Growth predicted for fibreglass flooring sector
THE global fiberglass flooring market is expected to reach USD987m by 2025, according to a new report, Fiberglass Flooring Market Size and Trend Analysis and Segment Forecasts, 2014-2025.
The growing application in industrial, residential and commercial buildings owing to the longer lifespan of floors coupled with better aesthetics will drive growth over the upcoming years. Moreover, the rising demand for residential buildings considering population growth, increasing income levels, and favourable government initiatives will aid in the industry development.
The use of these products in the industrial sector will witness substantial revenue rise at a CAGR of 6.8% from 2016 to 2025.
Factors such as low maintenance and anti-allergen are expected to spur the demand for these products over the upcoming years.
Strong growth of the construction industry in emerging countries such as China, India, Singapore, Brazil, Thailand, Indonesia, Mexico, UAE, South Africa, Saudi Arabia, Qatar, and South Korea will create growth opportunities for the market in the future.
Further key findings from the report suggest:
The global fiberglass flooring market demand was 107,793.2 thousand sq ft in 2015 and is expected to grow significantly owing to growing demand for residential buildings in countries such as Germany, South Africa, Brazil, Mexico, and India.
The Middle East and Africa accounted for 16.5% of the global volume share in 2015 and is anticipated to witness growth on account of rapid infrastructural development in the region over the coming years.
The presence of large construction companies such as Murray & Roberts, Fluor, Trencon Construction, Esor, Arabtec Construction LLC, Al Habtoor Group LLC, and Dutco Construction LLC will spur the demand for the product.
The industrial construction sector is expected to witness substantial gains because increasing facility expansion by manufacturing companies.
Moreover, the shifting of the major automotive manufacturers including Volkswagen, Audi, Toyota, Nissan, Chevrolet, BMW, and Fiat to China and India is expected to fuel the demand for fiberglass floorings in the industrial construction sector over the forecast period.
The industry is dominated by key participants including IVC Group (Mohawk Industries), Mannington Mills, Inc, Shaw Floors, NOX Corporation, Milliken, Armstrong World Industries, Gerflor, and Tarkett
Companies are focusing on strategic partnerships and alliances for strengthening their positions in the global market.
In January 2013, the IVC Group announced the acquisition of Trinterio, which led to the introduction of two new subdivisions to the IVC Group, Spanolux, and Balterio.
IMAGE COPYRIGHT: ERIK F BRANDSBORG FLICKR