At 7.2% CAGR, South & Central America Luxury Vinyl Tile (LVT) Flooring Market is Projected to be Worth US$ 1,044.21 Million by 2031, says Business Market Insights

According to Business Market Insights' research, 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$ 1,044.21 million by 2031, registering a CAGR of 7.2% from 2023 to 2031. Cost-effectiveness of luxury vinyl tiles (LVT) flooring and growing residential construction are among the critical factors attributed to the South & Central America luxury vinyl tile (LVT) flooring market expansion.

Luxury vinyl tiles (LVT) flooring's affordability compared to natural materials such as hardwood, stone, or ceramic tiles makes it an appealing option for consumers and businesses, especially for those who operate within tight budget constraints. Luxury vinyl tiles (LVT) offer a lower initial purchase price and deliver long-term value through their durability and low maintenance requirements. The ease of installation further enhances its cost-effectiveness, as the straightforward click-and-lock or adhesive installation methods reduce labor costs and construction timelines. This is particularly advantageous for large-scale projects where minimizing labor expenses is critical for staying within budget. Moreover, the long-term durability of luxury vinyl tiles (LVT) flooring contributes to its cost-effectiveness by minimizing replacement and repair expenses over time. Its resistance to scratches, stains, and wear ensures that it maintains its appearance and functionality even in high-traffic areas, reducing the need for frequent repairs or replacements.

The low maintenance requirements of luxury vinyl tiles (LVT) flooring further result in cost savings for homeowners and businesses, as it requires minimal cleaning and upkeep compared to other flooring materials. Furthermore, the customization options available with luxury vinyl tiles (LVT) flooring allow consumers to achieve their desired aesthetic without incurring high costs associated with customizing natural materials. Additionally, advancements in luxury vinyl tiles (LVT) technology have led to the development of energy-efficient and insulating variants, further enhancing its cost-effectiveness by helping to regulate indoor temperatures and reduce energy bills.

On the contrary, environmental concerns hamper the growth of South & Central America luxury vinyl tile (LVT) flooring market.

Based on type, the South & Central America luxury vinyl tile (LVT) flooring market is bifurcated into rigid and flexible. The rigid segment held 72.9% share of the South & Central America luxury vinyl tile (LVT) flooring market in 2023, amassing US$ 436.27 million. It is projected to garner US$ 771.21 million by 2031 to expand at 7.4% CAGR during 2023-2031.

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 66.3% share of the South & Central America luxury vinyl tile (LVT) flooring market in 2023, amassing US$ 396.99 million. It is estimated to garner US$ 715.52 million by 2031 to expand at 7.6% CAGR during 2023-2031.

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 held 44.7% share of South & Central America luxury vinyl tile (LVT) flooring market in 2023, amassing US$ 267.35 million. It is projected to garner US$ 480.13 million by 2031 to expand at 7.6% CAGR during 2023-2031.

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

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