The global luxury vinyl plank (LVP) market size is expected to gain momentum backed by the growing demand for scratch resistant flooring in the construction sector and the rising refurbishment activities worldwide. This information is published by Fortune Business Insights in its upcoming report, titled, “Luxury Vinyl Plank (LVP) Market, 2024-2032.” The growing demand for water-proofing solutions has further led the companies to strategically adopt lucrative offers to attract the consumers globally. For instance, in August 2020, Peek’s Floor Company announced the debut of LuxeCraft luxury vinyl plank (LVP) tiles and further reported massive discounts on all Karastan products in Dallas.

List of the Companies Operating in the Market:

  • CFL Flooring
  • Dixie Group
  • Mohawk
  • Armstrong
  • Novalis
  • LG Hausys
  • NOX Corporation
  • Mannington Mills
  • Others

Market Segmentation:

Based on type, the market is bifurcated into Flexible and Rigid. On the basis of application, the market is divided into Residential and Commercial. Lastly, based on region, the market is segmented into Asia-Pacific, Europe, North America, the Middle East and Africa, and Latin America.

What does the Report Include?

The global market for luxury vinyl plank (LVP) report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2024 and 2032. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.

DRIVING FACTORS

Increasing Focus on Refurbishing Activities to Propel Market Growth

According to the Joint Center for Housing Studies, around half of the U.S. homes are in an immediate need for repairs, renovations, and updates. The increasing number of ageing infrastructures worldwide propels the demand for refurbishing activities. This is expected to boost the product’s demand during the forecast period. Moreover, rapid-paced urbanization and the increasing demand for scratch-resistant innovative tiles is anticipated to contribute to the global luxury vinyl plank (LVP) market growth during the forecast period.

REGIONAL INSIGHTS

Asia-Pacific to Remain at Forefront; Growing Preference for Aesthetically Designed Tiles to Aid Growth

Among all the regions, Asia-Pacific is expected to remain dominant and hold the largest global luxury vinyl plank (LVP) market share in terms of revenue during the forecast period. This is attributable to the growing preference for latest and aesthetically appealing designs of tiles, coupled with the rising construction industry in countries such as India and China.

The market in North America is expected to showcase substantial growth backed by the increasing consumer spending on renovation activities that is likely to propel the demand for advanced luxury vinyl plank (LVP) tiles in the region between 2024 and 2032.

COMPETITIVE LANDSCAPE

Product Launches by Major Companies to Intensify Industry Competition

The global market for luxury vinyl plank (LVP) comprises small, medium, and large companies striving to maintain their presence by developing advanced LVP products to cater to the growing demand from the building and construction industry. Moreover, other key players are adopting strategies such as merger and acquisition, partnership, and facility expansion that will favor the growth of the market during the forecast period.

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