CHICAGO, May 6, 2024 /PRNewswire/ -- The report "Luxury Vinyl Tiles Market by Type (Rigid And Flexible), End-Use Sector (Residential And Commercial), And Region (North America, Europe, Asia Pacific, South America, And Middle East & Africa) - Global Forecast to 2029", Luxury Vinyl Tiles Market is projected to grow from USD 18.8 billion in 2024 to USD 35.9 billion by 2029, at a CAGR of 13.7% during the forecast period.
The luxury vinyl tiles market is projected to increase in parallel to the growth of the construction industry across the globe. Factors such as an innovation in flooring solutions, increase in the residential and non-residential constructions, rising number of remodeling projects, along with a high demand for durable LVTs that can resist various weathering actions and chemical attacks & deterioration are factors expected to support the market growth during the forecast period.
Browse in-depth TOC on "Luxury Vinyl Tiles Market".
329 - Tables
48 - Figures
237 - Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=105150640
"Flexible type segment accounted for the second highest CAGR during the forecast period."
Flexible LVT (luxury vinyl tiles) is a versatile, multi-layered flooring material that features a base backing layer, a clear wear layer, and a protective topcoat. It's similar to traditional glue-down flooring in terms of durability and flexibility, allowing for easy installation. This material can be installed using the glue-down method and offers several advantages, particularly its straightforward installation process. The flexible nature of the tiles means they can be laid over various subfloors, such as concrete, plywood, or existing flooring, with minimal preparation. This can result in significant time and cost savings compared to rigid LVT, which typically requires a completely smooth surface for installation.
"Commercial end-use sector segment accounted for the second highest CAGR during the forecast period."
Luxury vinyl tile has become a popular choice in the commercial sector due to its durability, appealing appearance, and low maintenance. It is being increasingly preferred over vinyl composition tile (VCT) in environments such as healthcare, education, hospitality, retail, offices, and public buildings. Although VCT may have a lower initial cost, its need for regular maintenance can lead to higher long-term expenses compared to LVT or vinyl sheet flooring. In commercial settings, the demand for LVT is fueled by factors such as increased investment in office spaces and other commercial buildings, as well as an emphasis on employee comfort. LVT's durability and ability to withstand heavy foot traffic make it an excellent option for offices, retail spaces, and healthcare facilities.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=105150640
"Europe is projected to be the second largest region in terms of volume during the forecast period."
The regional luxury vinyl tiles market in Europe is growing due to several key factors. These include higher spending on residential floor replacement and home improvement in established markets such as Germany, France, and the UK. The growth of the European construction market is driven by the increasing demand for urban housing, more infrastructure development projects, and the modernization and renovation of buildings to enhance their energy efficiency. Europe's strong economic growth is also leading to a rise in the construction of commercial infrastructure, including offices, schools, hotels, restaurants, and leisure facilities.
The key players profiled in the report include Mohawk Industries Inc. (US), Tarkett (France), Shaw Industries Group, Inc. (US), Interface, Inc. (US), Gerflor (France), Forbo Flooring Systems (Switzerland), Armstrong Flooring (US), Mannington Mills, Inc. (US), Responsive Industries Ltd. (India), LX Hausys (South Korea) and other leading companies in this market.
Browse Adjacent Market: Building and Construction Market Research Reports & Consulting
Related Reports:
Floor Adhesive Market - GLOBAL FORECAST TO 2026
Luxury Vinyl Tiles (LVT) Flooring Market - GLOBAL FORECAST TO 2027
About MarketsandMarkets
MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/lvt-flooring-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/lvt-flooring.asp
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/luxury-vinyl-tiles-market-worth-35-9-billion-by-2029--exclusive-report-by-marketsandmarkets-302136572.html
