LVT popularity is increasing due to advancements in design and technology. New sizes, formats and patterns, combined with the fact that it is easy to install and less costly to maintain over time, makes it appealing to a variety of industry verticals.
Verified Market Research, reports in its Global Luxury Vinyl Tile-LVT Market Size By Type, By End-Use Sector, By Geographic Scope And Forecast, that the LVT market was valued at USD 16.11 Billion in 2020 and is projected to reach USD 37.92 Billion by 2028, growing at a CAGR of 11.23% from 2021 to 2028.
Verified Market Research – Global LVT Market
The report also states that, “Non-residential segment is anticipated to account for the highest market share. This can be attributed to the increasing demand for Luxury Vinyl Tiles from multiple end users such as hotel and hospitality segments because of the benefits they provide like sophisticated and aesthetic interiors and ease of cleaning. Hospitals also use LVT because they don’t react to chemicals and similar agents.”
Research and Markets reports The Luxury Vinyl Tiles (LVT) Flooring market in the U.S. is estimated at US$5.3 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.3 Billion by the year 2027 trailing a CAGR of 13.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.1% and 8.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 8.1% CAGR.
Amid the COVID-19 crisis, the global market for Luxury Vinyl Tiles (LVT) Flooring estimated at US$19.6 Billion in the year 2020, is projected to reach a revised size of US$38.9 Billion by 2027, growing at a CAGR of 10.3% over the period 2020-2027.
Research and Markets global LVT flooring growth
Why has LVT increased in popularity? Here are the top reasons.
LVT popularity has also increased as it has become a practical choice across many industries. According to a Floor Covering Weekly report released on June 28 of this year the top brands and suppliers are as follows.
Floor Covering Weekly top LVT brands
5 Reasons for the rise of LVT popularity:
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The Way It’s Made
LVT products are generally made of moisture resistant PVC or virgin vinyl. LVT is made up of five distinct layers:
- Polyurethane coating (sometimes re-enforced with ceramic bead, silica bead or aluminum oxide) to improve durability
- Protective clear layer known as the ‘wear layer’
- Print film layer (with your chosen design)
- Vinyl core
- Vinyl backing
This results in a flooring solution that is easy to install, durable and easy to clean and maintain. Typically, LVT wear layers range from 20-28 mm of thickness for commercial installation projects, with thickness selected based on requirements from low through to high foot traffic areas. (i.e. low traffic office space as opposed to building entrance areas).
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Affordability by Design
LVT, through technological innovation, is now available in many different finishes, including those that mimic wood and stone. Designers are offered a large array of options at more affordable price points than natural materials. Designers are also drawn to the newly available patterns, colours and variety of designs offered as application pattern technology progresses.
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Low Maintenance
Upon initial purchase, LVT is more expensive than vinyl composite tile (VCT) products, however LVT has a lower maintenance cost over time due to its built-in protective layer, offering much more comprehensive and long-lasting protection. The protective layer doesn’t need regular waxing and polishing like VCT. However, this top layer will wear over time and may need to be reapplied for heavy traffic areas.
Each organization’s LVT cleaning and maintenance requirements will vary based on traffic. Inclement weather will also affect cleaning requirements. LVT only requires regular sweeping and mopping to remove dust and dirt which is much easier for cost-conscience maintenance budgets.
Darwin Fisher Commercial Flooring LVT IMAX installation
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Return on Investment: Durability
LVT popularity is driven also by the fact that it is protected by a clear layer which helps to maintain its appearance over long periods of time. The wear layer varies in terms of thickness. Thickness must be chosen in conjunction with the traffic area as heavy, long-term wear will affect appearance. It will not expand and contract in humid or dry seasons and is a fraction of the price of stone or real wood. LVT is less likely to scuff, indent or scratch with regular use and wear and tear through foot traffic and furniture movement. This makes it a solid flooring investment choice for the long-term, combined with the fact that it requires very little maintenance.
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Acoustically Sound
Studies have shown that elevated noise levels from hard surface flooring can negatively affect the health and well-being of employees. LVT offers better acoustic properties than hard surface flooring like ceramic tile and it won’t chip or discolor.
Armstrong Flooring reports that building materials and furnishings can affect the acoustics of a building in three ways through information gathered on acoustical data:
- Sound Absorption: They can absorb sound, lowering background noise levels and reducing reverberation within a room.
- Airborne Sound Transmission: They can serve as acoustical insulation and reduce transmission of airborne sounds, such as voices, between rooms.
- Impact Sound Transmission: They can serve as impact sound insulation and reduce the transmission of impact sound, such as footsteps, from one room to another below or adjacent to it.
Darwin Fisher Commercial Flooring LVT installation at Entertainment One
In healthcare, we’ve seen a trend towards installation of newer finishes like LVT over traditional ceramic. Flooring decisions in healthcare depend on how it will affect patients, safety, indoor air quality and infection control. Floor surfaces also need to be slip resistant and offer smooth transitions from one area to another for staff/patients and related equipment. Part of the reason beyond new finishes and designs, is that these technologies offer sound transmission protection. Dentists and doctors stress the need for soundproofing. Walls, ceiling and flooring materials selected need to help protect patient privacy and hinder sound travel.
According to Verified Market Research “increase in disposable income, beneficial properties of Luxury Vinyl Tile and the increase in construction and remodeling activities are some of the major factors driving the market. The increase in disposable income of consumers had led to changes in their lifestyle choices and preferences as well. Moreover, this has also led to an increase in the number of construction-for residential as well as office space, and remodeling activities. The beneficial attributes of LVT-ease of installation and application, easy to maintenance, cost-effectiveness, resilient to chemical reactions and provides an aesthetic appeal to space make them much more popular for use in residential as well as non-residential construction.”
Many Finishes and Manufacturers
There are a number of different types of LVT products on the market. Many manufacturers offer different performance ratios from one product to another. This includes the surface of the product, to the type of backing used, in addition to thickness of the tiles. Ensure your flooring installer is knowledgeable of the differences, quality and applications that would best suit your environment, including projected wear from foot traffic/furniture, installation, and maintenance and acoustic considerations.
For more information about LVT flooring installation solutions please fill out this form on our website or email us directly at info@darwinfisher.com.