The data analysts at Market Research Future Reports (MRFR) have revealed that the global market for luxury vinyl tiles is estimated to record a CAGR of 10% during the assessment period. It has also been estimated that the global market for luxury vinyl is likely to value USD 32.0 billion by the end of the review period. The data experts say that the market is expected to expand substantially during the assessment period. The increasing demand for luxury tiles by the construction industry is predicted to be the most pivotal factor driving the global market for luxury vinyl tiles. The massive investments made in the real estates at a global level is anticipated to grow the market exponentially during the assessment period. Besides, the rise in construction of commercial buildings, educational institutes, offices has additionally propelled the demand. In addition, increased disposable income is anticipated to play an essential role in expanding the market. Furthermore, the initiatives taken by the governments to improve the infrastructure will expand the market.

However, the unstable prices of raw materials and the rise in environmental concerns are projected to impede the market expansion. On the other hand, the spread of COVID-19 is estimated to change market dynamics significantly. The global market for luxury vinyl is affected adversely due to the temporary shutdown of the offices to contain the spread of COVID-19. The data experts at MRFR are analyzing the aftermath of the pandemic coronavirus. We will provide an impact analysis report on COVID-19.

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Market Segmentation

The global market for luxury vinyl tiles can be segregated on the basis of application, type, and region.

On the basis of application, the worldwide market for luxury vinyl tiles market can be segmented into non-residential and residential.

On the basis of type, the worldwide market for luxury vinyl tiles market can be segmented into flexible and rigid.

On the basis of region, the worldwide market for luxury vinyl tiles market can be classified into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

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Regional Analysis

Exhaustive analysis of North America, Europe, Asia-Pacific, and the Rest of the World (RoW) has been performed. The global market is estimated to grow significantly during the review period. As per the evaluation, the global market is estimated to be reigned by the APAC region. The APAC region is witnessing a rise in disposable income and a better standard of living, which is likely to be the most significant cause of regional expansion. The developing nations like India, China, and Japan are likely to make a substantial contribution to expanding the market. Besides, the region is experiencing a rise in the economy along with the rapid industrialization. In addition, the APAC region is estimated to be one of the most potent consumers and manufacturers of tiles across the world. North America achieves the second position. North America is a well-developed region. Countries like the US and Canada are likely to play a crucial role in expanding the market.

However, market dynamics are likely to change significantly during the review period. Several regions have been influenced substantially due to the spread of pandemic coronavirus.

Key Players

The established competitors of the global luxury vinyl tiles market are Shaw Industries Group, Inc., (US), Mohawk Industries (US), Interface, Inc. (the US), Gerflor (France), Tarkett (France), Mannington Mills, Inc.  (US), Forbo Group (Switzerland), Armstrong Flooring, Inc. (the US), James Halstead plc (UK), Responsive Industries Limited (India), The Dixie Group, Inc. (US), Vinylasa (Mexico), Adore Floors, Inc. (US), and a few others.

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