Fiberglass Flooring Market is expected to reach USD 987 million by 2025, according to a new report conducted by Grand View Research, Inc. 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.
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.
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.
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.
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Further key findings from the report suggest:
· 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.
· 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.