The Global Luxury Vinyl Tiles Market is expected to witness sustainable growth during the forecast period owing to the growing construction industry and the rising standard of living of consumers. Various reforms and regulations introduced by developing nations for boosting the infrastructure and real estate industries drive the growth of the global luxury vinyl tiles market. Moreover, an increase in reconstruction and remodeling of houses, due to change in the preference of consumers add to the market growth. However, fluctuating raw material prices and the rise in environmental concerns might hamper the market growth as it is made from hazardous consumer materials. Rising consumer demand for luxury vinyl tiles from emerging economies is an opportunity for the market players.
Scope of the Report
This study provides an overview of the global luxury vinyl tiles market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global luxury vinyl tiles market by type, application, and region.
Asia-Pacific to dominate the global luxury vinyl tiles market during the forecast period: MRFR
On the basis of region, the global luxury vinyl tiles market is segmented as North America, Asia-Pacific, Europe, and the rest of the world. Asia-Pacific dominated the global market, followed by North America, primarily due to the growth in construction industry, mainly in China and India. Moreover, the increasing FDI inflow into the construction industry leading to the growth of the construction industry in Asia-Pacific is expected to drive the growth of the Asia-Pacific market. The increasing real estate investment and growing number of Special Economic Zones (SEZ) in developing countries, mainly in India, are the other major factors driving the market growth in Asia-Pacific
North America has witnessed significant growth in the construction industry, owing to the increased home improvement and renovation projects in the region. As per the US Census Bureau data, the total annual value of private construction in the US is USD 992,528 million in 2018, USD 539,800 million of which is for residential construction. The high growth in the construction industry in the North America, drives the North America luxury vinyl tiles market during the forecast period. Moreover, the US is home for the key companies operating in the market such as Mohawk Industries, Shaw Industries Group, Inc., Interface, Inc., Armstrong Flooring, Inc., and Mannington Mills, Inc.
The global luxury vinyl tiles market is expected to witness ~10.0% CAGR during the forecast period; it is expected to be valued at ~USD 32.0 billion by the end of the forecast period.
The flexible segment is set to occupy a large share of the global luxury vinyl tiles market: MRFR
The global market is segmented on the basis of type as flexible and rigid. The flexible segment is expected to witness high growth during the forecast period. Flexible luxury vinyl tiles is budget-friendly, and also having properties such as durability and flexibility, which is expected to drive the growth of this segment.
The non-residential segment is set to occupy a large share of the global luxury vinyl tiles market: MRFR
The global luxury vinyl tiles market is segmented on the basis of application as residential and non-residential. The non-residential segment is poised to witness high growth rate during the forecast period. This can be attributed to the high investment inflow in the construction industry, mainly for the construction of offices, malls, hospitals, schools, and other infrastructure.