According to a new research report by Markets and Markets, "Luxury Vinyl Tiles Market by Type (Rigid And Flexible), End-Use Sector (Residential And Commercial), And Region (North America, Europe, Asia Pacific, South America, And Middle East & Africa) - Global Forecast to 2029",  the Luxury Vinyl tiles market is projected to grow from USD 18.8 billion in 2024 to USD 35.9 billion by 2029, at a CAGR of 13.7% during the forecast period.

The Luxury Vinyl tiles market is projected to increase in parallel to the growth of the construction industry across the globe, says the report. Factors such as an innovation in flooring solutions, increase in the residential and non-residential constructions, rising number of remodeling projects, along with a high demand for durable LVTs that can resist various weathering actions and chemical attacks & deterioration are factors expected to support the market growth during the forecast period, it says.

The report says that Flexible type segment accounted for the second highest CAGR during the forecast period. Flexible LVT (luxury vinyl tiles) is a versatile, multi-layered flooring material that features a base backing layer, a clear wear layer, and a protective topcoat, explains the report. 

It also adds that commercial end-use sector segment accounted for the second highest CAGR during the forecast period. Luxury vinyl tile has become a popular choice in the commercial sector due to its durability, appealing appearance, and low maintenance. It is being increasingly preferred over vinyl composition tile (VCT) in environments such as healthcare, education, hospitality, retail, offices, and public buildings., says the report. 

In terms of markets, the report adds that Europe is projected to be the second largest region in terms of volume during the forecast period.

The key players profiled in the report include Mohawk Industries Inc. (US), Tarkett (France), Shaw Industries Group, Inc. (US), Interface, Inc. (US), Gerflor (France), Forbo Flooring Systems (Switzerland), Armstrong Flooring (US), Mannington Mills, Inc. (US), Responsive Industries Ltd. (India), LX Hausys (South Korea) and other leading companies in this market.