5 Reasons Why LVT Popularity Continues to Grow: Research

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.

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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.

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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.

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Floor Covering Weekly top LVT brands

5 Reasons for the rise of LVT popularity:

  1. 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:

  1. Polyurethane coating (sometimes re-enforced with ceramic bead, silica bead or aluminum oxide) to improve durability
  2. Protective clear layer known as the ‘wear layer’
  3. Print film layer (with your chosen design)
  4. Vinyl core
  5. 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).

  1. 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.

  1. 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.

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Darwin Fisher Commercial Flooring LVT IMAX installation

  1. 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.

  1. 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.
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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.

Global Flooring Market Expected to Grow From 2021 – 2028

A global flooring market 2021 research report shows the market will continue to expand due technological advancements in materials and application, coupled with increased government spending on infrastructure.

In February, Grand View Research Inc. , headquartered in San Francisco, CA, released its global flooring market analysis report. The report states that the global flooring market size was valued at USD $388.24 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2021 to 2028.

global flooring market 2021 research

The report looks at the global flooring market size from 2016-2019, with expected growth to 2028. This includes forecasts of how market drivers, restrains and future opportunities will affect market dynamics. Also provided are segments and regions along with reasons for growth. Grand View Research has also provided an in-depth analysis of sustainability strategies adopted by leading market players.

Report Insights

The rising need for privacy and reduced noise has spurred the demand for insulation across the flooring market as a well-insulated floor improves acoustics. For more information on our recent article regarding flooring and acoustics click here. This has resulted in the growing demand for insulation, thereby supporting market growth.

Moreover, consumer preferences for aesthetically improved designs, textures, & colors and low-maintenance & easy-to-install floorings are anticipated to ascend the market growth. For more information on some of the leading types of commercial products click here.

Strong industrial and economic development coupled with population expansion is likely to have a positive impact on the product demand over the forecast period. The report also states that the development of hassle-free installation techniques, availability of innovative construction solutions, and the rising demand for environmentally sustainable products are anticipated to fuel the industry growth. The presence of a stringent regulatory framework on the production, usage, implementation, and recycling is also likely to have a positive impact on the market growth.

Increased R&D in flooring products in addition to customization options, in terms of color, texture, and finishing, offered by the manufacturers have contributed to higher product demand, also augmenting the market growth.

Product Insights

The report further states, the non-resilient flooring segment led the market and accounted for more than 61% share of the global revenue in 2020 due to a rise in the number of residential and commercial construction activities across the globe. The segment will retain its leading position throughout the forecast period on account of the high demand for these products due to their excellent water resistance and durability.

The resilient flooring segment is estimated to register the fastest CAGR from 2021 to 2028 due to the high demand for these materials in commercial applications, such as offices, gyms and hospitality buildings. These products are cost-efficient and durable and are the right fit for use in high-traffic residential and commercial areas on account of their ease of maintenance and noise-reduction capabilities. Moreover, resilient floorings are dense, non-absorbent in nature, and comfortable to walk on.

Ceramic and natural stone were cited as popular materials for construction applications. Seamless flooring is applied in the industrial environment, wherein, a large floor area is covered with resins and concrete materials.

Application Insights

Rising demand for highly durable and cost-efficient flooring for use in high-traffic commercial areas is projected to boost the commercial application segment growth over the forecast period. The development of new products and easy installation techniques are also driving the commercial segment. Expansion of modern offices and workspaces, growing renovation activities in commercial spaces, and rapid industrialization in developing economies are further expected to propel the segment growth.

global flooring market 2021 research

Regional Insights

The report states that demand for flooring in North America is anticipated to increase over the forecast period. The construction industry in the U.S. and Canada coupled with rising demand for single-family houses in the region is likely to provide growth opportunities to the market.

Key Companies & Market Share Insights

Technological advancements, R+D, coupled with new trends in floor designs and construction solutions have driven the overall market. There are a variety of market players and each of these companies offer a variety of products for residential, commercial, and industrial applications. Several manufacturers are engaged in research & development activities to introduce sustainable flooring materials.

Some of the prominent players cited in the global flooring market include:

 

For  more information regarding Grand View Research’s methodology please click here.

To see related articles regarding commercial flooring trends please click here.

For more information about flooring installation solutions please contact us here.

 

Flooring Market Trends 2020 Report: Increased Growth Due Technology Advancements and Construction

The global flooring market will continue to expand due technological advancements in materials and application, coupled with the increased growth in the construction sector, according to a recently released research report.

In February, Grand View Research Inc. , headquartered in San Francisco, CA, released its global flooring market report. The report states that fuelling the global flooring market is the rising need for aesthetic interior materials in building structures, in addition to the strong growth of construction sector, especially in the emerging economies.

Commercial application dominated the market in 2019 and is anticipated to continue leading over the forecast period. Rise in construction projects for office spaces, hospitals, healthcare facilities, educational institutes, and others across the globe is likely to support the demand in the forthcoming years.

We have also witnessed these changes first hand. “Prior to the last few years, most commercial projects were straightforward functional builds,” says Doug McDonald, President of Darwin Fisher Commercial Flooring. “There wasn’t much in the way of design and many projects were similar. Today the commercial flooring market has seen a strong emergence of colour/texture palettes and a variety of applications and dimensions. More resources are now being spent on accents and textures in the design of a commercial space. There are more colours, borders and features inlayed within walls/floors in commercial projects, including non-public spaces.”

Grand View Research reports, the overall size of the global flooring market size was estimated at USD 369.26 billion in 2019 and is expected to expand at a compound annual growth rate of 5.9% from 2020 to 2027.

commercial flooring trends 2020

The report states that in U.S., the market for flooring is dominated by soft covering flooring products, such as carpets tiles and wall to wall carpets. However, consumer preferences for aesthetically improved designs, textures, and color and low maintenance and easy to install flooring options are anticipated to drive the demand for resilient materials over the forecast period.

Availability of a wide variety of customizable materials and options coupled with a wide distribution network of industry players has resulted in product reach to major construction projects, thus have supported the growth in the past few years.

GrandView Product Insights

According to Grand View past research, in 2019, soft covering flooring accounted for the revenue of USD 47.5 billion and is anticipated to accelerate at a CAGR of 4.9% over the forecast period.

Commercial flooring market trends show the following:

  • Growing demand for cushioned floors and aesthetically enhanced materials for interior decoration is likely to support the demand for carpets and broadloom floors.
  • Resilient materials are gaining traction in commercial application, such as offices, fitness centers, and hospitality buildings. However, these materials are less likely recyclable, which is expected to restrain the growth, states the report.
  • Rubber flooring is primarily used in commercial spaces. Natural and synthetic rubber floor tiles are exclusively used in fitness centers and other high-traffic spaces.
  • Ceramic and natural stone tiles are the popular choices when it comes to durability and extended life of the floor. Seamless flooring is applied in the industrial environment, wherein, a large floor area is covered with resins and concrete materials. The maintenance and installation of seamless type is less expensive as compared to its counterparts, cites the report.

Commercial Flooring Market Application Insights

Commercial application dominated the market in 2019 and is anticipated to continue leading over the forecast period. Commercial flooring trends show that increased construction across various verticals and rising demand for highly durable and cost-efficient product for use in high-traffic commercial and industrial sectors is projected to drive the growth. The research house also says that considerably driving the market for commercial flooring is the development of new hassle-free installation techniques and related products.

commercial flooring trends 2020

For the global market industrial development in Asia Pacific with significantly increased construction spend in China and India and has majorly contributed to the establishment of new facilities and renovation of the existing ones, thus is likely to aid the demand for flooring products over the forecast period.

In North America specifically, the demand for resilient flooring stood at USD 63.4 billion and is anticipated to accelerate at a CAGR of 5.6% over the forecast period. The established construction industry here, coupled with rising demand for single-family houses is likely to provide growth opportunities for the market.

Key Commercial Flooring Market Players

For the commercial flooring trends in this report, GrandView states the prominent players in the market include Tarkett S.A.; Mohawk Industries, Inc.; Forbo Flooring; RAK Ceramics; Shaw Industries, Inc.; and Interface. These players compete based on product quality, prices, and geographical reach. They are focusing on mergers and acquisitions to enhance their portfolio and to sustain the competitive environment and enhance the product portfolio and to extend their geographical presence across the globe. Moreover, they are investing in R&D to produce recyclable and eco-friendly flooring, aggressive pricing strategies, and marketing management to compete in this market.

To contact Grand View for the full research report: Click here

For more information about commercial flooring and installation please contact info@darwinfisher.com