Market Trends of Global Luxury Vinyl Tile Floor Covering Industry
This section covers the major market trends shaping the Luxury Vinyl Tile Floor Covering Market according to our research experts:
Flexible Segment is Dominating the Market
The flexible segment accounted for a larger share, based on type, in the luxury vinyl tiles flooring market as it is affordable and is installed in regions that have extreme weather conditions. It is a traditional glue-down flooring material that inherits several properties such as durability, flexibility, ease installation, and budget-friendly. The growth of the flexible segment remains high due to its properties, which makes it a preferred luxury vinyl tile flooring solution for the residential as well as commercial application. The flexible luxury vinyl tile flooring solutions are considered suitable for almost all applications such as residential and commercial. It is a traditional glue-down flooring material and has several properties such as durability, flexibility, ease of installation, and is budget-friendly, which is projected to drive the growth of this segment.
Asia-Pacific Region is Dominating the Market
The Asia Pacific region witnessed an increasing number of remodeling and maintenance activities in the residential and non-residential construction sectors and held the larger market share in 2020. In addition, the luxury vinyl flooring market in this region is projected to grow at the highest CAGR during the forecast period, in terms of both values as well as volume. The growing number of new housing units and increasing investments in the infrastructural sector are factors driving the demand for vinyl flooring market in this region. In addition, increasing demand in countries such as China, Australia, India, Japan, Thailand, Vietnam, and Indonesia, due to the increasing growth opportunities in these countries has driven the market for luxury vinyl tile flooring.
