Market Analysis

The luxury vinyl tiles market will touch USD 32.0 billion at a healthy 10.0% CAGR by 2025, as per MRFR’s latest analysis. Luxury vinyl tiles are different artificial tile elements which are repellent to liquid as well as smudges. Based on its excellent features like sturdiness, adjustable treatment, and layout opportunities, luxury vinyl tiles are widely used in numerous residential as well as non-residential projects. Rigid & flexible are the two types of luxury vinyl tiles. It is made of multiple layers that aid in the durability and design and above all is easy to maintain. Besides, it is waterproof, thus making it ideal for bathrooms and kitchens. Owing to its multiple layers these tiles can withstand scratches and spills, heavy foot traffic, and moisture.

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 market growth over the forecast period.

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Market Segmentation

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.

Regional Analysis

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 Players

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.

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