Sustainable Flooring: How Luxury Vinyl Tiles are Going Green
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Published: 2024-07-09 05:13:26

Luxury Vinyl Tiles (LVT) are high-quality flooring options that mimic natural materials like wood and stone. Known for their durability, water resistance, and ease of maintenance, LVT is ideal for high-traffic and moisture-prone areas. They offer a wide range of designs, are comfortable underfoot, and are easy to install. Perfect for both residential and commercial spaces, LVT combines aesthetic appeal with practical benefits. The 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%, as per the recent study by MarketsandMarkets™. The increasing demand for luxury vinyl tiles is fueled by its realistic designs, superior performance features, various installation options, and ease of maintenance. The growth in construction and remodeling projects is expected to further drive the demand for luxury vinyl tiles. However, the fluctuating cost of raw materials is projected to hinder the growth of the luxury vinyl tiles market.

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Browse in-depth TOC on " Luxury Vinyl Tiles Market”

329 - Market Data Tables

48 - Figures

237 - Pages

List of Key Players in Luxury Vinyl Tiles Market:

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)
Drivers, Opportunities and Challenges in Luxury Vinyl Tiles  Market:

Drivers: Increasing population and rapid urbanization
Restraint: Volatile raw material prices
Opportunity: Growing investments in the construction industry
Challenge: Disposal of waste
Key Findings of the Study:

Flexible type segment accounted for the second highest CAGR during the forecast period.
Commercial end-use sector segment accounted for the second highest CAGR during the forecast period.
Europe is projected to be the second largest region in terms of volume during the forecast period.

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The luxury vinyl tiles market is segmented based on by type, including rigid, and flexible. In 2023, the rigid segment emerged as the dominant segment in terms of value. The Rigid type, offers resistance to dents, scratches, and temperature variations, making it suitable for high-traffic areas and wet environments. Rigid-type LVT can be installed over various existing subfloors, including concrete, plywood, and existing flooring, using a simple click-lock or glue-down method. This ease of installation reduces labor costs and time, making it an attractive option for both professionals and DIY enthusiasts.

The luxury vinyl tiles market is categorized by end-use sector, including residential and commercial. In 2023, the residential segment dominated in terms of both value and volume. The rise in the residential segment of the luxury vinyl tiles market is mainly driven by housing renovation and maintenance projects. With an expected increase in residential construction expenditure, particularly in developing countries of the Asia-Pacific and Latin America, there's a notable trend of urbanization in these regions. This urbanization leads to a significantly higher growth rate for the residential construction market compared to developed markets.

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The luxury vinyl tiles market is analysed across five key regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America. Among these, North America emerges out as the dominant region, commanding the largest market share in both volume and value. The United States and Canada have experienced sustained growth in residential and commercial construction activities, particularly in recent years. This growth has led to an increased demand for floor-covering and wall-covering materials, with luxury vinyl tiles emerging as a popular choice due to their durability, versatility, and cost-effectiveness. Additionally, the rise in renovation and remodeling projects across North America further fuels the demand for luxury vinyl tiles.

Mohawk Industries, Inc. (US) is a flooring manufacturer that focuses on enhancing residential and commercial spaces worldwide. With a cohesive system and a finely tuned distribution network, the company gains a significant competitive edge in producing ceramic tile, laminate, carpets, rugs, as well as wood and vinyl flooring. Mohawk offers a diverse portfolio of products including carpet, rugs, laminates, sheet vinyl, and wood flooring. Additionally, the company provides luxury vinyl tiles under various brands such as Mohawk, Quick-Step, Pergo, Moduleo Design Floors, and IVC Resilient Design.

TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 39)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE 
           1.3.1 MARKET SEGMENTATION
           1.3.2 REGIONS COVERED
    1.4 YEARS CONSIDERED 
    1.5 CURRENCY CONSIDERED 
    1.6 UNITS CONSIDERED 
    1.7 LIMITATIONS 
    1.8 STAKEHOLDERS 
    1.9 SUMMARY OF CHANGES 
 
2 RESEARCH METHODOLOGY (Page No. - 43)
    2.1 RESEARCH DATA 
          FIGURE 1 LUXURY VINYL TILES MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key data from primary sources
                                FIGURE 2 LIST OF STAKEHOLDERS INVOLVED AND BREAKDOWN OF INTERVIEWS  WITH EXPERTS
    2.2 MARKET SIZE ESTIMATION 
          FIGURE 3 MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH
          FIGURE 4 MARKET SIZE ESTIMATION: TOP-DOWN APPROACH
          FIGURE 5 MARKET SIZE ESTIMATION: SUPPLY SIDE
    2.3 DATA TRIANGULATION 
          FIGURE 6 LUXURY VINYL TILES: DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS 
    2.5 RECESSION IMPACT 
    2.6 RISKS ASSOCIATED WITH LUXURY VINYL TILES MARKET 
    2.7 LIMITATIONS 
    2.8 GROWTH RATE ASSUMPTIONS/GROWTH FORECAST 
 
3 EXECUTIVE SUMMARY (Page No. - 51)
    FIGURE 7 RIGID SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
    FIGURE 8 RESIDENTIAL SEGMENT TO BE LARGER END-USE SEGMENT THROUGH 2029
    FIGURE 9 NORTH AMERICA TO BE FASTEST-GROWING REGION IN FORECAST PERIOD
 
4 PREMIUM INSIGHTS (Page No. - 54)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN LUXURY  VINYL TILES MARKET 
          FIGURE 10 GROWING CONSTRUCTION INDUSTRY TO OFFER ATTRACTIVE OPPORTUNITIES  IN LUXURY VINYL TILES MARKET
    4.2 NORTH AMERICA: LUXURY VINYL TILES MARKET, BY END-USE  SECTOR AND COUNTRY 
          FIGURE 11 NORTH AMERICA: US WAS LARGEST LUXURY VINYL TILES MARKET IN 2023
    4.3 LUXURY VINYL TILES MARKET, BY TYPE 
          FIGURE 12 RIGID SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
    4.4 LUXURY VINYL TILES MARKET, BY END-USE SECTOR 
          FIGURE 13 RESIDENTIAL TO LEAD MARKET DURING FORECAST PERIOD
    4.5 LUXURY VINYL TILES MARKET, BY COUNTRY 
          FIGURE 14 US LUXURY VINYL TILES MARKET TO RECORD HIGHEST CAGR FROM  2024 TO 2029
 
5 MARKET OVERVIEW (Page No. - 57)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 

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