Market Trends of India Luxury Vinyl Tile (LVT) Industry
This section covers the major market trends shaping the India Luxury Vinyl Tile (LVT) Market according to our research experts:
Industrialization is Acting as Catalyst to Help Grow the Market
Flooring is one area in the construction industry witnessing rapid changes over the past two decades. The advent of several new technologies and the increasing use of specialized machinery mean that the field has changed beyond recognition, especially concerning the industrial and commercial LVT flooring segments. LVT helps to meet sustainability/environmental objectives because it can last twice as long if it is a high-quality, commercially rated product. Replacing LVT flooring every twelve years instead of every six years (the average replacement cycle for some hotels) is a more sustainable option through the reduction of waste. Low-maintenance flooring products like LVT require little water to maintain and do not need harsh chemicals to clean. The industrial and commercial flooring segments have been maintaining a healthy pace of growth in the recent few years, with India emerging as a key market for new technologies. The growth of LVT flooring in India is also attributed to commercial flooring maintaining a corresponding growth curve to that of the industrial flooring market.
The Residential Building Segment Leads the Luxury Vinyl Tiles (LVT) Flooring Market
Luxury vinyl tiles (LVT) enhance the aesthetic appeal of a building, along with properties such as durability, comfort, and protection from extreme weather conditions. These factors are projected to drive the residential sector during the forecast period. In addition, the increased per capita income and rapid urbanization are the fuelling factors for the rise in renovation and remodeling of existing homes. Moreover, the increase in housing maintenance is further projected to drive the demand for luxury vinyl tiles in the residential sector.
The use of LVT flooring solutions in residential buildings also enhances the aesthetic appeal and provides durability and comfort. Luxury vinyl tiles are preferred for bathrooms, kitchens, laundry rooms, and basements due to their waterproof features. Further, LVTs don't trap dust and pet dander in bedrooms. All these factors are projected to drive the demand for LVT flooring solutions in the residential sector.
