ASEAN Luxury Vinyl Tile (LVT) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The ASEAN LVT flooring market is projected to register a CAGR of more than 4% in the forecast period 2021-2026.

COVID-19 has shaken ASEAN economies and changed the market scenario. It has negatively impacted the ASEAN luxury vinyl tile (LVT) market. Accordingly, this segment witnessed the greatest hit in 2020. There were some concerns that transactions would be halted due to manufacturing industries shutting down due to the pandemic. The lockdown restrictions have limited the new purchases of LVT flooring, and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021.

Economic development and substantial infrastructure development have constituted regional revenue generation. Furthermore, patterns associated with domestic production, import and export, and consumption have helped market participants to analyze and capitalize on potential opportunities. In this region, LVT is sold to homeowners and contractors for condominium and large-scale property development projects, such as office/shopping complexes. Architects and interior designers often influence customer choices for ceramic tile products in the country. Besides, the qualitative and quantitative parameters provided in the report with detailed analysis highlight the driving and restraining factors of the ASEAN LVT flooring market. Thailand, Malaysia, and Indonesia have some of the largest and most successful tile manufacturers, who are constantly innovating in terms of product offerings in the country, which is expected to further fuel the demand for LVT in the region in upcoming years. The growth will be supported by increasing urbanization and mounting disposable income. The productive forces behind such an extravagant jump include tremendous growth of tile trade between ASEAN countries, which affords regional countries the possibility to establish themselves as the regional hub in the area.

Key Market Trends

Increasing Consumption of LVT in the ASEAN Region

A luxury vinyl tile (LVT) enhances the aesthetic appeal of a building, along with properties such as durability, comfort, and protection from extreme weather conditions. These factors are projected to drive the residential and commercial sectors during the forecast period.

The use of LVT flooring solutions in residential and commercial buildings also enhances the aesthetic appeal and provides durability and comfort. Luxury vinyl tiles are preferred for bathrooms, kitchens, laundry rooms, and basements due to their waterproof features in residential buildings. Further, LVTs do not trap dust and pet dander in the bedrooms. LVT is resistant to marks and scuffs, particularly when made with a UV-cured coating. While durability is always a consideration when selecting a flooring material, it is an absolute must for high-traffic applications such as airport terminals, schools, hospitals, and restaurants. All these factors are projected to drive the demand for LVT flooring solutions in the residential sector.

The Flexible LVT Segment is in Demand Due to Its Inherit Properties

The flexible segment is in huge demand in the luxury vinyl tile flooring market, as it is affordable and is installed in regions that have extreme weather conditions. The growth of the flexible segment remains high due to its properties, which makes it a preferred luxury vinyl tile flooring solution for residential and commercial applications. The flexible luxury vinyl tile flooring solutions are considered suitable for almost all applications, such as residential and commercial. It is a traditional glue-down flooring material, and it has several properties such as durability, flexibility, and ease of installation.

Competitive Landscape

The report covers major international players operating in the ASEAN luxury vinyl tile (LVT) market. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support