Global Flooring Tool Market to Reach US$ 1,731.2 Mn by 2027 - Coherent Market Insights

SEATTLE, March 19, 2020 /PRNewswire/ -- The global flooring tool market was valued at US$ 1,175.7 Mn in 2018, and is expected to exhibit a CAGR of 4.4% over the forecast period (2019-2027), in terms of revenue.

Key Trends and Analysis of the Global Flooring Tool Market:

The global flooring tool market is expected to witness significant growth over the forecast period (2019-2027). The market for flooring tools is driven by the growth of construction industry coupled with rising usage of flooring tool in the industry.

The construction industry is witnessing growth due to advancements in flooring tools and equipment that are used in construction process. Flooring tool are power tools that have high demand due to availability of extensive range of flooring types that are used across residential, industrial, and commercial industries. Moreover, increasing construction activities and rapid urbanization are the two major factors that are expected to boost growth of the flooring tool market over the forecast period. For instance, according to data released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development in June 2019, in U.S. the number of newly completed residential buildings was around 900 thousands of units in May 2014, which increased to 1,200 thousands of units in May 2019.

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Furthermore, according to the U.S. Department of Commerce, on July 1, 2019, the population in the U.S. was 331.9 million. Moreover, according to the U.S. Department of Housing and Urban Development, in May 2019, the total number of new residential housing completions was 1,213,000 and 1,294,000 building permits were sanctioned. Such increasing construction activities is expected to boost demand for flooring tool during the forecast period.

Handling of flooring tool require skilled labor and professionals, owing to the precision required in work. Moreover, in case of manual flooring tool, the labors need to be trained properly to handle the tools. This process requires additional cost, which might be a challenge for the user. Therefore, these factor are expected to hamper growth of the market over the forecast period.

Key Market Takeaways:

• The global flooring tool market is expected to exhibit a CAGR of 4.4% during the forecast period in terms of value.
• Based on channel, flooring tool market is segmented into mass retail, e-commerce, hardware, industrial, and paint retail. Wherein mass retail segment held the largest share and was valued at US$ 472.5 million in the global flooring tool market in 2018, in terms of value. Moreover, paint retail segment is expected to record fastest growth in terms of revenue during 2019 to 2027.
• Renovation and home remodeling activities are increasing across the globe. These activities are being supported by various governments. For instance, according to the Leading Indicator of Remodeling Activity (LIRA) released by Remodeling Futures Program, the spending for home repair & renovation in the U.S. is expected to increase from 6% in the first quarter of 2018 to 6.3% by the end of second quarter of 2018.
• Among regions, Asia Pacific held dominant position in the global market and contributed for US$ 420.9 million in 2018.  Rising infrastructural development and growing construction industry in countries such as India and Japan are expected to boost growth of the Asia Pacific flooring tool market over the forecast period. For instance, in June 2018, the Asian Infrastructure Investment Bank (AIIB) announced an investment of US$ 200 million in the National Investment & Infrastructure Fund (NIIF).
• Additionally, growing urbanization and population explosion in Asia Pacific region are expected to increase the number of construction activities during the forecast period, which in turn, is expected to drive demand for flooring tool. For instance, according to the India Brand Equity Foundation (IBEF), the number of construction machine sales in India from April 2017 to March 2018 was 97,000 units.

Key companies operating in flooring tool market include—

Q.E.P. Co., Inc., Roberts Consolidated Industries, Inc., Crain Cutter Co., Inc., Hyde Tools, Inc., Better Tools LLC, and iQ Power Tools

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Market Segmentations:

• Global Flooring Tool Market, By Channel:
• Mass Retail
• E-commerce
• Hardware
• Industrial
• Paint Retail
• Global Flooring Tool Market, By Region:
• North America
• U.S.
• Canada
• Latin America
• Mexico
• Rest of Latin America
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• ASEAN
• South Korea
• Australia
• Rest of Asia Pacific
• Middle East & Africa
• Middle East
• Africa

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TEXTILE FLOORING MARKET

Based on product type, textile flooring market is segregated into carpet and rugs. Wherein, carpet segment accounted for the largest market share in terms of the revenue in 2018, and contributed for 90.9% in the same year. The increasing demand of carpet commercial and residential spaces as well as institutional & hospitality sector is expected to drive the growth of global textile flooring market during the forecast period.

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HARD SURFACE FLOORING MARKET

Global hard surface flooring market size is expected to expand significantly, exhibiting a CAGR of 3.25% during the forecast period (2019-2027). Increasing demand for residential remodeling from homeowners is expected to boost the demand for hard surface flooring and subsequently drive the market growth. Residential owners prefer hard surface flooring such as wooden surfaces or laminates over old, worn carpets, which is increasing the demand for hard surface flooring.

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