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India Luxury Vinyl Tile (LVT) Market- Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

India Luxury Vinyl Tile (LVT) Market- Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Indian floor covering industry has been passing through an exciting period, due to the influx of newer materials, technology, and specialized machinery. But LVTs market in India is concentrated among 5-6 brands and these are entirely dependent on imports. The India vinyl flooring market reached a volume of 42 million square meters in 2020 while growing at a CAGR of greater than 5% between 2016 and 2020. The market is further expected to grow at a positive rate in the forecast period of 2021-2026.

Lockdown due to COVID-19, the Flooring industry in India is experiencing a slowdown in the economy, which halted the construction of housing and building projects in India. It has affected the market for LVT flooring. Due to lockdown the new purchases of LVT in India has been decreased. The industry is anticipated to bounce back during the forecast period (2021-2026).

The product is used in niche segments and is dependent on the influence of leading architects and consultants. The nature of the demand for flooring products in India does not favor the usage of LVT; hence, the product sees very low penetration. High prices and product characteristics that do not suit Indian customer demand play a critical role in low volumes of sales for LVT suppliers in India. The surge in economic activity in India has led to growth in commercial Grade A office space and demand for private and international schools. Project scales, especially with respect to industrial and commercial flooring, have increased dramatically in recent years.

In India, the growth trends of the LVT floor covering industry have not been like those of other segments in the construction industry but are capturing the market steadily. Increasing emphasis on quality and adherence to strict deadlines, while at the same time sticking to the budget, are factors that are going to be driving the trends in the LVT flooring industry. The customer needs quality, functionality, and long-term performance, all at competitive prices. Thus, LVT floors that are easy to clean and maintain, and offer excellent wear resistance are getting demand. The healthy growth rate maintained by industrialization and the buoyant urban infrastructure scenario are factors that may help the growth of the market in near future. One of the trends in the Indian market has been the fact that the commercial flooring segment has been keeping up to the pace of growth of the LVT flooring market. The growth of the market is expected to increase soon. Similarly, increased disposable income and growth in tourism has led to an increase in customer spending through the retail sector and the increase in number of hotel rooms.

Key Market Trends

Industrialization is Acting as Catalyst to Grow the Market

Flooring is one area in the construction industry that has been witnessing rapid changes over the past two decades. The advent of several new technologies and the increasing use of specialized machinery have meant that the field has changed beyond recognition, especially with reference to the industrial and commercial LVT flooring segments. LVT helps to meet sustainability/environmental objectives because it can last twice as long if it is a high-quality, commercially rated product. Replacing LVT flooring every 12 years instead of every 6 years (the average replacement cycle for some hotels) is a more sustainable option through the reduction of waste. Low-maintenance flooring products like LVT require little water to maintain and do not need harsh chemicals to keep clean. The industrial and commercial flooring segments have been maintaining a healthy pace of growth in the recent few years, with India emerging as a key market for new technologies. The growth of LVT flooring in India is because commercial flooring has been maintaining a corresponding growth curve to that of the industrial flooring market.

The Residential Building Segment Leads the Luxury Vinyl Tiles (LVT) Flooring Market

Luxury vinyl tiles (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 sector during the forecast period. In addition, the increased per capita income and rapid urbanisation are the fuelling factors for rise in renovation and remodeling of existing homes and the rise in housing maintenance is further projected to drive the demand for luxury vinyl tiles in the residential sector.

The use of LVT flooring solutions in residential 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. Further, LVTs don't trap dust and pet dander in the bedrooms. All these factors are projected to drive the demand for LVT flooring solutions in the residential sector.

Competitive Landscape

The report covers major international players operating in the India Luxury Vinyl Tile (LVT) market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market

5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Rigid
5.1.2 Flexible
5.2 By End User
5.2.1 Residential
5.2.2 Commercial
5.3 By Distribution Channel
5.3.1 Manufacturer Owned Stores
5.3.2 Speciality Stores
5.3.3 Online Stores
5.3.4 Other Distribution Channels

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Responsive Industries
6.1.2 Inovar Floor
6.1.3 Polyflor India Pvt Ltd
6.1.4 Aditya Floors
6.1.5 Puneet India
6.1.6 Indiana International Corporation Flooring Pvt. Ltd.
6.1.7 Wedge India
6.1.8 Wonder Floor
6.1.9 Forbo Flooring India Private Limited

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 DISCLAIMER

Report Title: India Luxury Vinyl Tile (LVT) Market- Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


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