1 Global SPC, WPC, LVT Flooring and Decking Market Insight Analysis
In 2024, the global SPC, WPC, and LVT flooring and decking market is projected to value at $21041.23 million USD, with a forecasted CAGR of 10.23% from 2024 to 2033.
LVT or Luxury Vinyl Tile is a modular vinyl flooring tile. It is the upgraded version of the traditional vinyl flooring and features everything that a floor need – realistic designs, elegant appearance, durability, waterproofness, and affordability.
WPC or Wood-Polymer Composite, also known as Wood-Plastic Composite is widely acclaimed for its 100% water resistance nature. Lavishing look, waterproof, DIY-friendly, realistic aesthetics, and extraordinary durability are the core qualities of WPC vinyl tiles.
SPC stands for Stone Plastic or Polymer Composite. Featuring a limestone core alongside PVC dust and preservatives; SPC is one of the most rigid and highly scratch resistance and impact-resistant vinyl floor tile options available today.
Figure Global SPC, WPC, LVT Flooring and Decking Market Size (M USD) and CAGR (2024-2033)
2 SPC, WPC, LVT Flooring and Decking Market Growth Drivers and Restraints
The SPC, WPC, and LVT flooring market is influenced by a multitude of factors that either propel its growth or hinder its expansion. Among the key drivers is the increased demand for modern flooring solutions due to global urbanization and the subsequent rise in construction activities. As urban populations continue to swell, there is a corresponding increase in the need for residential, commercial, and infrastructure spaces, which in turn boosts the demand for high-quality flooring materials. Additionally, the growing awareness of eco-friendly materials has led to a surge in demand for sustainable flooring options like SPC, WPC, and LVT, which are known for their recyclability and low environmental impact.
Another significant driver is the pursuit of healthier indoor environments, with consumers leaning towards flooring materials that emit low levels of volatile organic compounds (VOCs), such as formaldehyde. The market for vinyl flooring, which includes SPC, WPC, and LVT, benefits from its reputation as a low-emission material, aligning with the health-conscious choices of modern consumers. Moreover, the versatility and aesthetic appeal of these flooring materials, offering a wide range of designs and textures to mimic natural materials like wood and stone, cater to diverse decorative preferences and contribute to the market’s growth.
However, the market is not without its challenges. One of the primary restraints is the fluctuation in raw material prices, which is largely influenced by the prices of crude oil and coal. The volatility in the global energy market, due to geopolitical tensions and supply-demand dynamics, directly affects the cost of PVC resin, a key raw material for SPC, WPC, and LVT flooring. This price uncertainty can impact the profitability and production planning of companies in the industry. Additionally, the market faces competition from other flooring materials, such as hardwood and ceramic tiles, which pose a threat due to their established market presence and consumer preferences for traditional materials.
3 Technological Innovations and Mergers in the SPC, WPC, LVT Flooring and Decking Market
The SPC, WPC, and LVT flooring market is characterized by continuous technological advancements and strategic corporate moves that shape its competitive landscape. Technological innovation is a key factor driving the market. Mohawk’s Signature Technology transfers 64 layers of microdata to the floor by scanning, cataloguing and preserving the details and diversity unique to each wood, providing a multi-dimensional aesthetic that consumers can see and feel. Välinge’s 5G Cross technology makes floor installation fast, simple and effortless, suitable for installation in rectangular and square patterns. i4F’s True Grout technology mimics the beauty of modern ‘rectangular’ ceramics with grout for floors and walls, providing superior resistance to wear, stains and chemical household agents.
Corporate mergers and acquisitions are also an important aspect of market development. CFL Flooring’s new plant expansion in North Vietnam strengthens its position as a reference in diversified supply. Mannington Mills’ sale of its Rigid Core manufacturing plant to Bossen New Materials Corporation is an example of a corporate strategic realignment to optimize its production capabilities and market positioning. In addition, ELETILE has obtained production and operation licenses through the Sino-US joint venture AFL, marking its official entry into the operation stage. This is the first step in the globalization strategy of production capacity, which significantly improves ELETILE’s supply and personal service capabilities in the North American market.
These technological innovations and corporate strategies not only enhance the market competitiveness of products, but also provide consumers with more choices and better services. With the continuous advancement of technology and the in-depth implementation of corporate strategies, it is expected that the SPC, WPC and LVT floor and deck markets will continue to maintain growth momentum and achieve significant market expansion in the next few years.
4 Global SPC, WPC, LVT Flooring and Decking Market Size by Type
SPC Flooring: Known for its rigidity and high resistance to scratches and impacts, SPC flooring is expected to generate a revenue of $12268 million in 2024, accounting for a 58.3% share of the total market. This type of flooring, which features a limestone core alongside PVC dust and preservatives, is rapidly gaining popularity due to its dimensional stability, waterproof properties, and ease of installation.
WPC Flooring: WPC, with its water-resistant nature and realistic aesthetics, is projected to bring in $3339.83 billion in revenue, capturing a 15.87% share of the market. WPC flooring, composed of PVC resin and wood powder, offers a wood-like appearance with the added benefits of water resistance and durability, making it suitable for both indoor and outdoor applications.
LVT Flooring: LVT, the upgraded version of traditional vinyl flooring, is forecasted to have a market value of $5433.4 billion, with a market share of 25.82%. LVT flooring is valued for its realistic designs, durability, and affordability. It is lightweight, easy to install, and offers a wide range of design options that can mimic various materials such as wood and stone.
These market values and shares underscore the competitive landscape of the flooring industry in 2024. SPC’s dominance is attributed to its performance and durability, especially in commercial settings where high traffic and resistance to wear are paramount. WPC’s market share reflects consumer preferences for eco-friendly flooring with a natural look and feel, while LVT’s appeal lies in its versatility and cost-effectiveness, suitable for both residential and light commercial use.
Table Global SPC, WPC, LVT Flooring and Decking Market Size and Share by Type in 2024
|
Type |
Market Size (M USD) 2024 |
Market Share 2024 |
|---|---|---|
|
SPC |
12268.00 |
58.30% |
|
WPC |
3339.83 |
15.87% |
|
LVT |
5433.40 |
25.82% |
5 Global SPC, WPC, LVT Flooring and Decking Market Size by Application
Commercial Use: This segment includes a wide range of settings such as office spaces, retail stores, hotels, and restaurants. Known for their durability, low maintenance, and resistance to wear and tear, SPC, WPC, and LVT flooring solutions are highly sought after in the commercial sector. The market revenue for commercial use in 2024 is projected to be $5743.2 million, with a market share of 27.30%. The growth in this segment can be attributed to the increasing demand for modern, low-maintenance flooring in rapidly expanding commercial spaces globally.
Residential Use: Dominating the market, the residential use segment is expected to generate a revenue of $15298.03 million in 2024, capturing a substantial 72.71% of the market share. The popularity of SPC, WPC, and LVT flooring in residential applications is driven by their cost-effectiveness, versatility, and aesthetic appeal. These flooring options provide a practical and stylish alternative to traditional flooring materials like hardwood or carpet, making them a favorite among homeowners and apartment dwellers.
The application-based segmentation highlights the versatility of SPC, WPC, and LVT flooring solutions, catering to both commercial and residential markets. As urbanization and infrastructure development continue to rise, the demand for these flooring materials is expected to grow, further solidifying their position in the global flooring market.
Table Global SPC, WPC, LVT Flooring and Decking Market Size and Share by Application in 2024
|
Application |
Market Size (M USD) 2024 |
Market Share 2024 |
|---|---|---|
|
Commercial Use |
5743.20 |
27.30% |
|
Residential Use |
15298.03 |
72.71% |
6 Global SPC, WPC, LVT Flooring and Decking Market Size by Region
North America: With a market revenue of $8432.79 million in 2024, North America is expected to hold a significant 40.08% share of the global market. The region’s mature economy and growing demand for high-quality, sustainable building materials drive the growth of this market share. Technological innovations and consumer preference for eco-friendly products further boost the expansion of the SPC, WPC, and LVT flooring market in the region.
Europe: The European market is projected to generate a revenue of $7184.35 million, capturing a 34.14% share. The region’s strong focus on sustainable construction practices and the adoption of eco-friendly materials contribute to the robust demand for SPC, WPC, and LVT flooring solutions.
Asia-Pacific: With a market revenue of $4180.80 million, the Asia-Pacific region is expected to have a 19.87% share. The rapid urbanization and infrastructure development in countries like China and India are driving the demand for high-quality flooring solutions, making this region a significant growth opportunity for the flooring industry.
South America and Middle East & Africa: These regions, though smaller in comparison, are expected to contribute $564.83 million and $678.45 million respectively, with shares of 2.68% and 3.22%. The growing demand for modern flooring solutions in developing economies and the push for sustainable construction practices are expected to fuel the market growth in these regions.
Figure Global SPC, WPC, LVT Flooring and Decking Market Size (M USD) by Region in 2024
7 Global SPC, WPC, LVT Flooring and Decking Market Analysis by Major Players
7.1 Shaw Industries
Company Introduction and Business Overview:
Shaw Industries Group, Inc., a subsidiary of Berkshire Hathaway Inc, is a renowned carpet manufacturer with a global presence, offering a wide range of flooring solutions.
Shaw Industries designs, manufactures, and distributes an extensive array of flooring products, including carpets, hardwood, and tiles and stones, catering to both residential and commercial sectors.
Products:
Shaw Industries provides resilient vinyl flooring with features like Armourbead™ wear layers, offering exceptional performance and style that mimic wood, tile, and stone looks.
Market Performance in 2024:
Shaw Industries led the market with a sales volume of 122 million square meters and a revenue of $1,871.18 million, boasting a gross margin of 31.61%.
7.2 Mohawk
Company Introduction and Business Overview:
Mohawk, established in 1988 and headquartered in the USA, is the world’s largest flooring company, offering a comprehensive range of hard and soft surface products.
Mohawk delivers style and performance for residential and commercial spaces globally, with a focus on innovation and sustainability in flooring solutions.
Products:
Known for products like Batavia II Brookside Beam, Mohawk offers flexible LVT with a 15-year limited residential warranty, showcasing their commitment to quality and durability.
Market Performance in 2024:
Mohawk achieved a sales volume of 38.5 million square meters and a revenue of $567.74 million in 2024, with a gross margin of 29.82%.
7.3 Taizhou Huali New Materials
Company Introduction and Business Overview:
Taizhou Huali New Materials Co., Ltd, established in 2002 and based in China, is a leading manufacturer of luxury vinyl tiles and composite flooring products.
Specializing in the production of LVT, SPC, and WPC flooring, Huali New Materials has established a strong presence in North America and Europe with its high-quality products.
Products:
Huali New Materials offers WPC flooring in various sizes and click types, with wear layers ranging from 0.15-0.7mm, catering to diverse market needs.
Market Performance in 2024:
Taizhou Huali New Materials recorded a sales volume of 44.7 million square meters and a revenue of $514.68 million, achieving a gross margin of 33.95%.
