The global luxury vinyl tile (LVT) market is expected to exhibit strong growth, reaching USD 40.9 billion by 2030. As per the report titled "Luxury Vinyl Tile (LVT) Market Size, Share & COVID-19 Impact Analysis, By Product Type (Flexible Luxury Vinyl Tile (LVT) and Rigid Luxury Vinyl Tile (LVT)), By Application (Commercial Use and Residential Use), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 19.1 billion and USD 40.9 billion in 2030. The market is expected to exhibit a CAGR of 11.50% during the forecast period.
 
Vinyasa, which Produces Premium Vinyl Tile Flooring, was Purchased by Tarkett in France

In November 2021, for an undisclosed sum, Tarkett, a French business engaged in the luxury vinyl tile flooring industry, purchased Vinyasa, a Mexican firm engaged in the production of luxury vinyl tile floorings and specializing in VCT product lines. With this acquisition, Tarkett is increasing its manufacturing in North America while concentrating on LVT flooring production at the Florence campus.


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Product Innovation to Boost Market Growth

A crucial trend gaining traction in the luxury vinyl tile (LVT) flooring sector is product innovation. The leading companies in the luxury vinyl flooring industry are concentrating on creating cutting-edge products with novel technology to replace natural materials in the products with improved stability and ecological performance. For instance, the French company Tarkett, which competes in the luxury vinyl tile flooring market, introduced its iD Inspiration line of luxury vinyl tiles in 2021. These tiles are designed to mimic natural materials like wood and stone. It is appropriate for places with moderate to heavy foot traffic and is designed for hospitality, education, residential, retail, and office interiors. The product was intended to enhance well-being by strengthening the bond between the indoor areas where people work, learn, and care for one another and the outdoors by utilizing the power of nature to design aesthetically pleasing interiors.
 
Emissions of Volatile Organic Compounds will Restrict Market Growth

Vinyl is a material that, for some time after installation, generates high quantities of VOCs. Near an installation, toxic substances can reduce the safety of the air quality and are known to result in respiratory issues eventually. As the increasing emphasis is on minimizing environmental impact and ensuring human health safety, strict rules addressing VOC emission limits may negatively affect market growth. Further factors limiting desire include vinyl's shorter lifespan than wood floors, difficulties recycling vinyl, and difficulty removing vinyl from the floor after installation.
 
Major Players Develop Acquisition Plans to Boost Brand Image

The leading businesses in the luxury vinyl tile (LVT) market plan acquisitions to improve their brand recognition globally. For instance, in June 2021, the French flooring business Tarkett Group introduced the premium vinyl tile series iD Inspiration and imitated natural materials like stone and wood. The new LVT product range is designed to be used in places with moderate to high foot traffic, such as residential, hotel, educational, and workplace spaces.
 
Recent Development:
January 2019: A new line of LVT-Luxury Vinyl Tiles & Planks, called Creation 30 and Creation 55, was introduced by Genflor. More than 35 new hues and patterns are available in the company's selection of LVTs. Additionally, it has ten different tile and plank formats.
 
List of Key Players Profiled in the Report
Novalis
Kenbrock
Forbo Flooring Systems
Allure
Polyflor
Galaxy Vinyl Flooring
interface inc.
Moduleo
Armstrong Flooring
Decoline

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