Luxury Vinyl Plank (LVP) Market Size, Share & Industry Analysis, By Type (Flexible, Rigid), By Application (Residential, Commercial) and Regional Forecast, 2024-2032

Region :Global | Report ID: FBI103389 | Status : Ongoing

KEY INDUSTRY INSIGHTS

Luxury Vinyl Plank (LVP) is a type of modern vinyl tiles used for flooring and are composed of Poly Vinyl Chloride (PVC). The PVC chips of desired thickness are formed and then cut into tiles. They are installed to get a smooth and levelled flooring for both residential and commercial buildings. These planks are durable and has good aesthetic features and has additional urethane coating to make it scratch resistant. Moreover, these tiles have high resistance to abrasions, impacts and chemicals. These tiles are low–cost and low maintenance which is expected to raise the market demand.

The cost-effective nature, low maintenance, easily replaceable nature, light weight and exceptional resistant properties to abrasion, scratch and chemical is expected to drive the market for the luxury vinyl plank during the forecast timeframe. Additionally, advancement in technology in the adhesive flooring techniques and products is likely to boost the market growth.

However, shorter lifespan compared to the wooden and ceramic tiles is likely to hinder the overall market growth. However, extensive R&D in the product is likely to act as an opportunity in the upcoming period.

Key Market Driver -

Exceptional properties and low maintenance cost

Key Market Restraint -

Shorter lifespan compared to wooden and ceramic counterparts

Market Segmentation:

Based on type, the market is segmented into flexible luxury vinyl plank and rigid luxury vinyl plank. Based on application, the market is segmented into commercial and residential.

From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Players Covered:

The global luxury vinyl plank (LVP) market consists of global & regional players. Some of the key players operating in the market include CFL Flooring, Dixie Group, Mohawk, Armstrong, Novalis, LG Hausys, NOX Corporation, Mannington Mills, and Others.

Key Insights

New Advancements in Production Technologies

Key Trends in the Luxury Vinyl Plank (LVP) Market

New Product Launches, Expansions, Key Players

Ranking of Key Players in the Market

Regional Analysis:

The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the market attributed to the shifting customer preferences towards new designs and aesthetics along with growing construction industry. Additionally, the changing constructional and infrastructural trends in China and India are expected to drive the regional market. The North America is expected to show significant growth due to the ample spending of consumers for construction and renovation. European regions are expected to show moderate growth due to rising disposable income coupled with growing infrastructure spending by the government. Latin America and Middle East and Africa are expected to show sluggish growth by the end of the forecast period.

To gain extensive insights into the market, Request for Customization

Segmentation

ATTRIBUTE	DETAILS
By Type	Flexible Rigid
By Application	Residential Commercial
By Geography	North America (U.S., and Canada) Europe (UK, Germany, France, Italy, and Rest of Europe) Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific) Latin America (Mexico, Brazil, Argentina, and Rest of Latin America) Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa)

Luxury Vinyl Plank (LVP) Industry Developments

In January 2020, Novalis Innovative Flooring announced the setup of first U.S manufacturing facility in Whitfield County. The manufacturing facility will include most advanced technologies for Rigid Core Luxury Vinyl Tiles production.

In July 2019, Mohawk Industries initiated its full consumer launch for the Pergo Extreme, an enormously durable, rigid luxury vinyl flooring solution.

REQUEST SAMPLE

SPEAK TO ANALYST

PUBLISHING STATUS: Ongoing
BASE YEAR: 2023
HISTORICAL DATA: 2019-2022

Multi-report Purchase Plan

Chemicals & Materials Clients

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry

Get in Touch with Us

US +1 833 909 2966 ( Toll Free )

UK +44 808 502 0280 ( Toll Free )
+91 744 740 1245 (APAC)
[email protected]