Fiberglass Flooring Market is projected to be worth USD 874.8 million by 2030, registering a CAGR of 7.40% during the forecast period (2022 - 2030).
Fiberglass Flooring Market Scenario:
Fiberglass flooring market is expected to grow USD 874.8 billion at a CAGR 7.40% during the forecast period. Fiberglass is a fiber-reinforced building material that is arranged and flattened for construction purposes. The demand for waterproof flooring, aesthetically pleasing realistic designs, and textures are increasing in residential units and commercial spaces. Such factors are considered as the primary driver of fiberglass flooring market growth. The superior properties such as non-magnetic, non-conductive nature, transparency of the fiberglass add value to the residential property or the commercial spaces and office spaces. The primary market drivers of the fiberglass industry are the aesthetical values and ease of installation.
Several developed countries owing to the favorable economic condition and increasing investment in the construction activities by the government are propelling the overall growth of the fiberglass flooring industry. Increasing population and the inclination towards a higher standard of living and the work from home trends encourage a large population to upgrade their homes to have aesthetical values. Such factors combined with the favorable economic condition are presenting lucrative opportunities for the overall growth of the fiberglass flooring industry during the forecast period.
COVID 19 Analysis:
The fiberglass flooring industry like any other industry was severely affected as the construction activities were reduced significantly during the pandemic. The economic declination and the stringent laws imposed due to the widespread of COVID- 19 have made the builders to postponed or halt the overall building operations. Moreover, the raw materials were not transported to the building sites and the manufacturing industries were shut down. Such factors have restricted the manufacturing procedures of the plastics and thereby affected the fiberglass flooring market growth.
The demand for fiberglass floorings was intensively used in educational institutions, hospitals, and the majority of commercial spaces. As these places were not operating, the demand for fiberglass flooring was also declining, despite the government funding and increasing inclination of the light-weight and eco-friendly floor coverings.
The increasing global population, increasing economic condition of the countries is considered as the major drivers of fiberglass flooring market growth. Moreover, the potential benefits of fiberglass flooring such as easier installation and supreme aesthetical value are further projecting the fiberglass flooring market growth in recent years.
The developing countries are increasingly focused to develop their industrial verticals. Especially the countries like India, Taiwan, and Mexico are emerging with numerous industrial units to support their country’s economic condition. Moreover, they are also improving the country’s infrastructural development, converting the urban areas into smart cities, such factors are fuelling the overall growth of the fiberglass flooring industry.
The government of several developed countries are increasing their overall expenditure on infrastructural development and are highly focused on developing green buildings and green cities where the emission of carbon dioxide is efficiently reduced. Such factors are presenting a lucrative opportunity for the overall growth of the fiberglass flooring industry.
The developed countries like North America, to build the overall growth of the fiberglass flooring industry are involved in increasing their distribution channels and adopting novel technologies in the construction industry. Such factors are presenting lucrative opportunities for the overall growth of the fiberglass flooring industry.
The fluctuation in the prices of the raw materials such as epoxy resin and logistics expense for transporting the raw materials to the manufacturing units are expected to hinder the overall growth of the fiberglass flooring industry.
The health-related issues on the long term usage, which includes, emission of airborne fibers that might affect asthma patients are considered as the major restraining factor of the fiberglass flooring industry.
Some of the developed countries are imposing stringent regulations on the fiberglass flooring industry, as airborne fibers are highly harmful to human health. Similarly, the bad smell from the resin binder which requires proper ventilation is one of the challenges in the fiberglass flooring industry.
Fiberglass technology is intensively used as windows and the majority of the manufacturers are simply sprinkling the fiberglass on the flooring materials. Such factors reduce the quality of the flooring and thereby affect the overall growth of the fiberglass flooring industry.
Cumulative growth analysis:
The global fiberglass flooring market value was at USD 714.6 million in 2019 and it is expected to surpass the market value of over USD 1040.7 million by the year 2026 while registering a CAGR of 5.4% during the forecast period. The market growth estimate is primarily due to the growing innovations in the vinyl tiles and the advent of premium items that enhance the aesthetical values of the flooring and the overall infrastructure. The increasing industrialization and the socialization of the communities in the developed countries are promoting fiberglass flooring systems in commercial spaces.
Moreover, the rapid development in the residential sector and the increasing technologies in the construction industry are impacting the overall growth of the fiberglass flooring industry. The commercial sector was holding a market share of about 25.6% in the year 2019 and the demand for the offices, recreation centers, and retail stores continue to grow since then.
Moreover, the consumer taste and preferences towards the sophisticated amenities and aesthetics are driving the fiberglass flooring market growth. Also, the advancements in technology have made the installation processes easier, such as interlocking structure, self-adhesive applications, and customized designs are some of the key benefits of utilizing fiberglass flooring systems in commercial spaces.
Value chain analysis:
The fiberglass flooring industry is rapidly expanding due to the presence of various end-user industries such as the automobile industry, manufacturing industry, telecommunication, semiconductor, and other significant industries. Moreover, the increasing demand of these end-user industries is spurring the overall growth of the fiberglass flooring industry. The developed countries are increasingly focused on developing their commercial spaces and public infrastructures such as expanding the Los Angeles airport, Philadelphia airport, Newark Liberty airport, and significant others. Such developments are propelling the Fiberglass flooring industry with significant CAGR. The potential benefits of the fiberglass flooring such as easier installation and customizable according to the demand are fuelling the fiberglass flooring market growth. However, the fluctuation in the price of the raw materials used for the flooring systems such as Epoxy resins is expected to hinder the overall growth of the fiberglass flooring industry during the forecast period.
Moreover, the commercial spaces and hospitals where the higher traffic of walking, pulling of the wheelchairs and heavy equipment are common, the maintenance is considered as the key factor for the flooring. Therefore the end-user industries are looking for ease of maintenance. As Vinyl composite flooring is considered the most efficient and offers easy maintenance, the demand for those floorings is higher, and therefore the vinyl composite segment had reached the market value of USD 253.4 million in the year 2019. On the other hand, Vinyl composite flooring is known for its higher longevity, higher stability, and easier of maintenance. Such potential benefits are propelling the overall growth of the fiberglass flooring industry.
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Currently, the Asia-pacific region is expected to have higher market growth in the fiberglass flooring industry, due to the rapid financial growth across the region and the rising disposable income. The nations such as Indonesia, Vietnam, Singapore, China are focusing on developing their key commercial infrastructure and public places to gain more tourist attention and to improve the economic value of the nation. Such factors are propelling the overall growth of the fiberglass flooring industry in recent years.
On the other hand, North America is holding a market share of 22.5% and is expected to grow with a healthy CAGR owing to the increasing industrial areas and automotive manufacturing, and other industrial areas. The rapid development of the office spaces and other commercial areas is fuelling the overall growth of the fiberglass flooring industry in recent years.
One of the leading market players, IVC group has recently introduced plans to invest about UDS 100 million in the Dalton plants primarily due to increase the productivity and to boost the fiberglass flooring market growth further.
One of the leading market players, Mohawk Industries had joined hands with Godfrey Hirst group which is based in Australia, which is known for its supreme quality carpets. This acquisition has helped in expertise in the production, marketing, and distribution of the overall product portfolio.
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|Market Size||874.8 million|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Technology, by Application, by Material|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Mohawk Industries (U.S.) , NOX Corporation (South Korea) , Gerflor Group (France), Armstrong Flooring, Inc.(U.S.), Mannington Mills, Inc. (U.S.), Shaw Industries Group, Inc.(U.S.), Tarkett(France), TOLI Floor Corporation (Japan ), Interface (U.S.) , Milliken & Company (U.S.) and Polyflor ltd (U.K)|
|Key Market Opportunities||
|Key Market Drivers||
• Mohawk Industries (U.S.) • NOX Corporation (South Korea) • Gerflor Group (France) • Armstrong Flooring, Inc.(U.S.) • Mannington Mills, Inc. (U.S.) • Shaw Industries Group, Inc.(U.S.)
The global fiberglass flooring market value was at USD 714.6 million in 2019 and it is expected to surpass the market value of over USD 874.8 million by the year 2030 while registering a CAGR of 7.40% during the forecast period.
• Luxury Vinyl tiles • Vinyl composite tiles • Vinyl Sheets
• Retail • Wholesale • Distributor business trend