In 2023, Asia Pacific accounted for the largest share of the global LVT flooring market. Asia Pacific is the largest continent in the world and is renowned for its varied culture. China, Japan, India, South Korea, and Australia are among the major economies in Asia Pacific. Urbanization and rapid industrialization across China, India, Japan, South Korea, and Southeast Asian nations are fueling the demand for LVT flooring. With increasing urban populations, there is a surge in construction projects, including residential complexes, commercial buildings, and infrastructure projects. As developers and homeowners seek cost-effective yet visually appealing flooring solutions, LVT has emerged as a preferred choice due to its versatility, durability, and ability to mimic natural materials. For instance, in February 2024, according to the report by the Department for Promotion of Industry and Internal Trade (DPIIT), the Government of India has announced its plans to boost the infrastructure and construction services through several policies such as open foreign direct investment (FDI) norms, large budget allocation to the infrastructure sector, and smart cities mission.
Increasing Demand from Institutional Sector Propels LVT Flooring Market
Luxury Vinyl Tiles (LVT) flooring finds its application in institutional buildings such as educational institutes and hospitals. Luxury vinyl tile flooring is among the most versatile and multipurpose flooring materials for hospitals. The multiple layers of vinyl provide durability and protection from common foot traffic. Luxury vinyl tile flooring is known as the best alternative to vinyl composite tile (VCT)—which requires more maintenance. These floorings are available in the look of wood, tile, stone, concrete, and other materials. Luxury vinyl tile flooring is installed in hospitals and clinics that want to create a more homely atmosphere. Further, LVT is an affordable option in school flooring that offers versatility and ease of use.
LVT Flooring Market: Segmental Overview
Based on type, the LVT flooring market is segmented into rigid and flexible. The rigid segment held the largest share of the market in 2023 and is expected to record the highest CAGR from 2023 to 2031. Rigid LVT flooring is made from a rigid core layer of composite material, such as stone polymer or wood polymer, sandwiched between two vinyl layers. Rigid luxury vinyl tiles, also known as floating or interlocking LVT, are designed to be installed without adhesive. The rigid core layer provides additional strength and stability to luxury vinyl tiles, making them suitable for high-traffic areas and busy homes. Rigid LVT can be installed over various subfloors, including concrete, ceramic tile, and even existing vinyl flooring, making it a preferable option for renovations and remodels. Several rigid core luxury vinyl tiles have a built-in underlayment that offers additional cushioning, making the flooring more comfortable to walk on and reducing the impact of foot traffic.
The waterproofing properties of rigid luxury vinyl tiles make them suitable for high-moisture areas, such as bathrooms and kitchens. Further, the rising residential construction across the globe has surged the demand for luxury vinyl tile flooring in the household sector.
Based on end user, the LVT flooring market is segmented into residential, commercial, and institutional. The residential segment held the largest market share in 2023. LVTs are ideal for areas such as the living room, dining room, and bedrooms. The comfortable underfoot and easy-to-clean characteristics of luxury vinyl tiles make it a perfect fit for household spaces. Luxury vinyl tile flooring is also best suited for basement spaces to withstand moisture and temperature fluctuations. It acts as an efficient alternative to traditional concrete floors in providing a warmer and more comfortable environment in households.
Luxury vinyl tile flooring offers a soft surface in bedrooms and playrooms, which is often more comfortable for playing and walking. It also serves as an excellent sound insulator, reducing noise transmission between floors. The demand for luxury vinyl tile flooring from the residential segment is anticipated to increase due to the rising population and increasing consumer disposable income. In addition, an increase in reconstruction and renovation activities to enhance the appearance of buildings is propelling the market growth for the residential segment.
LVT Flooring Market: Competitive Landscape and Key Developments
Wedge Industries Ltd, Mohawk Industries Inc., Tarkett, Shaw Industries Group Inc., Interface Inc., AHF LLC, Gerflor SAS, Congoleum, Mannington Mills Inc., and Forbo Holding AG are a few players operating in the global LVT flooring market. These players focus on providing high-quality products to fulfill customer demand.
Key Developments:
- In March 2021, Mohawk Industries Inc. announced the expansion of its Luxury Vinyl Tile (LVT) line, Living Local, with four new styles. The Chromascope, Optic Hues, Terrazzo, and Stonework designs are 2.5mm thick and come in 12-inch by 24-inch blocks. Alongside the existing Living Local Wood style (which comes in 48-inch by 6-inch strips), these new options give decorators and designers the freedom to personalize their education spaces with the mood and color that best fits the environment.
- In October 2023, Tarkett, a manufacturer of sustainable flooring solutions, launched its high-performing, premium Contour LVT offerings with two new design collections: Collaborative and Mindful Maker.
- In June 2022, Interface launched new LVT flooring products, including the Beaumont Range Carpet Tile Collection and Fresco Valley LVT.