Vancouver, British Columbia, Jan. 19, 2021 (GLOBE NEWSWIRE) -- The global fiberglass flooring market is expected to reach a valuation of USD 1.17 Billion by 2027, exhibiting a strong 7.1% CAGR throughout the forecast timeline. Fiberglass is a fiber-reinforced plastic combined with glass fiber, widely utilized as an assistance material in various flooring products. Fiberglass flooring is highly customizable and finds a plethora of applications in the buildings & construction industry. This type of flooring is widely recommended for residential, as well as non-residential, purposes due to its ease of installation, secure fixing, high aesthetic value, and low maintenance costs. The material is highly suitable for construction applications, mainly because of its superior properties like non-conductive nature, electromagnetic radiation, comfortable cushioning, extended durability, environmental sustainability, waterproof nature, and cost-effectiveness.
The global fiberglass flooring market has gained substantial momentum in recent years, with rapid industrialization, speedy urbanization, the expanding buildings & construction industry, and a significant surge in construction activities around the world. Fiberglass is a lightweight material predominantly used in vinyl flooring products, such as vinyl sheets and luxury vinyl tiles. In countries like the U.S., it is considered an excellent alternative to wooden tile flooring, owing to which the demand for the product has been increasing exponentially. Moreover, technological advancements in floor coverings and their trouble-free installation process has further boosted the product’s demand worldwide.
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Rising global population, changing lifestyles, and consumers’ increasing purchasing power are other significant market growth drivers. Emerging trends of home interior design, escalating demand for visually appealing floorings, and growing applications in the commercial sector, such as educational institutes, hospitals, shopping malls, hotels & restaurants, and various other public venues have induced the growth of the global fiberglass flooring market. However, certain factors like the fluctuating prices of raw materials are expected to inhibit the global market growth significantly.
Key Highlights of the Report:
- Based on application, the residential segment is poised to grow at the highest CAGR of 7.2% over the forecast period. Fast-paced urbanization across the world’s emerging economies, growing trends of home makeover, and increased consumer investments in home interior remodeling & renovation activities have profoundly accelerated the growth of this segment.
- Among the key regional markets, the Asia Pacific dominates the global fiberglass flooring market in terms of market share. The market held a profound market share in 2019 and is likely to demonstrate a 7.6% CAGR over the projected period. Rapidly increasing construction activities and urbanization, especially in developing countries like China and India, rising adoption of lightweight and eco-friendly floor coverings, augmented government funding for public infrastructural development, and soaring demand for technologically advanced floorings are pivotal factors boosting the growth of the market in this region.
- On the other hand, the North American region is projected to be the fastest-growing market for fiberglass flooring in the coming years. Growing demand for lightweight and durable flooring products, rising disposable incomes, the presence of numerous distribution channels in the region, and augmenting focus on the adoption of new technologies in the buildings & construction sector are among the key parameters driving market growth in this region.
- The key participants in the global fiberglass flooring market include Milliken, The Armstrong Flooring Inc., Mannington Mills Inc., Interface Inc., Gerflor, NOX Corporation, TOLI Floor Corporation, Tarkett, Shaw Industries Inc., and Mohawk Industries.
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For the purpose of this report, the global fiberglass flooring market is segmented based on product type, application, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Luxury Vinyl Tiles
- Vinyl Composite Tiles
- Vinyl Sheets
Application Outlook (Revenue, USD Billion; 2017-2027)
- Residential
- Commercial
- Industrial
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Retail
- Wholesale
- Distributor Business Trend
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Europe
- U.K.
- France
- Asia Pacific
- Japan
- China
- India
- Latin America
- Middle East & Africa
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