Luxury vinyl tile (LVT) flooring has become incredibly popular in recent years among interior designers. LVT has emerged as the go-to alternative for homeowners and designers searching for a flooring option that combines luxury, durability, and affordability. This is achieved by striking an impressive balance between aesthetics and practicality. According to a recent research study by Mordor Intelligence, titled GLOBAL RESILIENT FLOORING MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2028), the luxury vinyl tile segment of the global resilient flooring market was valued at USD 22.51 billion in 2022. It is expected to reach a value of USD 37.01 billion in 2028, registering a growth rate of 8.64% during the forecast period.
The primary disadvantage of vinyl flooring for many years was the lack of authenticity. However, now the wood patterns, colors, and features of luxury vinyl plank (LVP) look so real that it is difficult to tell them apart from real wood. LVP, which is not to be confused with laminate flooring, has a hardwood-like appearance and texture intended to match its natural equivalents. Luxury vinyl is extremely robust and long-lasting. Built with cutting-edge technology, its features include scratch and stain protection that can withstand daily use. It is also an easy choice for people with pets due to its waterproof and easy-to-clean features.
Continuous product development, strategic partnerships, and technological innovations are being pursued by major companies to extend their individual product portfolios and achieve a strong foothold in the global market. AFI Licensing LLC, Forbo Group, Mohawk Industries Inc., Tarkett S.A., Mannington Mills Inc., Boral Limited, Beaulieu International Group, Gerflor Group, Polyflor Ltd, and Brumark are among the market's major players. Some of the notable strategies in the market are discussed below:
In February 2023, Tarkett, one of the recognized market players in innovative and sustainable flooring solutions, launched a new luxury vinyl tile (LVT) designed to improve acoustics in high-traffic office environments. Tarkett has created a durable floor covering that would reduce distractions and increase productivity.
In January 2023, NOX Corporation announced that it would replace more than 95% of the primary raw materials that comprise flooring materials with sustainable raw materials. NOX Corporation uses Bio-Circular Balanced PVC, which accounts for most raw materials used in flooring. This sustainable raw material is produced using discarded resources such as waste cooking oil and has been verified to have a higher carbon reduction effect - 114% compared to conventional PVC.
In 2022, Gerflor, a vinyl flooring manufacturer, introduced a new luxury vinyl tile (LVT) collection for architects and specifiers. Depending on the intended use (renovation or new) and the degree of traffic (light or moderate), the 2022 Creation LVT Collection offers an à la carte selection of wood, stone, marble, and mineral-effect designs and fitting options.
Vinyl floor tiles or planks are the ideal options for specific rooms, such as kitchen flooring designs. At a fraction of the cost, luxury vinyl is nearly always more durable than hardwood. Compared to its hardwood counterpart, it can help consumers save up to 75% on materials. Furthermore, of all the do-it-yourself flooring options, luxury vinyl is one of the simplest to install. It is simple to cut or snap together and does not need to be bonded to the subfloor.
The flooring business has been revolutionized due to luxury vinyl tile flooring's exceptional combination of luxury, durability, and versatility. LVT has emerged as a top alternative for both homeowners and interior designers because of its wide range of design options, unmatched durability, simple installation process, and minimal maintenance needs. Luxury vinyl tile flooring can alter any room, bringing elegance and charm that will last for years to come.
