2024-05-09
LVT is currently one of the best-selling products in the flooring market, with rapid growth in applications in commercial facilities, hospitals, and homes. It not only encroaches on the market share of other polyethylene flooring products but also takes market share from hardwood flooring, tiles, and even carpets. One of the advantages of LVT is its high level of imitation, with surface textures and embossed effects that make it almost indistinguishable from the materials it mimics. Additionally, LVT is quite different from traditional vinyl flooring, being made into thicker planks that conform to popular shapes and sizes. LVT also takes installation into thoughtful consideration. It can be installed with overlapping structures, self-adhesive techniques, or directly glued to the floor substrate, and it can be paired with specialized underlayers to meet various requirements.
The production history of LVT dates back to the mid-20th century when Kentile Company first introduced polyethylene tiles. In the past decade, innovations in the design and performance of LVT have significantly increased its development potential. Over the past few decades, the U.S. market has heavily relied on imported LVT, with a few domestic manufacturers. Some companies dealing in LVT collaborate with foreign manufacturers, with a large portion of LVT products made in Asia. While many Asian products are low-cost, some are priced higher, with performance and design comparable to Western products.
In recent years, investments in LVT in the United States have exceeded $500 million. The first significant event was Mannington’s acquisition of Amtico in 2012. Amtico is one of the world’s largest LVT manufacturers, with factories in the UK and the US. Over the next two years, Armstrong began constructing an LVT plant; Shaw closed its carpet factory and shifted to LVT production; Mannington expanded its Georgia plant on a large scale; FloorFolio built a plant in New Jersey; Tarkett invested in LVT production in Alabama; IVC built a large polyethylene flooring factory in Dalton and an LVT factory in Belgium, and then started building another LVT plant in Dalton, eventually leading to the company’s acquisition by Mohawk. Recently, Korean giant Nox completed an LVT plant in Florida. Most of these new LVT plants are already operational.
Industry experts are studying and speculating on the potential impact of this new capacity on the market and how Asian manufacturers might respond if their products are no longer purchased by these major flooring companies. The new capacity may be absorbed by the inherent market growth, or Asian manufacturers may strive harder to expand their markets in nearby regions. However, a shrewd insight is that competition for market share will arise both domestically in the US and overseas, potentially leading to price reductions for LVT. Domestic LVT manufacturers in the US will do their utmost to ensure robust production growth. Most manufacturers will likely produce products at various price points: low-priced entry-level products to compete with Asian products, mid-priced products as a basic support, and high-end products with advanced performance to push the products toward optimal profitability.
There are now over ten companies in the United States, such as Shaw, Armstrong, Mohawk, Tarkett, Congoleum, Mannington, Flexco, FloorFolio, Nox, and Allied Tile, that are already producing or will soon be producing LVT in domestic factories. In addition, there are several key companies that manufacture in Asia and sell in the United States. Metroflor has factories in mainland China and Taiwan, with recognized products in both the residential and commercial markets. American companies such as Earthwerks, Parterre, Beaulieu, and Home Legend sell residential and commercial LVT products through manufacturing partnerships or orders. The Hong Kong company Novalis has been manufacturing in China and selling in the global market for over 30 years, with outstanding performance. The major British company Karndean also manufactures in China. US Floor manufactures its patented product "Coretec," which uses wood plastic composite (WPC) as the core layer, in China and has seen strong sales in the market. The French company Gerflor manufactures a range of commercial products, including distinctive LVT, in its home country. Asian manufacturers have factories not only in mainland China but also in Taiwan, South Korea, Indonesia, and Japan.
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