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Luxury vinyl tile (LVT) floorings are types of tiles designed to mimic various wood and stone texture floorings along with added benefits. They are made up of PVC and calcium carbonate, LVT’s are multi-layered sheets consisting of the outer protective coating also called as wear layer, core layer for stability, and an under layer to make it durable and comfortable. The longevity of LVT flooring depends on the wear layer thickness. LVT floorings are cost effective than their wood and stone counterparts, making them the preferred flooring solution.
The global LVT flooring market is driven majorly by rise in the construction industry. Construction of new residential and commercial spaces, remodeling and renovation of the existing structure controls the LVT market. Further, LVT floorings have reasonable installation and maintenance cost as compared to wood and ceramic tiles, which leads to new consumers globally. On the contrary, short lifespan, volatile organic content (VOC) content, and variable temperature conditions of LVT floorings are the major restraints for the market growth. Hence, these require constant temperature for functioning efficiently, thus limiting its use in countries that witness temperature fluctuations.
However, in the process to dominate the Luxury Vinyl Tile Flooring Market share, companies involve in R&D to innovate and enhance the durability, recyclability, and reduced costs of the LVT floorings. This is expected to offer new opportunities for the global LVT market growth. For example, use of nanotechnology and ceramic wear layers protects the LVT from all kind of disruptions such as wear, spillage, and sun-exposure, making them suitable for high traffic areas. Further, LVTs are being designed to be 100% recyclable made with 35-55% recyclable material, which have built-in noise barrier, decreased TVOC, and are phthalate-free.
The global LVT flooring market is segmented into installation type, thickness, end-users, and region. On the basis of installation type, the LVT floorings market is divided into loose lay and glue down. Loose lay is further sub-divided into tape, lock, and floating installations; whereas glue down includes troweling or roll on application and use of spray adhesives. By thickness, it is categorized into 1-3mm, 3-5mm and above. The end-users are bifurcated into residential and non-residential construction sector. Non-residential end-users include shopping malls, hospitals and airports. By region, it is analyzed across North America, Europe, Asia-Pacific and LAMEA countries.
The key players in the design, manufacture, and installation of LVT floorings are Responsive Industries Ltd., Spectra Contract Flooring, Armstrong Flooring, Inc., Gerflor Group, Ambience Hardwood Flooring, Forbo Flooring Systems, M S International, Inc., Shaw Industries Group, Inc., Interface, Inc., and Polyflor Ltd., among others.
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