LONDON, March 10, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the luxury vinyl tile (LVT) flooring market, strong growth in the construction industry is expected to propel the growth of the LVT market. Luxury vinyl flooring is more economical and efficient than other flooring currently available on the market, and additional factors of LVT, such as cost effectiveness, light weight and low maintenance requirements, in make them an ideal choice for flooring in the construction sector. . For example, according to the Office of National Statistics UK, monthly construction output increased by 3.5% in volume in November 2021. Additionally, according to Invest India, a national investment promotion and facilitation agency based in India, the construction industry in India is expected to reach $1.4 trillion by 2025. Hence, strong growth in the construction industry is driving the market for luxury vinyl tile flooring .
The size of the global luxury vinyl flooring market is expected to grow from $17.65 billion in 2021 to $19.94 billion in 2022 at a compound annual growth rate (CAGR) of 12.99%. Growth in the luxury vinyl tile (LVT) flooring market is primarily driven by companies resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational difficulties. The market should reach $34.48 billion in 2026 at CAGR of 14.67%.
Demand for a sample of the world LVT flooring market report
Product innovations are gaining popularity among luxury vinyl tile (LVT) flooring industry trends. The major luxury vinyl flooring players are focusing on developing innovative products with advanced technologies to combine natural materials into products with greater stability and eco-friendly performance. For example, in 2021, Tarkett, a company operating in the luxury vinyl tile flooring market based in France, launched a collection of luxury vinyl tiles called iD Inspiration which mimics natural materials such as wood and laminate. rock. It is intended for use in hospitality, education, residence, retail and workplace interiors and is suitable for moderate to high traffic areas. The product was developed to harness the power of nature to create interiors of well-being and also to enhance well-being by deepening the connection between the outdoors and the indoor spaces where people work, learn and take care.
Key Players of LVT Flooring Market are Tarkett, Forbo, Armstrong, Shaw Industries, Inc., Gerflor, Interface, Mannington Mills, Inc., Mohawk Industries, Parador GmbH, Polyflor, Metroflor, Milliken, LG Hausys and James Halstead PLC.
TBRC’s Global Luxury Vinyl Tile (LVT) Flooring Market analysis report is segmented by Type into Rigid LVT, Flexible LVT; by the end user in residential, non-residential.
Asia Pacific was the greater region in the LVT flooring market in 2021. Asia Pacific should be the fastest growing region in the forecast period. Regions covered in the LVT Flooring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Global Luxury Vinyl Tile (LVT) Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide insights into the coatings market Luxury Vinyl Tile (LVT) Flooring, Luxury Vinyl Tile (LVT) Flooring Market analyzes and forecasts market size and growth for the overall market, segments and geographies of the Luxury Vinyl Tile (LVT) Flooring Market, Luxury Vinyl Tile (LVT) Flooring Market Trends, Luxury Vinyl Tile (LVT) Flooring Market Drivers , Luxury Vinyl Tile (LVT) Flooring Market Constraints, Key Competitor Revenues, Profiles and Market Shares in 1000+ Industry Reports Covering 2500+ Market Segments and 60 Areas geographical.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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