Global LVT Flooring Market Report by The Business Research Company 2022 – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, UK, April 20, 2022 /EINPresswire.com/ — Product innovations are a key trend shaping the growth of the luxury vinyl tile (LVT) flooring market. 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 flooring market based in France, launched a collection of luxury vinyl tiles called iD Inspiration which mimics natural materials such as wood and marble. Pierre. 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 care.
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The global luxury vinyl flooring (LVT) market size is expected to grow from USD 17.65 billion in 2021 to USD 19.94 billion in 2022 at a compound annual growth rate (CAGR) of 12.99 %. The market growth is mainly driven by businesses resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing , remote working and closing business activities. which resulted in operational difficulties. The luxury vinyl tile (LVT) flooring market share is expected to reach $34.48 billion in 2026 with a CAGR of 14.67%.
Strong growth in the construction industry is expected to propel the growth of the luxury vinyl tile flooring market. Luxury vinyl flooring is economical and more efficient than other flooring currently available on the market, and additional factors of LVT such as cost effectiveness, light weight, low maintenance requirement make it a 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 .
Key players in the global luxury vinyl tile (LVT) flooring market include 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 End User into Residential, Non-Residential.
Global Luxury Vinyl Tile (LVT) Market Report 2022 – By Type (Rigid Luxury Vinyl Tile (LVT), Flexible Luxury Vinyl Tile (LVT)), By End User (Residential, Non-Residential) – Market Size, Trends and Global Forecasts 2022-2026 are part of a series of new reports from The Business Research Company that provide luxury vinyl tile (LVT) flooring market overview, forecast size and Global Luxury Vinyl Tile (LVT) Flooring Market Growth, Luxury Vinyl Vinyl Tile Flooring (LVT) Market Segments, Geographies, Market Trends luxury vinyl tile (LVT) flooring, luxury vinyl tile (LVT) flooring market drivers, constraints, revenue, profiles and market shares of key competitors.
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