Global Luxury Vinyl Tiles Market – Industry Trends and Forecast to 2029

Global Luxury Vinyl Tiles Market, By Type (Rigid, Flexible), Application (Residential, Non-Residential) – Industry Trends and Forecast to 2029

Luxury Vinyl Tiles Market Analysis and Size

The flexible category within the luxury vinyl tiles have witnessed rapid expansion, making it a popular choice for luxury vinyl tile flooring in residential and commercial applications. Solutions for flexible luxury vinyl tile flooring are considered appropriate for practically all applications, including residential and commercial ones. It is a conventional glue-down flooring material with various qualities, including durability, flexibility, ease of installation, and affordability, all of which are expected to fuel the market’s expansion.

Global luxury vinyl tiles market was valued at USD 22.41 billion in 2021 and is expected to reach USD 56.69 billion by 2029, registering a CAGR of 12.30% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Luxury Vinyl Tiles Market Scope and Segmentation

Market Definition

Luxury vinyl tiles are a variety of synthetic tile materials that are stain- and liquid-resistant. It is affordable and has several benefits, including durability, changeable treatment, and design options, making it appropriate for use in hospitals, schools, factories, and apartments. Additionally, because the tiling is comfortable to walk on and reduces collision turbulence, it is frequently used in place of more superior sustaining floors like matting. Currently, a variety of extraordinary impression and textural techniques make it possible for vinyl tile to imitate a variety of surfaces.

Luxury Vinyl Tiles Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Surge in Construction and Renovation Activities

The rapid growth in the construction sector is anticipated to fuel market expansion. The luxury vinyl tile flooring market is expected to be driven by elements including the rising residential and non-residential construction, renovation, and maintenance activities, high durability, and increased aesthetic look of these goods. The expansion of the industry is boosted by an increase in the construction of opulent dwelling projects around the world.

Additionally, the market is being positively impacted by the general public's rising demand for low-maintenance flooring options. In addition, the growing need for multifamily housing to accommodate the expanding population around the world is providing industry investors with lucrative expansion potential. Moreover, there is a global rise in the need for construction materials that require little care, are inexpensive, and are lightweight.

Opportunities

• Advancements Developments And Advancements

Furthermore, various trends in the luxury vinyl tile (LVT) flooring sector are favoring product advancements developments by the market players further extends profitable opportunities to the market players in the forecast period of 2022 to 2029. The leading manufacturers of luxury vinyl flooring are concentrating on creating cutting-edge products that use cutting-edge technology to replace natural materials in the products with improved stability and ecological performance.

• Research And Developmental Activities

Additionally, the growing research and developmental activities will further expand the future growth of the luxury vinyl tiles market. The major market players are spending a lot of money on research and developmental projects to provide bespoke product solutions in a variety of colors, patterns, textures, and dimensions. They are concentrating on introducing self-adhesive floorings in accordance with this.

Restraints/Challenges

• Availability of Substitutes

The presence of various substitutes will create hindrances for the growth of the luxury vinyl tiles market. Compared to hardwood alternatives, the product has a shorter lifespan. The goods are tough to replace and cannot be repaired which will hamper the demand for the luxury vinyl tiles market.

• Drawbacks of Luxury Vinyl Tiles

This luxury vinyl tiles can emit volatile organic compounds and are also not eco-friendly which are the major disadvantages of these tiles. These drawbacks will largely prove to be a demerit for the luxury vinyl tiles market as they decline the adoption rate for these tiles. Therefore, this factor will challenge the luxury vinyl tiles market growth rate.

This luxury vinyl tiles market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the luxury vinyl tiles market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Luxury Vinyl Tiles Market

The recent outbreak of coronavirus had a negative impact on the luxury vinyl tiles market. The COVID-19 epidemic caused a demand shock over the world, having a remarkable and devastating worldwide impact. Many construction projects were put on hold during the pandemic as a result of the enforced lockdown in many nations, while others were delayed until early 2020. Despite the temporary shutdown of production facilities brought on by the COVID-19 pandemic outbreak in 2019 that reduced sales of various flooring solutions until the end of 2020, demand is anticipated to gradually increase over the course of the projection period.

On the flip side, the market's expansion is primarily attributable to businesses starting up again and adjusting to the new normal as they recover from the COVID-19 effect, which had previously resulted in restrictive containment measures like social isolation, remote work, and the closure of commercial activities that created operational difficulties. The market players are also comin up with various strategies to boost their demand; thus, the market is projected to recover the post-pandemic growth.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In June 2021, A French Company called Tarkett, which competes in the market for luxury vinyl flooring, has introduced a line of luxury vinyl tiles called iD Inspiration that imitates natural materials like wood and stone. It is appropriate for places with moderate to heavy foot traffic and is designed for use in hospitality, educational, residential, retail, and office interiors.
• In May 2021, The three premium flooring collections are called Coalesce, Terra, and Biome. Armstrong Flooring is a well-known American maker of cutting-edge flooring products. For category-leading scuff, stain, and scratch performance, these are outfitted with the proprietary Diamond 10 technology. These collections also offer a gloss finish and a cutting-edge Eased Edge treatment for simple upkeep.
• In December 2021, The LayRed 55 LVT was created by IVC Commercial, a Belgian-based designer and manufacturer of flooring solutions, to offer a natural-looking floor with improved durability and acoustic performance. To lessen noise, the tile has an underlay behind a hard vinyl core. In order to guard against stains and scratches, it is twice coated with TwinGuard lacquer.

Global Luxury Vinyl Tiles Market Scope

The luxury vinyl tiles market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Rigid
• Flexible

Application

• Residential
• Non-Residential

Luxury Vinyl Tiles Market Regional Analysis/Insights

The luxury vinyl tiles market is analyzed and market size insights and trends are provided by country, type and application as referenced above.

The countries covered in the luxury vinyl tiles market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the expanding renovation and constructional activities across the region's household and non-residential architecture divisions.

North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the burgeoning quantity of fashionable residence units along with the increasing spending on research and development in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Luxury Vinyl Tiles Market Share Analysis

The luxury vinyl tiles market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to luxury vinyl tiles market.

Some of the major players operating in the luxury vinyl tiles market are

• Dupont (U.S.)
• 3M (U.S.)
• SOLVAY (Belgium)
• Shaw Industries Group, Inc. (U.S.)
• Tarkett U.S.A. & Canada (France)
• Halocarbon, L.L.C. (U.S.)
• The Chemours Company (U.S.)
• Rogers Corporation (U.S.)
• LINTEC Corporation (Japan)
• NITTO DENKO CORPORATION (Japan)
• Kyocera Corporation (Japan)
• CeramTec GmbH (U.S.)
• CoorsTek Inc., (U.S.)
• Saint-Gobain (U.S.)
• Morgan Advanced Materials (U.K.)
• McDanel Advanced Ceramic Technologies (U.S.)
• Momentive (U.S.)
• RAK Ceramics (UAE)
• Mohawk Industries, Inc (U.S.)
• Morgan Advanced Materials (U.K.) 
• Unifrax (U.S.)