Market Analysis
The Luxury Vinyl Tiles Market is predicted to touch USD 32.0 billion at a 10.0% CAGR between 2019- 2025, states the recent Market Research Future (MRFR) analysis. Luxury vinyl tiles, simply put, are varied artificial tile elements that are repellent to smudges and liquid. Owing to its alluring features such as layout opportunities, adjustable treatment, and sturdiness, these tiles have wide applications in different non-residential and residential projects.
Various factors are propelling the global luxury vinyl tiles market share. According to the recent MRFR report, such factors include the growing construction industry, increase in remodelling and renovation, the growing popularity of tiles, rise in real estate investments, and rise in construction of commercial buildings like offices, educational institutes, and commercial complexes. Additional factors adding market growth include an increase in housing projects, favorable regulations, and reforms introduced by the government in different countries to strengthen the growth of their real estate and infrastructure industries, improving living standards, rising consumer demand, and inclination of consumers towards aesthetic enhancement and better interior decoration.
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On the contrary, fluctuating raw material costs, growing environmental concerns, and the on-going COVID-19 impact may limit the global luxury vinyl tiles market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global luxury vinyl tiles market based on application and type.
By type, the global luxury vinyl tiles market is segmented into flexible and rigid. Of these, the flexible type segment is predicted to lead the market over the forecast period and at a high CAGR. Alluring properties such as ease of installation, flexibility, and durability are adding to the growth of the segment.
By application, the global luxury vinyl tiles market is segmented into non-residential and residential. Of these, the non-residential application segment is predicted to dominate the market over the forecast period and at the highest CAGR.
Regional Analysis
Based on the region, the global luxury vinyl tiles market covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, the APAC region will dominate the market over the forecast period. Booming construction industry in India & China, increasing inflow of FDI in the construction sector, a growing number of special economic zones in developing countries, and increasing investments in real estate are adding to the global luxury vinyl tiles market growth in the region. China and India have a maximum share in the market.
The global luxury vinyl tiles market in North America is predicted to have healthy growth over the forecast period. The developing construction industry due to increased renovation and home improvement projects, coupled with the presence of key companies in the US are adding to the global luxury vinyl tiles market growth in the region.
The global luxury vinyl tiles market in Europe is predicted to have sound growth over the forecast period, and in the Rest of the World is predicted to have steady growth over the forecast period.
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Key Players
Eminent contenders profiled in the global luxury vinyl tiles industry report include American Biltrite (Canada) Ltd. (Canada), Milliken & Company (US), Adore Floors, Inc. (US), Vinylasa (Mexico), Responsive Industries Limited (India), The Dixie Group, Inc. (US), James Halstead plc (UK). Forbo Group (Switzerland), Armstrong Flooring, Inc. (US), Gerflor (France), Tarkett (France), Interface, Inc. (US), Shaw Industries Group, Inc., (US), and Mohawk Industries (US), among others.
Industry players have incorporated strategies such as mergers and acquisitions, partnerships, joint ventures, collaborations, geographic expansions, strategic alliances, extensive R&D activities, contracts, new product development, and launches to stay at the forefront as well as cater to consumers growing needs.
Table of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objectives
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter's Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
5 Global Luxury Vinyl Tiles Market, By Type
5.1 Introduction
5.2 Rigid
5.2.1 Market Estimates & Forecast, 2019-2025
5.2.2 Market Estimates & Forecast, By Region, 2019-2025
5.3 Flexible
5.3.1 Market Estimates & Forecast, 2019-2025
5.3.2 Market Estimates & Forecast, By Region, 2019-2025
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Various reforms and regulations introduced by developing nations for boosting the infrastructure and real estate industries drive the growth of the global luxury vinyl tiles market.
Rising consumer demand for luxury vinyl tiles from emerging economies is an opportunity for the market players.Key PlayersThe prominent players in the global luxury vinyl tiles market are Interface, Inc. (US), Tarkett (France), Gerflor (France), Shaw Industries Group, Inc., (US), Mannington Mills, Inc. (US), Armstrong Flooring, Inc. (US), James Halstead plc (UK), Mohawk Industries (US), and Forbo Group (Switzerland).Vinylasa (Mexico), The Dixie Group, Inc. (US), Adore Floors, Inc. (US), American Biltrite (Canada) Ltd. (Canada), Milliken & Company (US), and Responsive Industries Limited (India) are some other key players operating in the global luxury vinyl tiles market.Asia-Pacific to dominate the global luxury vinyl tiles market during the forecast periodOn the basis of region, the global luxury vinyl tiles market is segmented as North America, Asia-Pacific, Europe, and the rest of the world.
Asia-Pacific dominated the global market, followed by North America, primarily due to the growth in construction industry, mainly in China and India.
The increasing real estate investment and growing number of Special Economic Zones (SEZ) in developing countries, mainly in India, are the other major factors driving the market growth in Asia-PacificNorth America has witnessed significant growth in the construction industry, owing to the increased home improvement and renovation projects in the region.
As per the US Census Bureau data, the total annual value of private construction in the US is USD 992,528 million in 2018, USD 539,800 million of which is for residential construction.
Moreover, the US is home for the key companies operating in the market such as Mohawk Industries, Shaw Industries Group, Inc., Interface, Inc., Armstrong Flooring, Inc., and Mannington Mills, Inc.The flexible segment is set to occupy a large share of the global luxury vinyl tiles marketThe global market is segmented on the basis of type as flexible and rigid.
Global Luxury Vinyl Tiles Market Information: by Type (Rigid and Flexible), by Application (Residential and Non-Residential) and by Region (North America, Europe, Asia-Pacific and the Rest of the World) - Forecast till 2027Market Overview In the global tiles market, luxury vinyl tiles have a fair share in terms of revenue and use.
The different sectors of residential and commercial spaces like residences, schoolhouses support the Luxury Vinyl Tiles Market Growth.
In addition to this, the development of new-age office spaces leads to the growth in Luxury Vinyl Tiles Market Share.
The construction of factories and multi-storeyed residential complexes like apartments also amplifies revenue in the Luxury Vinyl Tiles Industry.
Tiling is, therefore, is a preferred technique of flooring in different spaces.
There is high demand for housing solutions for a growing population across the globe.
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.♦ Download Detailed PDF Brochure Here: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=105150640 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.
