Superior properties of fiberglass, growth in construction industry, and rising investments in the infrastructure industry are driving the need for the market
NEW YORK CITY, NY, UNITED STATES, September 27, 2021 /EINPresswire.com/ — The global Fiberglass Flooring market is forecast to reach USD 1.17 Billion by 2027, according to a new report by Reports and Data. Innovation in technology and trouble-free installation advances in the floor covering sector are expected to widen industry size over the years. The key drivers of the market are rising demand in the construction industry, as well as shifting customer lifestyles and increasing competition for insulation. The market is driven by growing consumer demand for flooring, and people 's increased buying power. Its cost-effectiveness and eco-friendliness are attracting major consumers, increasing overall potential customers.
Fiberglass flooring is widely used in educational, institutional, healthcare / hospital, hospitality, light fiberglass, light industrial, office, retail / shops, transportation / public venues, and others. As the market for downstream industries increases exponentially, the demand will increase correspondingly. With production released, the price has gradually decreased over the past few years, and the amount expected will not rise. At the same time, improving energy, transportation costs, employee salaries, and depreciation of equipment will play a vital role in promoting market costs.
Fiberglass flooring, being customizable, is also recommended for non-residential purposes, due to its secure fastening and maintenance. Fiberglass provides more cushioning and improves ground feel. This form of flooring is built without glue and is unaffected by upward twists. During the forecast period, fluctuating prices of raw materials along with difficulties in sourcing them are expected to serve as a significant challenge for flooring manufacturers and also to restrict fiberglass growth.
The COVID-19 impact:
The Fiberglass Flooring industry has suffered some impact but maintained a relatively positive performance; analysts believe that the size of the market will be further expanded in the next few years. The pandemic's debilitating effect 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. Numerous plans in different countries, influenced by the disease, have come to a temporary stop. Its economic impact on companies and financial markets is also not favorable. Stock market volatility and decreasing global growth are anticipated, which will affect the sale for Fiberglass Flooring.
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Key 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.
Further key findings from the report suggest
• The Asia Pacific region dominated the regions that held a significant market in 2019. The growth in construction in nations like India, China, is expected to raise the use of lightweight and environmentally friendly floor coverings.
• The rapid urbanization, rising government spending on infrastructure and construction, integrated retailing boosts the growth of the industry in APAC. The competitive environment between manufacturers has resulted in the adoption of technologies. This drives the market and is anticipated to grow further with a CAGR of 7.6%.
• Because of its highly developed distribution channel industries, advanced processing capabilities, combined with a highly skilled workforce and growing R&D initiatives, the U.S. is among the leading countries in the market for fiberglass floorings. Developing applications and strong demand encourage producers to concentrate on new technologies to expand the market.
• The residential segment is expected to project volume growth from 2019 to 2027 at a CAGR of 7.2%. With the increasing focus on urbanization in emerging economies and increasing investments in remodeling and renovations in developed nations, the market is growing.
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For the purpose of this report, Reports and Data have segmented into 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
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Retail Distribution Channel
Wholesale & Distributor Business Trend
Application Outlook (Revenue, USD Billion; 2017-2027)
The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis. The report further explores the key business players along with their in-depth profiling, product portfolio, and strategic business decisions. The report has been formulated through extensive primary and secondary research and further validated by analysts, industry experts, and market professionals. The report also sheds light on the recent mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches, among others.
Regional analysis covers assessment of import/export, production and consumption ratio, supply and demand, cost, price, estimated revenue and gross margins, and presence of key players in the region. The report also offers insights about revenue growth, market size, market share, technological advancements, and presence of key players in each region.
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Regional Bifurcation of the Fiberglass Flooring Market Includes:
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Source: EIN Presswire