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

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 Growth

Although 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
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