Luxury Vinyl Tiles (LVT) Flooring
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Luxury Vinyl Tiles (LVT) Flooring Market by Type (Rigid, Flexible), End-
Use Sector (Residential, Non-residential), and Region (North America,
Asia Pacific, Europe, Middle East & Africa, and South America) - Global
Forecast to 2024
[146 Pages Report] The luxury vinyl tiles (LVT) flooring market is projected to grow from USD 18.0
billion in 2019 to USD 31.4 billion by 2024, recording a CAGR of 11.7% from 2019 to 2024. The high
growth of the construction industry across regions is projected to drive the market growth. Factors
such as the increasing residential and non-residential construction, remodeling & maintenance
activities, the high durability and enhanced aesthetic appearance of the LVTs are projected to drive
the demand for LVT flooring.
In terms of value and volume, the flexible segment is projected to dominate the LVT
flooring market from 2019 to 2024.
The flexible segment is projected to record a faster growth, on the basis of type, in the LVT flooring
market during the forecast period. 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. The flexible segment is considered suitable for almost
all applications such as residential and commercial.
In terms of value and volume, the non-residential segment in the luxury vinyl tiles (LVT)
flooring market is projected to grow at the higher CAGR during the forecast period.
The non-residential segment is projected to record a faster growth in the vinyl flooring market. As
applications of LVT flooring in non-residential applications add to the aesthetic value of the interior
space, the growth of the non-residential segment is projected to remain high.