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Luxury Vinyl Plank (LVP) is a type of modern vinyl tiles used for flooring and are composed of Poly Vinyl Chloride (PVC). The PVC chips of desired thickness are formed and then cut into tiles. They are installed to get a smooth and levelled flooring for both residential and commercial buildings. These planks are durable and has good aesthetic features and has additional urethane coating to make it scratch resistant. Moreover, these tiles have high resistance to abrasions, impacts and chemicals. These tiles are low–cost and low maintenance which is expected to raise the market demand.
The cost-effective nature, low maintenance, easily replaceable nature, light weight and exceptional resistant properties to abrasion, scratch and chemical is expected to drive the market for the luxury vinyl plank during the forecast timeframe. Additionally, advancement in technology in the adhesive flooring techniques and products is likely to boost the market growth.
However, shorter lifespan compared to the wooden and ceramic tiles is likely to hinder the overall market growth. However, extensive R&D in the product is likely to act as an opportunity in the upcoming period.
Key Market Driver -
Exceptional properties and low maintenance cost
Key Market Restraint -
Shorter lifespan compared to wooden and ceramic counterparts
Based on type, the market is segmented into flexible luxury vinyl plank and rigid luxury vinyl plank. Based on application, the market is segmented into commercial and residential.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global luxury vinyl plank (LVP) market consists of global & regional players. Some of the key players operating in the market include CFL Flooring, Dixie Group, Mohawk, Armstrong, Novalis, LG Hausys, NOX Corporation, Mannington Mills, and Others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the market attributed to the shifting customer preferences towards new designs and aesthetics along with growing construction industry. Additionally, the changing constructional and infrastructural trends in China and India are expected to drive the regional market. The North America is expected to show significant growth due to the ample spending of consumers for construction and renovation. European regions are expected to show moderate growth due to rising disposable income coupled with growing infrastructure spending by the government. Latin America and Middle East and Africa are expected to show sluggish growth by the end of the forecast period.
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