Market Size of ASEAN Luxury Vinyl Tile (LVT) Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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ASEAN Luxury Vinyl Tile Market Analysis
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.
