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Luxury Vinyl Plank (LVP) Market to Garner Colossal Growth Backed by Increasing Demand for Scratch-Resistant Tiles, says Fortune Business Insights™

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Pune, India, March 08, 2021 (GLOBE NEWSWIRE) — The global luxury vinyl plank market size is expected to gain momentum backed by the growing demand for scratch-resistant flooring in the construction sector and the rising refurbishment activities worldwide. This information is published by Fortune Business Insights in its upcoming report, titled, “Luxury Vinyl Plank (LVP) Market, 2021-2028.”  The growing demand for water-proofing solutions has further led the companies to strategically adopt lucrative offers to attract consumers globally. For instance, in August 2020, Peek’s Floor Company announced the debut of LuxeCraft luxury vinyl plank (LVP) tiles and further reported massive discounts on all Karastan products in Dallas.
COVID-19 Impact: Consumers Spending Time at Home to Boost GrowthAlthough the pandemic has led to the lockdown announced by the government agencies globally, the demand for new flooring has witnessed a massive surge as people are confined to their home spaces. The growing number of people focusing on undertaking home improvement projects has led to the flourishing flooring business. This is likely to bode well for the growth of the market amid COVID-19.
Key Market Segmentation:Based on type, the market is bifurcated into Flexible and Rigid. On the basis of application, the market is divided into Residential and Commercial. Lastly, based on region, the market is segmented into Asia-Pacific, Europe, North America, the Middle East and Africa, and Latin America.
Get Sample PDF Brochure with Impact of COVID19:https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/luxury-vinyl-plank-lvp-market-103389
List of the Companies Operating in the Market:CFL FlooringDixie GroupMohawkArmstrongNovalisLG HausysNOX CorporationMannington MillsOthers
What does the Report Include?The global market for luxury vinyl plank (LVP) report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
KEY DRIVING FACTORSIncreasing Focus on Refurbishing Activities to Propel Market GrowthAccording to the Joint Center for Housing Studies, around half of the U.S. homes are in immediate need of repairs, renovations, and updates. The increasing number of aging infrastructures worldwide propels the demand for refurbishing activities. This is expected to boost the product’s demand during the forecast period. Moreover, rapid-paced urbanization and the increasing demand for scratch-resistant innovative tiles are anticipated to contribute to the global luxury vinyl plank (LVP) market growth during the forecast period.
Inquire Before Buying This Research Report:https://www.fortunebusinessinsights.com/enquiry/queries/luxury-vinyl-plank-lvp-market-103389
KEY REGIONAL INSIGHTSAsia-Pacific to Remain at Forefront; Growing Preference for Aesthetically Designed Tiles to Aid GrowthAmong all the regions, Asia-Pacific is expected to remain dominant and hold the largest global luxury vinyl plank (LVP) market share in terms of revenue during the forecast period. This is attributable to the growing preference for the latest and aesthetically appealing designs of tiles, coupled with the rising construction industry in countries such as India and China.The market in North America is expected to showcase substantial growth backed by the increasing consumer spending on renovation activities that is likely to propel the demand for advanced luxury vinyl plank (LVP) tiles in the region between 2021 and 2028.
COMPETITIVE LANDSCAPEProduct Launches by Major Companies to Intensify Industry CompetitionThe global market for luxury vinyl plank (LVP) comprises small, medium, and large companies striving to maintain their presence by developing advanced LVP products to cater to the growing demand from the building and construction industry. Moreover, other key players are adopting strategies such as merger and acquisition, partnership, and facility expansion that will favor the growth of the market during the forecast period.
Key Industry Development:January 2020 – Novalis Innovative Flooring introduced the first-ever U.S manufacturing facility in Whitfield County. According to the company, the facility is equipped with the most advanced technologies for Rigid Core Luxury Vinyl Tiles production.
Browse Detailed Summary of Research Report with TOC:https://www.fortunebusinessinsights.com/luxury-vinyl-plank-lvp-market-103389
About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:Fortune Business Insights™ Pvt. Ltd.308, Supreme Headquarters,Survey No. 36, Baner,Pune-Bangalore Highway,Pune – 411045, Maharashtra, India.Phone:US: +1 424 253 0390UK: +44 2071 939123APAC: +91 744 740 1245Email: sales@fortunebusinessinsights.comFortune Business Insights™LinkedIn | Twitter | Blogs

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