For gorgeous, elevated luxury in the home, the sophistication and timelessness of hardwood flooring is often a first choice among homeowners. In addition to lasting for decades with proper care, homes with wood flooring retain their value better, sell more quickly, and tend to sell for more. But wood flooring has drawbacks. That’s why luxury vinyl flooring is becoming increasingly popular with homeowners.
Vinyl flooring is a form of finished flooring that is made primarily of a limestone base material mixed with natural and synthetic polymers such as polyvinyl chloride and plasticizers. It is a form of durable and resilient flooring that is predominantly used in commercial and residential construction applications. Other factors that drive the market growth include the development of infrastructure in various areas such as retail, education, industrial automobile, and others, as well as the growth of home building and homeowners. In terms of volume, the vinyl sheets & vinyl composite tile category of the vinyl flooring industry accounted for over half of the global market in 2019. Luxury vinyl tile, on the other hand, is expected to rise at the fastest rate in 2019, surpassing vinyl sheet and vinyl composite tile. As compared to other conventional materials like wood, marble, and concrete, luxury vinyl tile (LVT) offers superior design capabilities due to the flexibility of its graphic layer. It's a popular choice in commercial settings like workplaces, retail, and hospitality.
Luxury Vinyl Tile (LVT) is well received in the world in recent years, the sale volume of Luxury Vinyl Tile (LVT) increased from 434.92 M Sq.m. in 2016 to 743.09 M Sq.m. in 2020, with an CAGR 14.33%. According to our latest research, the global Luxury Vinyl Flooring (LVT) size is estimated to be USD 10046 million in 2021 from USD 8492 million in 2020, with a change of 18.30% between 2020 and 2021. The global Luxury Vinyl Flooring (LVT) market size is expected to grow at a CAGR of 10.29% for the next six years.
Global Luxury Vinyl Flooring (LVT) Market- Key Players
Tarkett, Armstrong, Mohawk, Mannington Mills, Congoleum, Gerflor, Metroflor, Forbo, Shaw Floors, NOX Corporation, Karndean, LG Hausys, Beaulieu, Novalis, Milliken, Polyflor, are some of the key players, functioning in the global Luxury Vinyl Flooring (LVT) market.
It is difficult to say how many LVT factories are currently in the world, but according to QYResearch estimates, there may be hundreds of LVT manufacturers worldwide. The top 20 manufacturers have a market share of less than 40% and the market concentration is undoubtedly low. Due to the fierce competition and low profit in the PVC flooring market, more and more PVC factories are turning to LVT flooring.
It should be also noticed that at present, a large number of LVT factories are located in China and South Korea. Many factories in this two regions export LVT to the world, but most of their LVT are sold through the trademarks of other companies. Leading players such as Tarkett, Armstrong, Mohawk and Mannington Mills also have products made by Chinese players.
Global Luxury Vinyl Flooring (LVT) Market- Type Analysis
Based on the product type, the market can be divided into Loose-lay LVT, Dry-back LVT, SPC, WPC. Loose lay vinyl is the most popular variety flooring solution in vinyl planks. Vinyl flooring has become a popular type of flooring solution among all the variety of options available in the market. This flooring has a lot of advantages over other types such as durability, easy to maintain, scratch resistant, water proof and also easy to install. Vinyl flooring comes in a variety of options such as luxury vinyl flooring, loose lay vinyl plank and others. This flooring is perfect for residential as well as commercial spaces. In 2020, Loose-lay LVT held about 40% market share globally.
Global Luxury Vinyl Flooring (LVT) Market- Application Analysis
Luxury Vinyl Tile (LVT) downstream is wide and the main application can be classified as residential and commercial use. Globally, residential use accounts for nearly 69% of total downstream consumption volume in 2020.
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