FIBERGLASS FLOOR BOARD MARKET REPORT OVERVIEW
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The global fiberglass floor board market size is expected to be USD 819.4 million in 2022 and is projected to touch USD 1290.22 million by 2031, at a CAGR of 5.2% during the forecast period.
Fiberglass floor board is a flooring that is done in continuous, large, and flexible sheets. It is a permeable floor sheet that is water-resistant in nature. It is extensively used for its water resistant, durability, easy installation, variety of appearances, and is economical. It is mainly used in the construction industry as it is easy to maintain and offers resistantance to moisture and is one of the most durable flooring solutions.
Rising use of fiberglass floor board is due to the benefits offered by this type of flooring which is expected to increase the market growth. Use of vinyl flooring to augment interior looks and aesthetics in commercial and residential structures. The demand for luxury vinyl tiles from the construction industry is anticipated to drive market share. Gradual increase in the demand for such floor boards is due to increase in the construction of high-traffic areas. It is considered one of the efficient alternatives to carpet and wood tiles.
COVID-19 Impact: Decline in Construction Activities to Obstruct Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with fiberglass floor board experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the fiberglass floor board market growth and demand returning to pre-pandemic levels once the pandemic is over.
The effects of the COVID-19 pandemic are already being felt on a global level, the fiberglass floor board market was considerably influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. During the pandemic decline in the construction activities due to shortage of raw materials and shortage of labor. Construction projects for the residential sector were paused due to social distancing norms. This reduced the demand for fiberglass floor board which affected the market growth of the product.
Recovery of the market demand is attributed to gradual investments in medical and healthcare facilities, residential and commercial projects, and various industrial projects that require flooring solutions.
LATEST TRENDS
"Development of New Patterns in Floor Boards to Induce Innovation"
The global fiberglass floor board market growth is estimated to increase owing to introduction of innovative designs and patterns. Introduction of various new and innovative designs by the manufacturers of the flooring is expected to gradually create more interest in consumers and market growth. Newly developed and introduced vinyl patterns such as slate, wood patterns, stone and slate flooring, leather finish, textured flooring, and many other new types of designs and patterns have been driving consumers’ interests. Usage of luxury vinyl tiles (LVT) have been gaining traction as it is one of the most popular categories in the flooring segment. This is due to the reason that LVTs are available in various designs and textures. Such introduction of various new and innovative designs is estimated to produce profitable prospects for market growth during the forecast period.
FIBERGLASS FLOOR BOARD MARKET SEGMENTATION
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- By Type
Based on type; the market is divided into luxury vinyl tiles, vinyl sheets, and vinyl composite tiles.
Luxury vinyl tiles are expected to be the leading part of the type segment.
- By Application
Based on application; the market is divided into residential, commercial, and industrial.
Residential category is expected to be the leading part of the application segment.
DRIVING FACTORS
"Growth in Residential Sector to Heighten Product Demand "
Rise in the standard of living and disposable incomes by the consumers have led to growth in the residential sector which is expected to drive market growth. Such flooring solutions are suitable for kitchens, living rooms, bedrooms, and laundry rooms. Increases in the income levels of consumers have enabled consumers to modify their lifestyle and interior of their houses. Increasing investments in luxury housing projects and renovation projects. Using flooring solutions in residential to enhance the aesthetic appeal by providing comfort and durability. This also provides perception regarding consumer’s social standing and uplift their social image as well. Increasing demand from the residential sector is anticipated to drive fiberglass floor board market growth.
"Progressive Production Procedures to Boost Market Development"
Introduction and incorporation of new and advanced production techniques is expected to improve performance, installation, design, and resolution of the flooring. Technological advancements such as glue down tiles, sharp textures, interlocking planks, adhesive tiles, and loose lay planks. Such advancements have led to simple installation processes. In addition, upsurge in e-commerce channels to encourage the online sales for the fiberglass floor board is anticipated to create demand for the product.
RESTRAINING FACTORS
"Toxic Chemicals from the Product to Hamper Market Progress"
There are a number of factors that can propel the growth of the fiberglass floor board market. Materials and chemicals used in producing the product; polyvinyl chloride, known as PVC, can prove to be harmful for health is expected to hinder market growth. The material is not environmentally sustainable and is not recyclable. Exposure to such toxins can cause health problems such as lung, cancer, kidney, and skin inflammation. Such negative health side effects and are expected to decrease market growth and act as restraints.
FIBERGLASS FLOOR BOARD MARKET REGIONAL INSIGHTS
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"Asia Pacific to Lead the Market Share Due to Growth in Construction Industry "
Asia Pacific to have a dominating part in the global fiberglass floor board market share owing to exponential growth in the construction industry. Progression in construction activities in countries such as India and China is expected to increase the market share for the region. Rising urbanization has increased the growth in the residential sector which in return has propelled preference for aesthetic looks. Increasing use of vinyl floor covering and tiles amongst the people of the region is expected to drive the market share. Enhancing housing interiors and commercial facilities is expected to boost the region’s growth during the forecast period.
KEY INDUSTRY PLAYERS
"Market Players to Boost Market Growth"
The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- IVC Group (Belgium)
- Mannington Mills, Inc. (U.S.)
- Shaw Floors (U.S.)
- NOX Corporation (Korea)
- Milliken (U.S.)
- Armstrong World Industries (U.S.)
- Gerflor (Belgium)
- Tarkett (France)
REPORT COVERAGE
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 819.4 Million in 2022 |
Market Size Value By |
US$ 1290.22 Million by 2031 |
Growth Rate |
CAGR of 5.2% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the fiberglass floor board market expected to touch by 2031?
The global fiberglass floor board market is expected to reach USD 1290.22 million by 2031.
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What CAGR is the fiberglass floor board market expected to exhibit by 2031?
The fiberglass floor board market is expected to exhibit a CAGR of 5.2% by 2031.
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Which are the driving factors of the fiberglass floor board market?
Drivers of this fiberglass floor board market are growth in residential sector and progressive production procedures.
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Which are the top companies operating in the fiberglass floor board market?
IVC Group, Mannington Mills, Inc, Shaw Floors, NOX Corporation, Milliken, Armstrong World Industries, Gerflor, and Tarkett are key companies operating in the fiberglass floor board market.
