The global WPC luxury vinyl tile market is anticipated to grow at a considerable CAGR of 10.8% during the forecast period (2022-2028). WPC luxury vinyl tiles are the wood plastic composite vinyl tiles used for the flooring in houses, and offices. The WPC vinyl tiles are mainly made of either recycled wood pulp and plastic or polymer composites that are expanded with air. The major factor attributing to the growth of the global WPC luxury vinyl tile market includes the increasing investment in construction and infrastructure across the globe. According to the Institute of Civil Engineers (ICE), the global construction market is anticipated to reach $8 trillion by 2030 due to the development activities of countries, including the US, China, and India. Additionally, governments of European countries are making significant investments in projects for developing smart cities. It is expected that there are around 300 smart cities in the European Union. Thus, increasing the application of WPC luxury vinyl tile in offices, and houses.
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The application of WPC luxury vinyl tiles is also increasing for flooring due to several advantages provided by WPC luxury vinyl tiles. These advantages include being easy to install, feeling good underfoot, providing waterproof flooring, very low maintenance and care, being available in several options of styles & colors, and many others. Thus, propelling the growth of the global WPC luxury vinyl tile market.
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The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instances-
- In January 2019, Gerflor Group, a manufacturer & marketer of innovative, decorative, and sustainable flooring solutions expanded its product portfolio of luxury vinyl tiles and planks by launching the “Creation 30” & “Creation 55” collection of luxury vinyl tiles. Gerflor offers luxury vinyl tiles of more than 35 new colors and styles consisting of about 10 formats of tiles and planks.
- In July 2018, Mohawk Industries Inc., an American manufacturer of flooring acquired Godfrey Hirst Group, an Australia-based flooring company operating in New Zealand & Australia. This acquisition is done by Mohawk Industries in order to expand its operations globally.
A full report of Global WPC Luxury Vinyl Tile Market is available at: https://orionmarketreports.com/wpc-luxury-vinyl-tile-market/112752/
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Mohawk Industries Inc., Tarkett, Forbo Management SA, Shaw Industries Group Inc., and Armstrong Flooring Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global WPC Luxury Vinyl Tile Market Report by Segment
By Type
- Rigid Tile
- Flexible Tile
By Application
- House Construction
- Office Construction
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