Luxury Vinyl Tiles Market Overview
Luxury Vinyl Tiles Market is expected to grow USD 32 Billion CAGR at a 10% during the forecast period, says market research future (MRFR). Luxury vinyl tiles are a type of synthetic tile that is impervious to liquids and smudges. It is cost-effective and provides numerous benefits such as durability, changeable treatment, and design flexibility, making it ideal for use in hospitals, schools, workplaces, and apartments. The market will be driven by the usage of vinyl tiles to enhance the interior appearance, aesthetics, and comfort underfoot in a variety of residential and commercial structures.
Numerous factors are fueling the market growth, such as the booming construction industry, rising number of renovations, the surging popularity of tiles, increase in construction of educational institutes, commercial complexes, and offices, and increase in real estate investments. Besides, consumers’ inclination towards improved interior decoration and aesthetic enhancement, growing consumer demand, improving living standards, booming infrastructure real estate industries, favorable government reforms regulations in various countries, and a rise in housing projects are also adding market growth.
On the contrary, fluctuating raw material costs, growing environmental concerns, and the on-going COVID-19 impact may limit the global luxury vinyl tiles industry growth over the forecast period.
The luxury vinyl tiles market has been bifurcated into type application.
Based on types, it has been divided into rigid flexible. Among these, the flexible segment will spearhead the market during the forecast period for its excellent features such as durability, easy installation, and flexibility.
Based on applications, it has been divided into residential non-residential. Among these, the non-residential segment will have the lions share in the market during the forecast period at a high CAGR.
Geographically, the global luxury vinyl tiles market has been segmented into these regions- Asia Pacific, North America, Europe, as well as the Rest of the World (RoW). Among these, the market in the Asia Pacific region is predicted to stay at the forefront for increasing investments in the real estate industry, increase in special economic zones especially in developing countries, rising FDI inflow in the construction industry, and the rapidly growing construction industry in China and India.
In North America, the market is likely to have notable growth during the forecast period for the booming construction industry for increased home improvement projects, increased renovation, and presence of top players in the US.
In Europe, the market is likely to grow at a high CAGR during the forecast period.
In the Rest of the World, the market is predicted to have sound growth during the forecast period.
Key contenders in the vinyl tiles market report include The Dixie Group, Inc. (US), Gerflor (France), Milliken Company (US), Armstrong Flooring, Inc. (US), Adore Floors, Inc. (US), Mohawk Industries (US), Responsive Industries Limited (India), Interface, Inc. (US), Vinylasa (Mexico), American Biltrite (Canada) Ltd. (Canada), Shaw Industries Group, Inc., (US), James Halstead plc (UK), Tarkett (France), and Forbo Group (Switzerland), among others. Key players have encompassed various strategies to stay at the forefront and also cater to the burgeoning needs of consumers such as new product launches and new product development, contracts, research and development activities, strategic alliances, geographic expansions, collaborations, joint ventures, partnerships, mergers and acquisitions among others.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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