South & Central America Luxury Vinyl Tile Flooring Market Forecast to 2031 - Regional Analysis - by Type and End User

The South & Central America luxury vinyl tile (LVT) flooring market was valued at US$ 598.36 million in 2023 and is expected to reach US$ 1.04 billion by 2031; it is estimated to register at a CAGR of 7.2% from 2023 to 2031.

Technological Advancements Fuel South & Central America Luxury Vinyl Tile (LVT) Flooring Market

Improved printing technologies have allowed for more realistic and intricate designs, enhancing the aesthetic appeal and making luxury vinyl tiles (LVT) flooring a more attractive option for consumers seeking the look of natural materials such as wood or stone. This innovation opens up new market segments, such as high-end residential properties and design-conscious commercial spaces, where the visual impact of flooring plays a crucial role.

The integration of enhanced performance features such as waterproofing and scratch resistance significantly broadens the applications of luxury vinyl tiles (LVT) flooring. Waterproof luxury vinyl tiles (LVT) allow for installation in moisture-prone areas such as kitchens, bathrooms, and basements, where traditional flooring options, including hardwood or laminate, may not be suitable. This expansion into previously untapped segments of the market increases the versatility and appeal of luxury vinyl tiles (LVT), further driving its demand in both residential and commercial sectors.

The incorporation of scratch-resistant properties enhances the durability and longevity of luxury vinyl tiles (LVT) flooring, making it ideal for high-traffic areas in commercial settings such as retail stores, restaurants, and healthcare facilities. This enhanced durability not only reduces maintenance costs but also extends the lifespan of the flooring, providing long-term value to customers.

South & Central America Luxury Vinyl Tile (LVT) Flooring Market Overview

The luxury vinyl tiles (LVT) flooring market in South & Central America is segmented into Brazil, Argentina, and the Rest of South & Central America. In South & Central America, the luxury vinyl tiles (LVT) flooring market has been experiencing steady growth propelled by various economic, social, and cultural factors. Increasing urbanization acts as a significant growth driver across South & Central American countries, leading to a rising demand for modern and aesthetically appealing flooring solutions in both residential and commercial sectors.

As urban populations expand, there is a growing need for durable, low-maintenance, and visually attractive flooring options such as LVT to meet the evolving preferences of consumers. For instance, according to UN World Urbanization Prospects, Latin America is among the regions with the highest rates of urbanization worldwide, with over 81% of the population living in urban areas and close to 50% of the population living in cities larger than one million inhabitants.

Economic development and improving living standards in countries such as Brazil, Colombia, and Argentina have strengthened consumer purchasing power, enabling them to invest more in home renovations and interior décor. This trend has surged the adoption of premium flooring materials such as LVT. Furthermore, the climate diversity across South & Central America, ranging from tropical rainforests to arid deserts, has influenced the choice of flooring materials. LVT's resistance to moisture, heat, and humidity makes it particularly suitable for regions with high temperatures and humidity levels, ensuring its popularity in areas prone to climatic extremes.

South & Central America Luxury Vinyl Tile (LVT) Flooring Market Revenue and Forecast to 2031 (US$ Million)

South & Central America Luxury Vinyl Tile (LVT) Flooring Market Segmentation

The South & Central America luxury vinyl tile (LVT) flooring market is segmented based on type, end user, and country.

Based on type, the South & Central America luxury vinyl tile (LVT) flooring market is bifurcated into rigid and flexible. The rigid segment held a larger share in 2023.

In terms of end user, the South & Central America luxury vinyl tile (LVT) flooring market is segmented into residential, commercial, and institutional. The residential segment held the largest share in 2023.

Based on country, the South & Central America luxury vinyl tile (LVT) flooring market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America luxury vinyl tile (LVT) flooring market in 2023.

Mohawk Industries, Inc.; Tarkett; Shaw Industries Group, Inc.; Interface Inc; AWI Licensing, LLC; Gerflor Group; and Forbo Holding AG are some of the leading companies operating in the South & Central America luxury vinyl tile (LVT) flooring market.