Superior properties of fiberglass, growth in construction industry and increasing investments in infrastructure industry are driving the market needs.
NEW YORK, NY, USA, Aug. 4, 2022 /EINPresswire.com/ — The global fiberglass flooring market is expected to reach USD 1.17 billion by 2027, according to a new report from Reports and Data . Innovation in technology and trouble-free installation advancements in the flooring industry are expected to expand the size of the industry over the years. The major market drivers are growing demand in the construction industry, along with changing customer lifestyles and increasing competition for insulation. The market is driven by growing consumer demand for flooring and increasing purchasing power of people. Its cost-effectiveness and environmental friendliness attract large consumers, which increases the total number of potential customers.
Fiberglass flooring is widely used in education, institutional, healthcare/hospital, hospitality, light fiberglass, light industrial, office, retail/shops, transport/public places, etc. As the market for downstream industries increases exponentially, the demand will increase accordingly. With the production released, the price has gradually decreased in recent years, and the expected amount will not increase. At the same time, improving energy, transportation costs, employee wages and equipment depreciation will play a key role in promoting market costs.
Fiberglass flooring, being customizable, is also recommended for non-residential purposes, due to its secure fixing and maintenance. Fiberglass provides more cushioning and improves ground feel. This form of flooring is constructed without glue and is unaffected by upward twisting. During the forecast period, fluctuating raw material prices as well as supply difficulties are expected to pose a significant challenge for flooring manufacturers and also limit the growth of fiberglass.
The impact of COVID-19:
The fiberglass flooring industry suffered some impact but maintained a relatively positive performance; analysts estimate that the market size will be further expanded in the coming years. The debilitating effect of the pandemic has negatively impacted production and demand, established supply chain and market disruption. This pandemic has affected the Asia-Pacific region the most, with China at the center of the cause. Many plans in different countries, influenced by the disease, have temporarily stopped. Its economic impact on businesses and financial markets is also not favorable. Equity market volatility and lower global growth are anticipated, which will affect the sale of Fiberglass Flooring.
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Major participants include Mannington Mills Inc., Milliken, The Armstrong Flooring Inc., NOX Corporation, Interface Inc., Gerflor, Shaw Industries Inc., Tarkett, TOLI Floor Corporation, and Mohawk Industries, among others.
Other key findings from the report suggest
• The Asia-Pacific region dominated the regions that held a significant market in 2019. Growth in construction in countries like India and China is expected to increase the use of lightweight and eco-friendly flooring.
• Rapid urbanization, increased government spending on infrastructure and construction, integrated retail are driving industry growth in APAC. The competitive environment among manufacturers has driven the adoption of technologies. This is driving the market and is expected to grow further with a CAGR of 7.6%.
• Due to its highly developed distribution channel industries, advanced processing capabilities, combined with a highly skilled workforce and growing R&D initiatives, the United States is among the leading countries in the market fiberglass flooring. The development of applications and the strong demand encourage producers to focus on new technologies to expand the market.
• The residential segment is expected to show volume growth from 2019 to 2027 at a CAGR of 7.2%. With the increasing focus on urbanization in emerging economies and increasing investment in renovation and refurbishment in developed countries, the market is growing.
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For the purposes of this report, the reports and data have segmented the global fiberglass flooring market on the basis of product, distribution channel, application and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
• Luxury vinyl tiles
• Vinyl composite tiles
• Vinyl sheets
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
• Retail distribution channel
• Commercial trend of wholesalers and distributors
Application Outlook (Revenue, USD Billion; 2017-2027)
To summarize, the report titled “Global Fiberglass Flooring Market” provides a detailed report of the market through in-depth research on involved companies, current market status, drivers and restraints, and scenario current and future oriented COVID-19. The study explores historical years to provide insights into the market estimation and fruitful opportunities for key players and new ventures.
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Main information presented in the report:
• Market revenue share by major business players, by type, application, and market scope of the global Fiberglass Flooring market
• Turnover of the main players and new entrants
• Competitive analysis of major players including company overview, product or service specifications, suppliers and buyers.
• Recent mergers, acquisitions, product launches, recent investments and joint ventures
• Regional analysis to provide insight into recent trends and opportunities
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