Global WPC Luxury Vinyl Tile Market More Than Doubles to Cross USD 69.32 Billion by 2029

Published | 06 June 2023

Global WPC luxury vinyl tile market is flourishing due to increasing demand for durable and low maintenance flooring solutions, rising residential and commercial construction activities, and advancements in technology leading to improved product performance.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global WPC luxury vinyl tile (LVT) market size at USD 38.12 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global WPC luxury vinyl tile market size to grow at a CAGR of 6.23% reaching a value of USD 69.32 billion by 2029. The booming construction industry, particularly in emerging economies, has been a major driver of the WPC LVT market. As urbanization and infrastructure development continue to accelerate, there is a growing demand for high-quality flooring materials. WPC LVT, with its versatility, affordability, and aesthetic appeal, has become a preferred choice for flooring in residential buildings, commercial complexes, and institutional projects. Also, the increasing focus on sustainability and environmental consciousness has further propelled the growth of the WPC LVT market. As WPC LVT is often made from recycled materials and can be recycled itself, it aligns with the demand for eco-friendly products. Consumers are increasingly seeking flooring options that are not only aesthetically pleasing but also have minimal impact on the environment.

Opportunity: Increasing demand for newly developed vinyl patterns

Newly developed vinyl patterns, such as wood patterns, slate and stone flooring, textured flooring, leather finish, scallops, and many more are likely to drive the vinyl flooring market growth. Vinyl flooring with wood patterns replicates the natural look and feel of hardwood flooring, offering the warmth and elegance of wood without the associated maintenance requirements. These patterns include various wood species, grain patterns, and color variations, providing a wide selection for consumers seeking a natural aesthetic. For example, in 2022, Beauflor, a Belgium-based vinyl-flooring firm, released a variety of designs for various contract areas to assist clients in developing appropriate solutions. From the flax business to hard-wearing vinyl flooring that provides cushioning underfoot in stores, workplaces, schools, clinics, and the hospitality sector across the world, this firm has grown.

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Global WPC Luxury Vinyl Tile Market - By Application

On the basis of application, the market is classified into Commercial Use and Residential Use segments. Due to its adaptability, cost-effectiveness, durability, and ease of care, vinyl flooring is gaining popularity for commercial purposes in commercial houses, offices, and other hospitality businesses. This flooring may also be utilized in high-traffic areas, which is expected to increase demand for vinyl flooring for commercial purposes.

Global WPC Luxury Vinyl Tile Market - By Region

The global WPC luxury vinyl tile market is divided into five major regions: North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific held the highest revenue share in 2022. Higher per capita income, greater demand for eco-friendly commodities, and a desire to live a luxury lifestyle are expected to boost revenue growth in this sector. The presence of various vinyl flooring manufacturers, such as Eletile and KBS Floor, is helping to drive market revenue growth. The increasing number of new dwelling units and investments in the infrastructure sector is boosting the need for vinyl flooring in this region. Furthermore, rising demand in major APAC countries, such as China, Australia, India, Japan, Thailand, Vietnam, and Indonesia, as a result of increased economic potential has fueled the market for WPC LVT flooring.

Impact of COVID-19 on the Global WPC Luxury Vinyl Tile Market

The worldwide WPC luxury vinyl tile market has been significantly impacted by the COVID-19 pandemic. While the business was growing previous to the pandemic, the crisis disrupted supply chains, delayed building projects, and decreased consumer spending, all of which impacted demand for WPC luxury vinyl tile. The construction sector, which is a major end-user of WPC luxury vinyl tile, has been hit hard by the pandemic. Many building projects have been postponed or halted as a result of supply chain problems, labor shortages, and economic instability. Thus, demand for WPC luxury vinyl tile in the building sector has decreased.

Competitive Landscape

Global WPC luxury vinyl tile market is highly competitive, with all the players continually competing to gain a larger market share. The key players in the market include GreenTec, Tarkett, Armstrong, Mannington Mills, NOX Corporation, LG Hausys, Congoleum, Mohawk, Gerflor, Forbo, Beaulieu, RiL, Metroflor, Milliken, Polyflor, and Karndean.

Don’t miss the business opportunity of the Global WPC Luxury Vinyl Tile Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global WPC Luxury Vinyl Tile Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global WPC Luxury Vinyl Tile Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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