China Luxury Vinyl Tile (LVT) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The China Luxury Vinyl Tile (LVT) is segmented by Product Category (Rigid and Flexible), End User (Residential and Commercial), Distribution Channel (Home Centers, Flagship Stores, Specialty Stores, Online Stores, and Other Distribution Channels).

Market Snapshot

China Luxury Vinyl Tile (LVT) Market Overview
Study Period: 2017-2026
Base Year: 2020
CAGR: >9 %

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Market Overview

The Chinese luxury vinyl tile (LVT) market is expected to witness strong growth during the forecast period by registering a CAGR of more than 9% during 2021-2026.

COVID-19 has shaken the Chinese economy and changed the market scenario. It has negatively impacted the Chinese LVT market. Accordingly, this segment witnessed the greatest hit in 2020. There was some concern that transactions would be halted due to manufacturing industries shutting down due to the pandemic, and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021.

The Chinese LVT market demand is dominated by the real estate and construction industries, of which the proportion of residential housing demand for the flooring industry is relatively prominent. The demand for flooring in the renovation of commercial houses, new houses, old houses, and second-hand houses has been steadily increasing. In particular, the growth of secondary decoration and improved housing is conducive to the good growth of the Chinese high-end flooring market. Apart from this, rising technological advancements in the manufacturing process have also led to a growth in the vinyl flooring market in terms of performance, installation, and design. The Chinese LVT industry is growing at a rate of more than 14% per year.

Since the market share is booming and LVT is replacing laminated flooring at high speed, the vinyl plank was in shortage. Thus, a lot of new players in China ventured into new plants and factories, focusing on this new area. The huge worldwide demand is there, so more manufacturers do not make it crowded on the arena. The development of the Chinese real estate industry continues to rise, and the demand for LVT flooring in the future development of the national economy may be strongly driven. The continuous development of the real estate industry and the increasing acceptance of flooring's aesthetic needs are likely to boost demand for LVT flooring in China during the forecast period.

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 flooring. A complete background analysis of the Chinese 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 Chinese luxury vinyl tile (LVT) is segmented by product category (rigid and flexible), end user (residential and commercial), distribution channel (home centers, flagship stores, specialty stores, online stores, and other distribution channels). 

Product Type
Rigid
Flexible
End User Type
Residential
Commercial
Distribution Channel
Manufacturer Owned Stores
Speciality Stores
Online Stores
Other Distribution Channels

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Key Market Trends

China is One of the Biggest LVT Exporters to Europe and the Americas

There is a lot of LVT flooring in the European and American markets, which are made in China and have been selling in the global market with outstanding performance. The British company Karndean is also made in China. China’s prominence in LVT production is not likely to change significantly in the coming years, though domestic production will become a bigger part of the overall picture. However, there are also some good LVT Flooring Companies in China. According to Market Insights LLC, only 10% of the LVT consumed in the United States is produced domestically, and virtually all rigid LVT (WPC and SPC) is made overseas. Currently, rigid LVT accounts for 62% of the US sales. China not only makes almost all the world’s supply of rigid LVT, but it also makes the bulk of flexible LVT. Moreover, if there is an LVT, rigid or otherwise, with a click system coming from an Asian manufacturer, it’s probably coming from China. In 2017, China shipped over USD 500 billion in manufactured goods of all types to the US. In return, the United States shipped USD 130 billion in manufactured goods to China. Flooring made in China and shipped to the United States in 2017 represented USD 2.6 billion at landed duty value, or 45% of all the US flooring imports. Conversely, in 2017, exports of flooring from the United States to China were valued at USD 26 million. About 79% of the US LVT market is imported from China. Additionally, virtually all rigid LVT comes from China, and rigid LVT (SPC & WPC) comprised 73% of the US LVT market in 2017. On January 1, 2019, imposed tariffs were scheduled to rise from 10% to 25% and could be expanded to an additional USD 267 billion worth of imports. If China chooses to retaliate against the US agricultural products shipped to China, the United States reserves the right to impose a 25% tariff on all USD 500 billion of Chinese imports.

China Luxury Vinyl Tile (LVT) Market Growth

Manufacturer Owned Stores are the Most Preferred Distribution Channel

In China, flooring can be purchased from retail stores and even the internet, but there are no buying groups or home centers promoting flooring. The majority of retail stores are owned by flooring manufacturers who also install and service the floor. The retail channel in China is very fragmented, with the 50 largest retailers accounting for less than 5% of the total market.

When it comes to purchasing flooring, there are a number of retail options available in the country. A major factor affecting where flooring is purchased is that flooring is considered a building material, not a home decoration, and is often grouped with plumbing fixtures and lighting. Flooring manufacturer-owned stores and home products/design malls are the largest retail outlets for flooring in China. Manufacturer stores can be stand-alone units or showrooms located within large, multi-story structures where other home products, such as plumbing and lighting fixtures, are sold. These are the most preferred channels for the purchase of flooring products in the country.

China Luxury Vinyl Tile (LVT) Market Share

Competitive Landscape

The report covers major international players operating in the Chinese luxury vinyl tile (LVT) market. In terms of market share, a few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Recent Developments

  • In August 2020, Hanflor Vinyl Flooring IAC (Indoor Air Comfort) Gold Certification and FloorScore Certification.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain/Supply Chain Analysis

    5. 4.5 Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Rigid

      2. 5.1.2 Flexible

    2. 5.2 End User Type

      1. 5.2.1 Residential

      2. 5.2.2 Commercial

    3. 5.3 Distribution Channel

      1. 5.3.1 Manufacturer Owned Stores

      2. 5.3.2 Speciality Stores

      3. 5.3.3 Online Stores

      4. 5.3.4 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Forbo Flooring Systems

      2. 6.1.2 Zhejiang Kingdom Plastics Industry Co. Ltd

      3. 6.1.3 Protex Flooring

      4. 6.1.4 Xin Flooring

      5. 6.1.5 Hanflor

      6. 6.1.6 Shanghai 3C Industry Co. Ltd

      7. 6.1.7 Jiangsu Taide Decoration Materials Co. Ltd

      8. 6.1.8 Eco Home

      9. 6.1.9 Chiping Xinlida New Decoration Materials Co. Ltd

      10. 6.1.10 Yalong Flooring

      11. 6.1.11 Jiangsu Zhengyoung Flooring Decoration Materials Co. Ltd

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

**Subject to Availability

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Frequently Asked Questions

The China Luxury Vinyl Tile (LVT) Market market is studied from 2017 - 2026.

The China Luxury Vinyl Tile (LVT) Market is growing at a CAGR of >9% over the next 5 years.

Forbo Flooring Systems, Zhejiang Kingdom Plastics Industry Co., Ltd, Protex Flooring, Xin Flooring, Hanflor are the major companies operating in China Luxury Vinyl Tile (LVT) Market.

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