Resilient LVT Continues to Lead in Floor Industry Growth
Resilient LVT Floorings Continues to contribute to Floor Industry Growth with Momentum
According the Floor Covering News, market sales size in resilient flooring in the United States market are now larger in dollar value compare to carpet floorings. For very long time carpet tiles has been the main stream in floor coverings, however, with rapid development of luxury vinyl floorings in recent years, for the first time in history, resilient floorings category have exceeded the sales of carpet flooring by $1.3 billion dollars. With market share growing from 12.2% share in 2014 to 34% share in $ value in 2022 across the whole categories of flooring industry. In addition. its worth noting that within the hard surface flooring categories, resilient floorings has accounted for over 56% in $ value in 2022.
Resilient Luxury Vinyl Floorings holds the largest market share in hard surface flooring market, with rigid core vinyl planks having the strongest growth in the market. Rigid core floorings, including SPC and WPC accounted for 60% of total resilient floorings $ sales.
Rigid Core SPC leads with the largest market share in Resilient LVT Floorings
The rapid growth in resilient LVT vinyl floorings are mostly originated from the introduction of Rigid Core Stone Polymer Composite SPC as a newly applied material in early 2017, and since then vinyl floorings in SPC planks has gained rapid expansion in market recognition and sales. The unique rigid performance in SPC floorings are highly favored especially by the residential markets.
Residential Prefer Rigid Core SPC & Commercial Prefer Semi Rigid Dry Back Resilient LVT
Its worth noting that while Residential market greatly prefers rigid core SPC planks over semi-rigid LVT tiles, the commercial sectors still favors over semi-rigid LVT as it offers low cost and prices. The low cost in semi-rigid LVT planks are most associated with its product specifications where it is often offered in thinner thickness, with addition fact that it does not feature uniclic click & lock edge so it does not need to pay a premium for unilin‘s patented license fee. This year, in beginning of 2023, major flooring brands and distributors have focused in new product launch in semi-rigid LVT floorings, this is partially due to the raise of commercial demands as well as rental & multi-family niche under the residential market.
Where does the market hold in 2nd half of 2023 year?
Sales data from 2022 has revealed that the flooring industry is in continuous growth even in the worst time of pandemics. Though there has been change in consumer preference as market data has shown. Resilient vinyl flooring sales, with significate portions coming from rigid core SPCs, has surpassed the sales value of carpet floorings, an indication that consumers now are highly in favor for luxury vinyl floorings that provide everyday use performance, easy to clean and maintain, and high affordability features, a unique positioning which carpet floorings does not deliver. Therefore throughout the year for 2023, we expect the growth momentum to continue with resilient LVT product categories. It is also expected that rigid core SPC floorings will also make most of the contribution towards floor industry growth as it is a highly favored product by the residential market. While for flooring businesses that focus in commercial and projects, dry back LVT are more considered as it has the advantage for having lower cost and pricings.
Sreelance Material Technology
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Sreelance Material Technology was found in 2021, specialising in premium quality floor covering products. With product offerings in Resilient LVT Luxury Vinyl Floorings, Laminate Floorings, and Carpet Tile Floorings, our flooring product solutions support global flooring businesses to expand with confidence.
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