Growing Residential Construction Propels Luxury Vinyl Tile (LVT) Flooring Market Growth
According to the latest market study on “Luxury Vinyl Tile (LVT) Flooring Market Forecast to 2031 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type and End User,” the market was valued at US$ 23.78 billion in 2024 and is projected to reach US$ 43.74 billion by 2031; it is anticipated to record a CAGR of 8.8% from 2024 to 2031. The report highlights key factors contributing to the growing luxury vinyl tile (LVT) flooring market size and prominent players, along with their developments in the market.
The rising urbanization, particularly in emerging economies, has intensified the need for new residential spaces, prompting increased construction activities. LVT flooring has emerged as a favored choice among homeowners and builders due to its versatile characteristics and practical benefits. The key factor propelling its popularity is the availability of an extensive range of design options, ranging from realistic wood and stone looks to innovative tile patterns, catering to diverse aesthetic preferences and interior design trends. Moreover, the cost-effectiveness of LVT flooring compared to natural materials such as hardwood or stone makes it an attractive proposition for residential construction projects seeking to optimize budget allocations without compromising on quality or style. Additionally, the ease of installation and low maintenance requirements associated with LVT flooring contribute to its appeal, facilitating smoother construction processes and reducing long-term upkeep expenses for homeowners. Its durability and longevity further enhance its value proposition, offering a resilient flooring solution capable of withstanding the rigors of everyday life while maintaining its aesthetic appeal over time.
Luxury Vinyl Tile (LVT) Flooring Market Breakdown – by Region
Luxury Vinyl Tile (LVT) Flooring Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Rigid and Flexible), End User (Residential, Commercial, Industrial, and Institutional), and Geography
Luxury Vinyl Tile (LVT) Flooring Market Growth Report by 2031
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The preference for modern features and sustainable materials in residential construction projects aligns well with the characteristics of LVT flooring, which often incorporates eco-friendly components and advanced manufacturing techniques to minimize environmental impact. As consumers increasingly prioritize sustainable living practices, the availability of eco-conscious flooring options becomes crucial, further driving the adoption of LVT in the residential construction market. According to the US Census Bureau, the US construction industry was worth US$ 1.8 trillion, whereas the global construction industry was valued at US$ 8.9 trillion in 2023. Additionally, construction spending in the US during August 2023 was estimated at a seasonally adjusted annual rate of US$ 1,983.5 billion, 0.5% above the revised July estimate of US$ 1,973.7 billion. The growing residential construction is fostering luxury vinyl tile (LVT) flooring market growth.
Improved printing technologies have allowed for more realistic and intricate designs, enhancing the aesthetic appeal and making LVT flooring a more attractive option for consumers seeking the look of natural materials such as wood or stone. This innovation opens up new market segments, such as high-end residential properties and design-conscious commercial spaces, where the visual impact of flooring plays a crucial role. The integration of enhanced performance features such as waterproofing and scratch resistance significantly broadens the applications of LVT flooring. Waterproof LVT allows for installation in moisture-prone areas such as kitchens, bathrooms, and basements, where traditional flooring options, including hardwood or laminate, may not be suitable. This expansion into previously untapped segments of the market increases the versatility and appeal of LVT, further driving its demand in both residential and commercial sectors. The incorporation of scratch-resistant properties enhances the durability and longevity of LVT flooring, making it ideal for high-traffic areas in commercial settings such as retail stores, restaurants, and healthcare facilities. This enhanced durability not only reduces maintenance costs but also extends the lifespan of the flooring, providing long-term value to customers. Thus, technological advancements that led to enhanced durability and wear resistance are expected to bring new luxury vinyl tile (LVT) flooring market trends.
The luxury vinyl tile (LVT) flooring market analysis is carried out by identifying and evaluating key players operating in the market across different regions. Wedge Industries Ltd, Mohawk Industries Inc, Tarkett, Shaw Industries Group Inc, Interface Inc, AHF LLC, Gerflor SAS, Congoleum, Mannington Mills Inc, and Forbo Holding AG, are among the key players operating in the luxury vinyl tile (LVT) flooring market.
Luxury Vinyl Tile (LVT) Flooring Market Report Segmentation:
The global luxury vinyl tile (LVT) flooring market is segmented on the basis of type and end user. Based on type, the market is categorized into rigid and flexible. The flexible segment held a larger luxury vinyl tile (LVT) flooring market share in 2024. Flexible LVT flooring offers benefits such as durability, ease of maintenance, and scratch resistance. These properties of luxury vinyl tile flooring make them an ideal choice for rooms with heavy footfall. Flexible core LVT consists of a core layer made of flexible material, such as polyvinyl chloride. It is an economical option available in various ranges of styles from the look of real wood to stone. The flexible core LVT is easy to install and offers a comfortable, soft underfoot feel. Flexible-core luxury vinyl tiles are suitable for busy rooms, such as hallways and living rooms in the house, because of their durability and scratch resistance. This type of flooring can also be utilized for rooms that are constantly in contact with a lot of moisture and temperature changes, such as kitchens and bathrooms. Flexible luxury vinyl tile flooring is a cost-effective solution as compared to rigid luxury vinyl tile flooring. Additionally, rigid luxury vinyl tile flooring is made from a rigid core layer of composite material, such as stone polymer or wood polymer, sandwiched between two vinyl layers. Rigid luxury vinyl tiles, also known as floating or interlocking LVT, are designed to be installed without adhesive. The rigid core layer provides additional strength and stability to luxury vinyl tiles, making it suitable for high-traffic areas and busy homes.
Based on end user, the market is segmented into residential, commercial, industrial, and institutional. The commercial segment held the largest luxury vinyl tile (LVT) flooring market share in 2024. Luxury vinyl tile flooring is used in commercial spaces such as offices, hotels, and shopping malls. These floorings are made of engineered products rather than natural materials to obtain more durability. Retail stores have embraced luxury vinyl tile flooring due to its aesthetic appeal and low maintenance. Design options in luxury vinyl tile flooring allow retailers to create a unique atmosphere that aligns with their brand. In contrast, the durability ensures that the flooring can withstand high foot traffic. The flooring in office spaces requires a sophisticated appearance, including aesthetics, functionality, and durability, which the installation of luxury vinyl tile flooring can fulfill. The availability of luxury vinyl tile flooring in various looks from traditional hardwood or stone offers long-lasting solutions with wear and tear resistance. Moreover, hotels, restaurants, and other hospitality businesses choose luxury vinyl tile flooring in the lobby, guest rooms, and dining areas due to its stylish look and ability to endure constant use.
The luxury vinyl tile (LVT) flooring market report scope is broadly segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, the UK, Italy, Russia, Spain, Belgium, the Netherlands, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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