Economic Advances Can Propel Fiberglass Flooring Market
Overview:
Fiberglass floorings are known mostly for their easy fixing qualities and maintenance. These types of floorings have significant traction in non-residential sectors. However, the residential sector is witnessing substantial growth recently. The product is quite versatile and cost-effective, along with environment-friendly. The global fiberglass flooring market can benefit from such features and quite easily with substantial CAGR during the forecast period (2016-2022).
Fiberglass’ cushioning, its ability to use glue as adhesives have reduced the troubles regarding installation and its aesthetic value gives it an edge over its other flooring competitors. The market is reaping the benefits of increasing disposable income, especially in developing countries where due to huge population and growing urbanization, scopes are better for market expansion. Its use as backing material for luxury vinyl tiles, vinyl composite tiles, and vinyl sheets gives it a wider expanse to proliferate. Fiberglass is also durable and non-allergen owing to which a lot of people prefer this fiberglass over other components.
However, the fluctuating cost of raw materials can be a big market deterrent. But its benefits can take out any long-time sluggishness.
Segmentation:
MRFR’s analysis of the global fiberglass floor market reveals segmentation based on the application and it has three segmentation; residential, non-residential, and industrial. The segmentation aims at providing a complete overview of the market in the coming years.
The non-residential segment has substantial market coverage owing to areas such as retail stores, office buildings, hotels, theme parks, shopping malls, hospitals, cafes, and leisure centers are driving the global need considerably.
The residential segment is expecting profit from emerging economies where the increasing disposable income is providing the market with opportunity.
Regional Analysis:
The global fiberglass flooring market, as per the detailed analysis of MRFR, includes North America, Asia Pacific (APAC), and Rest-of-the-World (RoW). This analysis enables the market in reading growth pockets comprehensively to ease the market expansion plans.
In North America, the market growth is quite rapid. Several constructions and building activities are going on and due to hike in investments. At the same time, urbanization of many cities is now demanding several changes which is providing the non-residential sector substantial traction. This is bound to provide substantial market for the regional fiberglass flooring sector.
The APAC market expected to reign the global market during the forecast period. The region is also the fastest growing one in terms of CAGR during the forecast period. The region is also banking on several constructions and building activities to prosper. China and India are expected to provide thrust to the regional market owing to their increasing economies is growing rapidly due to the factors such as increased construction and building activities. The presence of notable construction companies such as Unitech, DLF, Leighton Asia, and NITTOC Construction in the region can impact the market.
Latin America is expected to provide the regional fiberglass flooring market substantial traction by properly using the opportunity of increasing disposable income. Several government projects such as ‘Bogota project’ regarding housing issues are expected to take the regional market forward.
Competitive Landscape:
Multiple companies are getting involved in the global fiberglass flooring market to benefit from the market opportunities. These companies, as profiled by MRFR, are NOX Corporation (South Korea), Mohawk Industries (U.S.), Armstrong Flooring, Inc. (U.S.), Gerflor Group (France), Shaw Industries Group, Inc. (U.S.), Milliken & Company (U.S.), Mannington Mills, Inc. (U.S.), TOLI Floor Corporation (Japan), Tarkett (France), Interface (U.S.), and Polyflor ltd (U.K). Their individual strategies to progress in the market also settle the cornerstone for market expansion