Fiberglass Flooring Market - Flooring The Evergrowing Demand

In these modern times, one’s residence is not just a place to live in comfortably but also a sign of the owner’s social status. With increasing disposable income in the world all around, standard of living is also rising exponentially. A good interior design of the house is a sign of comfortable living along with being a mark of high standard of living; and fiberglass floorings are becoming an essential part of home interior design, not just because of the aesthetic value but also due to several other properties which makes it indispensable for a comfortable home.

Fiberglass exhibits superior properties compared to felt backing including longer lifespan and non-allergen and this is anticipated to increase its usage tremendously over the upcoming years. Moreover, its weight and bulk strength are better than many metals, and it can be easily molded into complex shapes which are projected to aid in market augmentation. Due to these properties and many more, Fiberglass Flooring Market is expected to reach USD 987 million by 2025, according to a new report conducted by Grand View Research, Inc.

What’s So Impressive About Fiberglass Floors?

Fiberglass is a strong, lightweight material and used in vinyl flooring products including luxury vinyl tiles, vinyl composite tiles, and vinyl sheets.

We are heading into the new age and era of flooring with Fiberglass Flooring. It has the flowing advantages over all other types of flooring:

• It is highly cost effective.

• It won’t crack, stain or fade. It is much more durable and stronger as compared to other types of flooring.

• It is also scratch resistant.

• It is an amazing alternative to wooden flooring as well as wooden tile flooring.

• Fiberglass creates better stability and resistance when it comes to moisture, shrinking, and cracking. 

• Fiberglass floorings are installed very easily compared to the other floorings, along with that it can be replaced and renovated easily as well.

• It has variety of colorful options to choose from. These make it aesthetically more valuable than other flooring options.

Market Dynamics

The growing population and increasing per capita income coupled with rapid urbanization are expected to drive the market demand. Moreover, the rapid growth of the industrial sector is projected to spur the product’s usage for the construction of offices and facilities, which in turn, will aid market development over the upcoming years.

The growing commercial construction sector in India is expected to spur the growth of the fiberglass flooring market. Moreover, the continuing trend of economic development and population growth in the country is expected to drive the requirement for residential buildings, which in turn, will stimulate market expansion. This can be observed in the pie-chart below.

India fiberglass flooring market revenue share, by application, 2015 (%)

                                             

Numerous benefits that are offered by fiberglass floorings such as ease of installation and superior aesthetic value are anticipated to fuel the product demand over the upcoming years. Raw materials for the fiberglass flooring include epoxy resin, polyester resin, and glass fiber. However, volatile raw prices owing to fluctuating petroleum prices will restrain the market growth

Region Specific Insights

Asia Pacific was the dominant market and is expected to foresee significant growth on account of the strong expansion of the construction industry. Furthermore, the inception of infrastructural initiatives in India such as the “Smart City Mission” and its target to provide “Housing For all (20 million houses)” till 2022 will encourage urban renewal and the development of construction industry in the country, which in turn, will open new market avenues over the next few years.

North America is projected to witness considerable growth on account of rapid urbanization and industrialization in Mexico. Moreover, the announcement by the Mexican government in 2014 to build 500,000 homes with an investment of USD 25 billion to meet housing deficit is expected to fuel industry expansion over the upcoming years.

Recent worldwide pandemic of COVID-19 has hurt the global economy position and pushed it into a recession. This is going to cast an inhibiting shadow on the growth of fiberglass flooring market.

Competitive Insights

Industry participants are investing in strategies such as alliances and partnerships for sustaining and strengthening their positions in the global market. The key industry players include IVC Group (Mohawk Industries), Mannington Mills, Inc., Shaw Floors, NOX Corporation, Milliken, Armstrong World Industries, Gerflor, and Tarkett.

Recent Industrial Developments

• Eliane Coatings unites its nearly expertise 60 years in the Brazilian ceramic tile industry to the global reach of the Mohawk Industries, Inc. in a transaction involving the sale of 100% of the shares of Santa Catarina industry for the US group. With the deal, the Brazilian company accelerates its strategic plan for growth and investment, what the medium and long term an increase in the number of jobs and productive capacity of the six plants located in Santa Catarina (Cocal do Sul and Criciúma) and Bahia (Camaçari), and the strengthening of the distribution center in Dallas, USA.

• Mannington Mills announced that it has signed an agreement to acquire Phenix Flooring and Pharr Fibers and Yarns from Pharr USA. This acquisition is Mannington’s first foray into the residential carpet business. 

• The Dalton, Ga.-based Shaw Industries, already the largest North American carpet tile manufacturer, announced that it has bought Scotland-based Sanquhar Tile Services  (STS) to expand its presence in the growing carpet tile market in the United Kingdom.

• Tarkett, a global leader in flooring and sports surface solutions, announced it has completed the acquisition of Lexmark Carpet Mills. The addition of Lexmark to the North America division enables Tarkett to establish a robust hospitality business that leverages both companies’ broad product portfolios, strategically positioning the company to better serve the complete needs of its hospitality customers.

  In-depth report on global fiberglass flooring market by Grand View Research:

http://www.grandviewresearch.com/industry-analysis/fiberglass-flooring-market