The luxury vinyl tiles market is predicted to touch USD 32.0 billion at a 10.0% CAGR between 2019- 2025, states the recent Market Research Future (MRFR) analysis. Luxury vinyl tiles, simply put, are varied artificial tile elements that are repellent to smudges and liquid. Owing to its alluring features such as layout opportunities, adjustable treatment, and sturdiness, these tiles have wide applications in different non-residential and residential projects.
Various factors are propelling the global luxury vinyl tiles market share. According to the recent MRFR report, such factors include the growing construction industry, increase in remodelling and renovation, the growing popularity of tiles, rise in real estate investments, and rise in construction of commercial buildings like offices, educational institutes, and commercial complexes. Additional factors adding market growth include an increase in housing projects, favorable regulations, and reforms introduced by the government in different countries to strengthen the growth of their real estate and infrastructure industries, improving living standards, rising consumer demand, and inclination of consumers towards aesthetic enhancement and better interior decoration.
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On the contrary, fluctuating raw material costs, growing environmental concerns, and the on-going COVID-19 impact may limit the global luxury vinyl tiles market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global luxury vinyl tiles market based on application and type.
By type, the global luxury vinyl tiles market is segmented into flexible and rigid. Of these, the flexible type segment is predicted to lead the market over the forecast period and at a high CAGR. Alluring properties such as ease of installation, flexibility, and durability are adding to the growth of the segment.
By application, the global luxury vinyl tiles market is segmented into non-residential and residential. Of these, the non-residential application segment is predicted to dominate the market over the forecast period and at the highest CAGR.
Regional Analysis
Based on the region, the global luxury vinyl tiles market covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, the Rest of the World (RoW). Of these, the APAC region will dominate the market over the forecast period. Booming construction industry in India China, increasing inflow of FDI in the construction sector, a growing number of special economic zones in developing countries, and increasing investments in real estate are adding to the global luxury vinyl tiles market growth in the region. China and India have a maximum share in the market.
The global luxury vinyl tiles market in North America is predicted to have healthy growth over the forecast period. The developing construction industry due to increased renovation and home improvement projects, coupled with the presence of key companies in the US are adding to the global luxury vinyl tiles market growth in the region.
The global luxury vinyl tiles market in Europe is predicted to have sound growth over the forecast period, and in the Rest of the World is predicted to have steady growth over the forecast period.
Key Players
Eminent contenders profiled in the global luxury vinyl tiles industry report include American Biltrite (Canada) Ltd. (Canada), Milliken Company (US), Adore Floors, Inc. (US), Vinylasa (Mexico), Responsive Industries Limited (India), The Dixie Group, Inc. (US), James Halstead plc (UK). Forbo Group (Switzerland), Armstrong Flooring, Inc. (US), Gerflor (France), Tarkett (France), Interface, Inc. (US), Shaw Industries Group, Inc., (US), and Mohawk Industries (US), among others. Industry players have incorporated strategies such as mergers and acquisitions, partnerships, joint ventures, collaborations, geographic expansions, strategic alliances, extensive RD activities, contracts, new product development, and launches to stay at the forefront as well as cater to consumers growing needs.
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