Luxury Vinyl Tile (LVT) Flooring Market Top Scenario, SWOT Analysis, Business Overview, Forecast 2028
Future Market Insights’ newly published market report, “Luxury Vinyl Tile (LVT) Flooring Market: Global Industry Analysis and Forecast, 2022-2028,” examines the vinyl flooring market and offers crucial market insights for the next ten years.
Valuable insights encapsulated in the report highlights that
the plank segment is expected to remain a leading segment in the market in
terms of format, recording a CAGR of 7.1% during the forecast period (2022 –
2028).
In addition, the segment is expected to account for around
40.0% share of the overall market value throughout forecast period. Globally,
the vinyl flooring market is projected to reach US$ 41,578.7 Mn by the end of
2028.
Global Luxury Vinyl Tile (LVT) Flooring Market: Key
Dynamics
Increasing number of infrastructural activities in both
developing and developed countries have continued to contribute towards growth
of the global luxury vinyl tile (LVT) flooring market. To offer versatile,
water-proof and stain-resistant floorings, prominent manufacturers are focusing
on utilizing digital printing and 3D printing techniques for developing vinyl
planks and products.
These technological advancements enable the end users to
duplicate any original material, such as gravel, wood, metal and others. For
instance, Tarkett in collaboration with Philip lighting has launched LED
embedded tiles that can guide people to any location (store/building)
With the increasing number of small and medium business,
demand for infrastructure continues to persist. In addition, constructors are
focusing on building healthcare infrastructures near the residential areas.
In pace with the increasing number of construction projects,
growth of the vinyl flooring market is likely to gain a speedy momentum during
the assessment period.
To offer convenience to the end users in the residential
industry, leading manufacturers are focusing on developing a wide array of
vinyl flooring that are waterproof and easy to clean.
Also, luxury vinyl tile (LVT) flooring is considered as
decorative flooring due to the recent upgrades, such as resemblance to ceramic
or other contemporary looks (petrified wood or stained concrete). Also, vinyl
flooring is preferred for high-traffic areas as it is durable, trendy and
available with built-in adhesive
Global Luxury Vinyl Tile (LVT) Flooring Market: Forecast
On the basis of vinyl flooring application, the commercial
segment is expected to witness significant growth in terms of volume during the
forecast period.
As per the forecast, the commercial segment is estimated to
account for more than 56.5% share in the overall market value by the end of the
forecast period. This is largely due to the massive applications of vinyl
flooring in various innovative constructions.
On the basis of region, Western Europe is anticipated to
dominate the global vinyl flooring market throughout the forecast period.
Western Europe market is expected to expand at around 7.3% CAGR. SEA &
Pacific region is anticipated to record robust CAGR in the global vinyl
flooring market throughout 2028.
These two regions coupled with North America and China are
expected to register impressive growth rates in the global vinyl flooring
market over the assessment period.
Global Luxury Vinyl Tile (LVT) Flooring Market:
Competitive Landscape
Some of the players identified in the global vinyl flooring
market include Tarkett, AFI Licensing LLC, Mohawk Industries, Inc., Forbo
Group, C.I. TAKIRON Corporation, Responsive Industries Ltd., TOLI Corporation,
JAMES HALSTEAD PLC, Interface, Inc., Mannington Mills, Inc., Gerflor, Shaw
Industries Group, Inc. and among others. Leading players are focusing on
incorporating advanced technology to optimize their performance.
Vinyl flooring manufacturers are concentrating on strategic
acquisitions to broaden their growth prospects in the competitive market. These
factors are expected to reflect positively on the growth of the global vinyl
flooring market over the coming years.
Read Full Report@ https://www.futuremarketinsights.com/reports/vinyl-flooring-market
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