China Luxury Vinyl Tile (LVT) Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 2.07 Billion |
| Market Size (2029) | USD 2.80 Billion |
| CAGR (2024 - 2029) | 6.23 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China Luxury Vinyl Tile (LVT) Market Analysis
The China Luxury Vinyl Tile Market size is estimated at USD 2.07 billion in 2024, and is expected to reach USD 2.80 billion by 2029, growing at a CAGR of 6.23% during the forecast period (2024-2029).
The real estate and construction industries, of which residential housing demand for the flooring industry is relatively prominent, dominate the Chinese LVT market demand. The number of commercial houses, new houses, old houses, and used houses that need new floors has been steadily growing steadily. The good growth of the Chinese high-end flooring market is helped by the growth of secondary decoration and better housing. Aside from this, growing technological improvements in the way vinyl flooring is made have also helped the market growth in terms of performance, installation, and design.
COVID-19 shook the Chinese economy and changed the market scenario. It negatively impacted the Chinese LVT market. Accordingly, this segment witnessed the greatest hit during the pandemic. There were also worries that the pandemic's effect on manufacturing industries would cause transactions to halt, and it was anticipated that the outbreak would continue to harm enterprises for couple of years.
Since the market share is booming and LVT is replacing laminate flooring at high speed, the vinyl plank was in short supply. Thus, a lot of new players in China ventured into new plants and factories, focusing on this new area. The huge worldwide demand is there, so more manufacturers do not make it crowded in the arena. The Chinese real estate market is always growing, and the growth of the Chinese economy in the future could have a big effect on the demand for LVT flooring. During the forecast period, demand for LVT flooring in China is likely to rise because the real estate industry is growing and more people are starting to understand that flooring needs to look good.
China Luxury Vinyl Tile (LVT) Market Trends
China Leading In LVT Export To Europe and the Americas
There is a lot of LVT flooring in the European and American markets that is made in China and sold in the global market with outstanding performance. The British company Karndean is also made in China. China's prominence in LVT production is not likely to change significantly in the coming years, though domestic production will become a bigger part of the overall picture. However, there are also some good LVT flooring companies in China. Currently, only 10% of the LVT consumed in the United States is produced domestically, and virtually all rigid LVT (WPC and SPC) is made overseas. Currently, rigid LVT accounts for 62% of US sales. China not only makes almost all of the world's supply of rigid LVT, but it also makes the bulk of flexible LVT. Moreover, if there is an LVT, rigid or otherwise, with a click system coming from an Asian manufacturer, it's probably coming from China.
As per the data released by customs in China for China PVC flooring. In December 2022, total PVC floor exports were 342,900 tons, an increase of 8% over the previous month and a year-over-year decline of 31%.
Manufacturer Owned Stores Leading The Distribution
In China, flooring can be purchased from retail stores and even the internet, but no buying groups or home centers promote it. The majority of retail stores are owned by flooring manufacturers, who also install and service the floor. The retail channel in China is very fragmented, with the 50 largest retailers accounting for less than 5% of the total market.
When it comes to purchasing flooring, there are several retail options available in the country. Because flooring is a building material and not a home decoration, it is often sold with plumbing fixtures and lighting. This is a big factor in deciding where to buy flooring. Flooring manufacturer-owned stores and home products and design malls are the largest retail outlets for flooring in China. Manufacturer stores can be stand-alone units or showrooms located within large, multi-story structures where other home products, such as plumbing and lighting fixtures, are sold. These are the most preferred channels for the purchase of flooring products in the country.
China Luxury Vinyl Tile (LVT) Industry Overview
The report covers major international players operating in the Chinese luxury vinyl tile (LVT) market. A few of the major players currently dominate the market in terms of market share. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.
China Luxury Vinyl Tile (LVT) Market Leaders
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Forbo Flooring Systems
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Zhejiang Kingdom Plastics Industry Co., Ltd
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Protex Flooring
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Xin Flooring
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Hanflor
*Disclaimer: Major Players sorted in no particular order
China Luxury Vinyl Tile (LVT) Market News
- January 2023: India's Commerce Ministry recommended the imposition of anti-dumping duties on vinyl tiles coming from China and Taiwan for five years to guard domestic players against cheap imports from these countries. The recommended duty is USD 2.05 per square meter and USD 1.44 per square meter.
- September 2022: Mohawk Group made a deal with Armstrong Advanced Flooring (China) Co., Ltd. to buy and sell all of its homogeneous sheet vinyl products. Mohawk Group is the only company in North America that sells these original formulations of homogeneous sheet vinyl products.
China Luxury Vinyl Tile (LVT) Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Industry Value Chain Analysis
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4.5 Industry Attractiveness - Porter's Five Forces Analysis
- 4.5.1 Bargaining Power of Buyers
- 4.5.2 Bargaining Power of Suppliers
- 4.5.3 Threat of New Entrants
- 4.5.4 Threat of Substitutes
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Insights into Technology Innovations in the Market
- 4.7 Insights into Regulatory Landscape Impacting the Market
- 4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 Product Type
- 5.1.1 Rigid
- 5.1.2 Flexible
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5.2 End-User Type
- 5.2.1 Residential
- 5.2.2 Commercial
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5.3 Distribution Channel
- 5.3.1 Manufacturer Owned Stores
- 5.3.2 Speciality Stores
- 5.3.3 Online Stores
- 5.3.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Forbo Flooring Systems
- 6.2.2 Zhejiang Kingdom Plastics Industry Co. Ltd.
- 6.2.3 Protex Flooring
- 6.2.4 Xin Flooring
- 6.2.5 Hanflor
- 6.2.6 Shanghai 3C Industry Co. Ltd
- 6.2.7 Jiangsu Taide Decoration Materials Co. Ltd.
- 6.2.8 Eco Home
- 6.2.9 Chiping Xinlida New Decoration Materials Co. Ltd.
- 6.2.10 Yalong Flooring
- 6.2.11 Jiangsu Zhengyoung Flooring Decoration Materials Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
China Luxury Vinyl Tile (LVT) Industry Segmentation
Luxury Vinyl is designed to replicate hard surface flooring materials such as stone or wood and is available in planks or tiles. It uses a realistic photographic print film and a clear vinyl layer that opens up a wide variety of design concepts.
The China Luxury Vinyl Tile (LVT) Market Is Segmented By Product Type (Rigid And Flexible), End-User Type (Residential And Commercial), And Distribution Channel (Manufacturer-Owned Store, Specialty Store, Online Store, And Other Distribution Channels). The Report Offers Market Size And Forecasts For The China Luxury Vinyl Tile Market In Terms Of Value (USD) For All The Above Segments.
| Product Type | Rigid |
| Flexible | |
| End-User Type | Residential |
| Commercial | |
| Distribution Channel | Manufacturer Owned Stores |
| Speciality Stores | |
| Online Stores | |
| Other Distribution Channels |
China Luxury Vinyl Tile (LVT) Market Research FAQs
How big is the China Luxury Vinyl Tile (LVT) Market?
The China Luxury Vinyl Tile (LVT) Market size is expected to reach USD 2.07 billion in 2024 and grow at a CAGR of 6.23% to reach USD 2.80 billion by 2029.
What is the current China Luxury Vinyl Tile (LVT) Market size?
In 2024, the China Luxury Vinyl Tile (LVT) Market size is expected to reach USD 2.07 billion.
Who are the key players in China Luxury Vinyl Tile (LVT) Market?
Forbo Flooring Systems, Zhejiang Kingdom Plastics Industry Co., Ltd, Protex Flooring, Xin Flooring and Hanflor are the major companies operating in the China Luxury Vinyl Tile (LVT) Market.
What years does this China Luxury Vinyl Tile (LVT) Market cover, and what was the market size in 2023?
In 2023, the China Luxury Vinyl Tile (LVT) Market size was estimated at USD 1.95 billion. The report covers the China Luxury Vinyl Tile (LVT) Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the China Luxury Vinyl Tile (LVT) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
China Luxury Vinyl Tile (LVT) Industry Report
Statistics for the 2024 China Luxury Vinyl Tile (LVT) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China Luxury Vinyl Tile (LVT) analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
