Luxury vinyl tiles market predicted to experience rapid growth

According to an in-depth market research report by Data Bridge Market Research, the luxury vinyl tiles sector of the flooring market is forecast to have substantial growth during the next few years.

In 2021, the global luxury vinyl tiles market was worth 22.4 billion US dollars and is predicted to rise to 56.9 billion US dollars by 2029, a compound annual growth rate of 12.30%. Luxury vinyl tiles are a very popular choice for both residential and commercial buildings. They are an easy-to-lay glue-down flooring that is flexible, affordable, long lasting and easy to clean.

Technological advances have improved vinyl tiles, making them more durable and aesthetically pleasing, which has driven consumer demand. Changing lifestyles have led many consumers to prefer practical, hard wearing, easy-to-maintain flooring that is also stylish. Luxury vinyl tiles meet all these expectations.

Another factor driving demand is the expanding applications for luxury vinyl tiles in various industries that need hygienic, durable, hard surface flooring.

The report notes that the market is highly competitive, with many large international companies manufacturing luxury vinyl tiles. This has led manufacturers to invest heavily in research and development to design better flooring than their competitors.

Competition amongst manufacturers has also kept the cost of luxury vinyl tiles reasonable. While this type of flooring is not cheap, it is value for money. Luxury vinyl tile in Wrexham, Chester and North Wales homes can be installed by local flooring retailers.