterilization properties, slip and water resistance, and design flexibility. Architects and designers are increasingly specifying LVT for both commercial and residential applications due to its ability to mimic the look and feel of natural materials like wood and stone, without the maintenance requirements. However, the market faces challenges such as the shortage of skilled labor for installation and the need for continuous innovation to meet evolving consumer preferences.

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The market is experiencing significant growth due to its increasing popularity in both residential and non-residential construction projects. In the residential sector, LVT flooring is being used in new housing units and remodeling activities, offering durability and flexibility that caters to various consumer lifestyles. In the non-residential sector, the infrastructural sector, office and workspaces are major consumers of LVT flooring. The market is driven by the ease of maintenance, water resistance, and budget-friendly nature of LVT flooring. The flexible segment, which includes glue-down flooring material, is particularly popular due to its ability to mimic the look and feel of natural stone flooring, ceramic tiles, and hardwood flooring.

Moreover, the carpet recycling initiative is also contributing to the growth of the market as it promotes sustainability. Product quality, customer service, and product pricing are key factors influencing consumer preferences. LVT flooring is available in various designs, including vinyl sheets,  vinyl acetate monomer to cater to diverse floor design requirements. The market is expected to continue its growth trajectory, driven by urbanization and the increasing demand for budget-friendly yet high-quality flooring solutions.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• End-user
  • Non-residential
  • Residential
• Type
  • Flexible
  • Rigid
• Geography
  • APAC
    • China
    • Japan
  • North America
    • Canada
    • US
  • Europe
    • Germany
  • Middle East and Africa
  • South America

By End-user Insights

The non-residential segment is estimated to witness significant growth during the forecast period. The market has experienced significant growth due to increasing investments in commercial infrastructure projects. In 2023, the MEA and APAC regions demonstrated steady growth in commercial construction, with countries such as Hungary, Ireland, Poland, and Portugal leading the way. This trend is driven by government initiatives to enhance public infrastructure, which in turn is boosting demand for vinyl flooring products. The non-residential segment, which encompasses retail and office buildings, is expanding rapidly, with an increasing number of hotels, hospitals, restaurants, educational institutions, and storage warehouses being constructed worldwide. This growth is fueled by consumer lifestyles and urbanization, making luxury vinyl tiles a popular choice for floor design in office and workspace environments. Vinyl sheets and tiles offer durability, ease of maintenance, and aesthetic appeal, making them an ideal solution for commercial applications.

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The non-residential segment was valued at USD 13.93 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in China, India, and Japan is experiencing significant growth, with these countries being the major contributors to the region's market. The flexible and budget-friendly nature of LVT flooring products, including vinyl sheets and tiles, is driving their increasing adoption in various sectors, particularly office and workspaces. In India, the construction industry is projected to reach USD 1.4 trillion by 2025, leading to demand for mid-range and affordable housing units. By 2030, an estimated 600 million people will reside in urban areas, further fueling the demand for LVT flooring. China's 14th Five-Year Plan focuses on new urbanization, infrastructure projects, and sustainable development, providing opportunities for the growth of the LVT floor covering market. These factors collectively contribute to the expanding luxury vinyl tile market in the Asia Pacific region.

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Market Driver

Growing demand for luxury vinyl tiles is the key driver of the market. Luxury vinyl tile (LVT) is a popular floor-covering option in both residential and non-residential construction projects due to its numerous advantages. This flooring material consists of three layers: a backing or base made of vinyl and fillers, a pattern layer, and a finish layer. The pattern layer allows LVT to replicate the finish of more expensive materials, such as hardwood, at a lower cost. LVT offers several benefits that make it an attractive choice for building projects. Its moisture resistance and durability make it suitable for various applications, including residential and commercial settings. Additionally, LVT is highly customizable, allowing for a wide range of design options.

Furthermore, its lower cost compared to other flooring materials, such as hardwood, is a significant factor driving up demand. The residential and commercial markets are the largest end-users of LVT. In the residential sector, homeowners are increasingly investing in home remodeling activities, particularly in developed countries like the US, the UK, and Germany. In the non-residential sector, LVT is gaining popularity in the infrastructural sector, including schools, hospitals, and offices. A carpet recycling initiative has also contributed to the growth of the LVT market. The durability of LVT makes it a long-lasting flooring solution, reducing the need for frequent replacements and contributing to sustainability efforts. Overall, the LVT market is expected to continue growing due to its numerous advantages and increasing demand from various end-users.

Market Trends

The advent of augmented reality (AR) in flooring industry is the upcoming trend in the market. The market has experienced significant growth in recent years, particularly in building projects and both residential and non-residential construction. According to industry reports, the market is expected to continue expanding due to increasing demand for sustainable and durable flooring solutions in new housing units and the infrastructural sector. In addition, remodeling and maintenance activities have contributed to the market's growth. Glue-down flooring materials, such as LVT, have gained popularity due to their ease of installation and durability. These flooring options offer a cost-effective alternative to traditional materials like carpet and hardwood, making them an attractive choice for consumers.

Moreover, the LVT market is witnessing the integration of technological advancements, such as augmented reality applications, to enhance the consumer experience. With the help of AR floor visualizer applications, customers can now virtually place different LVT designs in their homes or commercial spaces, allowing them to make informed purchasing decisions. This experience eliminates the need for physical samples and provides a more confident buying process. Furthermore, the flooring industry is also focusing on carpet recycling initiatives to promote sustainability and reduce waste. Overall, the LVT market is poised for continued growth, driven by its durability, affordability, and the integration of innovative technologies.

Market Challenge

Shortage of skilled labor is a key challenge affecting the market growth. The market experiences growth in various building projects, including residential and non-residential construction, as well as remodeling and maintenance activities. However, the market may encounter challenges due to the skilled labor shortage, particularly during the installation process of glue-down flooring materials. This scarcity of qualified professionals can lead to project delays, increased installation costs, and compromised installation quality. Inexperienced installers may struggle to achieve the necessary precision, resulting in uneven surfaces, gaps, or misalignments that negatively impact the flooring's appearance and performance. Moreover, delays in flooring installations can disrupt construction timelines and introduce uncertainty in project completion. In the infrastructural sector, the demand for luxury vinyl tile flooring is increasing due to its durability and aesthetic appeal.

Additionally, carpet recycling initiatives have led to an increased focus on sustainable flooring options, further boosting the market's growth. Despite these opportunities, the labor shortage remains a significant challenge that must be addressed to ensure optimal results in luxury vinyl tile installations.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Beaulieu International Group: The company offers luxury vinyl tile floor covering such as Adore Naturelle Plus Abound NAT 742, Adore Naturelle Plus Accent NAT 701, Adore ProjectFlor Atkinson Argentum PF 2343, Adore ProjectFlor Elite Atkinson Argentum PF 12 E343.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Congoleum Corp.
• EarthWerks
• Forbo Management SA
• Gerflor Group
• Gordon Brothers Commercial and Industrial LLC
• Interface Inc.
• James Halstead plc
• LX Hausys Ltd.
• Milliken and Co.
• Mohawk Industries
• Parador GmbH
• Responsive Industries Ltd.
• Shaw Industries Group Inc.
• Tarkett
• The Dixie Group Inc.
• Toli Corp.
• Adore Floors Inc.
• American Biltrite Inc.
• Daejin Co. Ltd.
• Raskin Industries

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market is witnessing significant growth due to the increasing demand for building projects in both residential and non-residential sectors. In residential construction, LVT flooring is gaining popularity for new housing units and remodeling activities. In the non-residential sector, the infrastructural sector, offices and workspaces, and commercial applications such as hotels and shopping malls are driving the market growth. The flexible segment of the LVT market is witnessing high demand due to its budget-friendly nature and ease of installation. The product's durability, water resistance, and ease of maintenance are key factors contributing to its popularity.

Moreover, consumer lifestyles and urbanization are also influencing the market, with a shift towards modern architecture structures and design trends. Vinyl flooring products, including vinyl sheets and tiles, offer product quality, customer service, and product pricing advantages over traditional flooring options like natural stone, ceramic tiles, hardwood, and engineered wood. LVT flooring is also preferred for its resistance to stains, scratches, and dents, making it an ideal choice for high-traffic areas such as dining rooms, bedrooms, kitchens, playrooms, and bathrooms. Ease of installation, slip and water resistance, and anti-slip properties are essential features of LVT flooring, making it a popular choice for various applications.

Further, the market is also witnessing the emergence of new technologies such as porcelain, PVS, UV-cured urethane, and single-piece vinyl tiles, enhancing the product's durability and design possibilities. The construction market, chemicals industry, and fast-moving goods industry are some key end-users driving the market growth.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across APAC, North America, Europe, Middle East and Africa, and South America
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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