Vinyl tiles are manufactured from natural materials. For example, synthetic polymer materials, limestone, colors and pigments. These tiles are widely used in commercial buildings construction such as hospitals, offices, hotel lobbies and more. These are highly durable and cost-effective. The tiles come in different sizes and colors. Besides, they are resistance to stains, water, abrasion, and dirt. The LVT flooring offers exceptional dimensional stability. One of the best things about this is it can effectively withstand excess heat and UV radiation.
The LVT- Luxury Vinyl Tile market is anticipated to grow an impressive CAGR of 12% during the forecast period, i.e., 2018 to 2025. In the year 2019, the market value is recorded at USD 18 billion. However, considering the increasing popularity and usage of the Luxury Vinyl Tile (LVT), it is expected that by the end of 2025, the global market value will reach USD 32 billion. The construction industry across the world is growing, and this will propel the overall growth of the worldwide LVT market.
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Some factors, for example, the increasing non-residential and residential construction, maintenance and remodeling activities, the enhanced aesthetic appearance of the product, etc. are expected to increase the demand for LVT throughout the world. There is an increasing demand for robust tiles having glossy and shiny finish. This is also driving the LVT market. It can be manufactured using recycled materials. This, in turn, has boosted the world LVT market. Even though some factors are affecting the demand for LVT, it is expected that the market will grow at a decent CAGR in the coming years.
The major manufacturers covered in this report
Hailide New Material
Global Market Segmentation
The Global Luxury Vinyl Tile (LVT) market is segmented by product type, application, and regions. Considering the product type, the market is split into Rigid luxury vinyl tiles and Flexible luxury vinyl tiles. The experts have predicted that rigid LVT segment is expected to grow at higher compound annual growth rate from 2019 to 2025. This is waterproof, resilient and durable material. It comes with a polymer-based layer that offers a perfect rigid property. Based on the end-users, it is divided into residential use and commercial use. The non-residential market segment is estimated to remain on top during the forecast period.
Geographical LVT Market Segmentation Analysis
Geographically, the entire Luxury Vinyl Tile (LVT) market is segmented into South America, North America, Asia Pacific, GCC Countries, Africa, Middle East, Southeast Asia, Central & South America, and Others. As per the report, the Asia Pacific region witnessed higher number of houses remodeling activities in both commercial and residential sectors. So, it enjoyed a lase marked share in the year 2018. So, it is expected that in the coming years, this region will also remain in the top position, dominating the global Luxury Vinyl Tile (LVT) market. The increasing number of new houses and increasing investments are some significant factors that will drive the market.
Recently, UK’s top commercial vinyl flooring expert, Polyflor relaunched, is two luxury vinyl tiles within Expona Commercial PUR and Expona Simplay PUR brand name. The tiles are quite durable and come with different color options. They will bring superior performance as well as style to high traffic areas, such as hospitals, commercial buildings, offices and more.
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