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The ASEAN LVT flooring market is projected to register a CAGR of more than 4% in the forecast period 2021-2026.
COVID-19 has shaken ASEAN economies and changed the market scenario. It has negatively impacted the ASEAN luxury vinyl tile (LVT) market. Accordingly, this segment witnessed the greatest hit in 2020. There were some concerns that transactions would be halted due to manufacturing industries shutting down due to the pandemic. The lockdown restrictions have limited the new purchases of LVT flooring, and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021.
Economic development and substantial infrastructure development have constituted regional revenue generation. Furthermore, patterns associated with domestic production, import and export, and consumption have helped market participants to analyze and capitalize on potential opportunities. In this region, LVT is sold to homeowners and contractors for condominium and large-scale property development projects, such as office/shopping complexes. Architects and interior designers often influence customer choices for ceramic tile products in the country. Besides, the qualitative and quantitative parameters provided in the report with detailed analysis highlight the driving and restraining factors of the ASEAN LVT flooring market. Thailand, Malaysia, and Indonesia have some of the largest and most successful tile manufacturers, who are constantly innovating in terms of product offerings in the country, which is expected to further fuel the demand for LVT in the region in upcoming years. The growth will be supported by increasing urbanization and mounting disposable income. The productive forces behind such an extravagant jump include tremendous growth of tile trade between ASEAN countries, which affords regional countries the possibility to establish themselves as the regional hub in the area.
Scope of the Report
LVT is an acronym for "luxury vinyl tile." It is a marketing term used to describe vinyl flooring that is decoratively patterned to emulate the look of natural wood, granite, or other types of floorings. Complete background analysis of the ASEAN luxury vinyl tile (LVT) market, which includes an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics, and market overview, is covered in the report. The ASEAN luxury vinyl tile (LVT) market is segmented by product category (rigid and flexible), end user (residential and commercial), distribution channel (manufacturer owned stores, specialty stores, online stores, and other distribution channels), and geography (Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, and Other Countries).
|Manufacturer Owned Stores|
|Other Distribution Channels|
Key Market Trends
Increasing Consumption of LVT in the ASEAN Region
A luxury vinyl tile (LVT) enhances the aesthetic appeal of a building, along with properties such as durability, comfort, and protection from extreme weather conditions. These factors are projected to drive the residential and commercial sectors during the forecast period.
The use of LVT flooring solutions in residential and commercial buildings also enhances the aesthetic appeal and provides durability and comfort. Luxury vinyl tiles are preferred for bathrooms, kitchens, laundry rooms, and basements due to their waterproof features in residential buildings. Further, LVTs do not trap dust and pet dander in the bedrooms. LVT is resistant to marks and scuffs, particularly when made with a UV-cured coating. While durability is always a consideration when selecting a flooring material, it is an absolute must for high-traffic applications such as airport terminals, schools, hospitals, and restaurants. All these factors are projected to drive the demand for LVT flooring solutions in the residential sector.
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The Flexible LVT Segment is in Demand Due to Its Inherit Properties
The flexible segment is in huge demand in the luxury vinyl tile flooring market, as it is affordable and is installed in regions that have extreme weather conditions. The growth of the flexible segment remains high due to its properties, which makes it a preferred luxury vinyl tile flooring solution for residential and commercial applications. The flexible luxury vinyl tile flooring solutions are considered suitable for almost all applications, such as residential and commercial. It is a traditional glue-down flooring material, and it has several properties such as durability, flexibility, and ease of installation.
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The report covers major international players operating in the ASEAN luxury vinyl tile (LVT) market. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.
- In November 2020, Polyflor contributed to a unique surf center for those with disabilities.
- In 2018, Puyat Flooring Products Inc. introduced innovative ancillary product lines to complement its main flooring products line with the “APO Power Primer” and “APO Power Self Leveling Compound (SLC).”
Table of Contents
1.1 Study Deliverables
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain/Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 Product Type
5.2 End User
5.3 Distribution Channel
5.3.1 Manufacturer Owned Stores
5.3.2 Speciality Stores
5.3.3 Online Stores
5.3.4 Other Distribution Channels
5.4.7 Other Countries
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.2 Rumah Lantai Indonesia
6.1.5 Novelty Flooring Enterprise
6.1.6 APO Floors
6.1.7 The Horizon
6.1.8 Mannington Mills
6.1.9 Power Décor
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The ASEAN Luxury Vinyl Tile (LVT) Market market is studied from 2017 - 2026.
What is the growth rate of ASEAN Luxury Vinyl Tile (LVT) Market?
The ASEAN Luxury Vinyl Tile (LVT) Market is growing at a CAGR of >4% over the next 5 years.
Who are the key players in ASEAN Luxury Vinyl Tile (LVT) Market?
Inovar, Polyflor, Hanyo, APO Floors, Rumah Lantai Indonesia are the major companies operating in ASEAN Luxury Vinyl Tile (LVT) Market.