WPC Luxury Vinyl Tile Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Type (Decorative Luxury Vinyl Flooring, Functional Luxury Vinyl Flooring); By Application (Commercial Use, Residential Use); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Global WPC Luxury Vinyl Tile Market More Than Doubles to Cross USD 69.32 Billion by 2029
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.
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.
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.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Type Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Global WPC Luxury Vinyl Tile Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Increased construction activities
- 3.2.1.2. WPC LVT provides a wide range of design options
- 3.2.2. Restraints
- 3.2.2.1. Vinyl flooring side effects and hazardous chemicals used in vinyl flooring production
- 3.2.2.2. Volatile Raw Material Prices:
- 3.2.3. Opportunity
- 3.2.3.1. Increasing Focus on Sustainability
- 3.2.3.2. Newly developed vinyl patterns
- 3.2.4. Challenges
- 3.2.4.1. Installation Challenges
- 3.3. Technological Advancement/Recent Development
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Global WPC Luxury Vinyl Tile Market Overview
- 4.1. Market Size & Forecast by Value, 2019–2029
- 4.1.1. By Value (USD Billion)
- 4.2. Market Share & Forecast
- 4.2.1. By Type
- 4.2.1.1. Decorative Luxury Vinyl Flooring
- 4.2.1.2. Functional Luxury Vinyl Flooring
- 4.2.2. By Application
- 4.2.2.1. Commercial Use
- 4.2.2.2. Residential Use
- 4.2.3. By Region
- 4.2.3.1. North America
- 4.2.3.2. Europe
- 4.2.3.3. The Asia Pacific
- 4.2.3.4. Latin America
- 4.2.3.5. The Middle East and Africa
- 5. North America WPC Luxury Vinyl Tile Market
- 5.1.1. Market Size & Forecast by Value, 2019–2029
- 5.1.2. By Value (USD Billion)
- 5.2. Market Share & Forecast
- 5.2.1. By Type
- 5.2.2. By Application
- 5.2.3. By Country
- 5.2.3.1. United States
- 5.2.3.1.1. By Type
- 5.2.3.1.2. By Application
- 5.2.3.2. Canada
- 5.2.3.2.1. By Type
- 5.2.3.2.2. By Application
- 6. Europe WPC Luxury Vinyl Tile Market
- 6.1.1. Market Size & Forecast by Value, 2019–2029
- 6.1.2. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Application
- 6.2.3. By Country
- 6.2.3.1. Germany
- 6.2.3.1.1. By Type
- 6.2.3.1.2. By Application
- 6.2.3.2. United Kingdom
- 6.2.3.2.1. By Type
- 6.2.3.2.2. By Application
- 6.2.3.3. Italy
- 6.2.3.3.1. By Type
- 6.2.3.3.2. By Application
- 6.2.3.4. France
- 6.2.3.4.1. By Type
- 6.2.3.4.2. By Application
- 6.2.3.5. Spain
- 6.2.3.5.1. By Type
- 6.2.3.5.2. By Application
- 6.2.3.6. Netherlands
- 6.2.3.6.1. By Type
- 6.2.3.6.2. By Application
- 6.2.3.7. Belgium
- 6.2.3.7.1. By Type
- 6.2.3.7.2. By Application
- 6.2.3.8. NORDIC Countries
- 6.2.3.8.1. By Type
- 6.2.3.8.2. By Application
- 6.2.3.9. Rest of Europe
- 6.2.3.9.1. By Type
- 6.2.3.9.2. By Application
- 7. Asia Pacific WPC Luxury Vinyl Tile Market
- 7.1. Market Size & Forecast by Value, 2019–2029
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Application
- 7.2.2.1. China
- 7.2.2.1.1. By Type
- 7.2.2.1.2. By Application
- 7.2.2.2. India
- 7.2.2.2.1. By Type
- 7.2.2.2.2. By Application
- 7.2.2.3. Japan
- 7.2.2.3.1. By Type
- 7.2.2.3.2. By Application
- 7.2.2.4. South Korea
- 7.2.2.4.1. By Type
- 7.2.2.4.2. By Application
- 7.2.2.5. Australia & New Zealand
- 7.2.2.5.1. By Type
- 7.2.2.5.2. By Application
- 7.2.2.6. Indonesia
- 7.2.2.6.1. By Type
- 7.2.2.6.2. By Application
- 7.2.2.7. Malaysia
- 7.2.2.7.1. By Type
- 7.2.2.7.2. By Application
- 7.2.2.8. Singapore
- 7.2.2.8.1. By Type
- 7.2.2.8.2. By Application
- 7.2.2.9. Philippines
- 7.2.2.9.1. By Type
- 7.2.2.9.2. By Application
- 7.2.2.10. Vietnam
- 7.2.2.10.1. By Type
- 7.2.2.10.2. By Application
- 7.2.2.11. Rest of APAC
- 7.2.2.11.1. By Type
- 7.2.2.11.2. By Application
- 8. Latin America WPC Luxury Vinyl Tile Market
- 8.1. Market Size & Forecast by Value, 2019–2029
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Application
- 8.2.2.1. Brazil
- 8.2.2.1.1. By Type
- 8.2.2.1.2. By Application
- 8.2.2.2. Mexico
- 8.2.2.2.1. By Type
- 8.2.2.2.2. By Application
- 8.2.2.3. Argentina
- 8.2.2.3.1. By Type
- 8.2.2.3.2. By Application
- 8.2.2.4. Peru
- 8.2.2.4.1. By Type
- 8.2.2.4.2. By Application
- 8.2.2.5. Colombia
- 8.2.2.5.1. By Type
- 8.2.2.5.2. By Application
- 8.2.2.6. Rest of LATAM
- 8.2.2.6.1. By Type
- 8.2.2.6.2. By Application
- 9.Middle East & Africa WPC Luxury Vinyl Tile Market
- 9.1. Market Size & Forecast by Value, 2019–2029
- 9.1.1. By Value (USD Billion)
- 9.2. Market Share & Forecast
- 9.2.1. By Type
- 9.2.2. By Application
- 9.2.2.1. Saudi Arabia
- 9.2.2.1.1. By Type
- 9.2.2.1.2. By Application
- 9.2.2.2. UAE
- 9.2.2.2.1. By Type
- 9.2.2.2.2. By Application
- 9.2.2.3. Qatar
- 9.2.2.3.1. By Type
- 9.2.2.3.2. By Application
- 9.2.2.4. Kuwait
- 9.2.2.4.1. By Type
- 9.2.2.4.2. By Application
- 9.2.2.5. Iran
- 9.2.2.5.1. By Type
- 9.2.2.5.2. By Application
- 9.2.2.6. South Africa
- 9.2.2.6.1. By Type
- 9.2.2.6.2. By Application
- 9.2.2.7. Nigeria
- 9.2.2.7.1. By Type
- 9.2.2.7.2. By Application
- 9.2.2.8. Kenya
- 9.2.2.8.1. By Type
- 9.2.2.8.2. By Application
- 9.2.2.9. Egypt
- 9.2.2.9.1. By Type
- 9.2.2.9.2. By Application
- 9.2.2.10. Morocco
- 9.2.2.10.1. By Type
- 9.2.2.10.2. By Application
- 9.2.2.11. Algeria
- 9.2.2.11.1. By Type
- 9.2.2.11.2. By Application
- 9.2.2.12. Rest of MEA
- 9.2.2.12.1. By Type
- 9.2.2.12.2. By Application
- 10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. Global WPC Luxury Vinyl Tile Company Market Share Analysis, 2022
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
- 11. Impact of Covid-19 on Global WPC Luxury Vinyl Tile Market
- 12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
- 12.1. Tarkett
- 12.2. Armstrong
- 12.3. Mannington Mills
- 12.4. NOX Corporation
- 12.5. LG Hausys
- 12.6. Congoleum
- 12.7. Mohawk
- 12.8. Gerflor
- 12.9. Forbo
- 12.10. Beaulieu
- 12.11. Metroflor
- 12.12. Milliken
- 12.13. Polyflor
- 12.14. Karndean
- 12.15. Other Prominent Players
- 13. Key Strategic Recommendations
- 14. Research Methodology
- 14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
- 14.2. Quantitative Research
- 14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
- 14.4. Breakdown of Primary Research Respondents, By Region
- 14.5. Assumption & Limitation
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