Fiberglass is a strong, lightweight material and used in vinyl flooring products including luxury vinyl tiles, vinyl composite tiles, and vinyl sheets. Fiberglass exhibits superior properties to felt backing including longer lifespan and non-allergen and this is anticipated to increase its usage tremendously over the forecast period. 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.
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.
India fiberglass flooring market revenue share, by application, 2015 (%)
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. Also, the presence of construction companies such as Larsen & Toubro Limited, Jaypee Group, Punj Lloyd, Shapoorji Pallonji & Co. Ltd., Ahluwalia Contracts Ltd., GVK, and IVRCL is expected to propel industry development over the forecast period.
Numerous benefits that are offered by fiberglass floorings such as ease of installation and superior aesthetic value are anticipated to fuel the product demand over the upcoming years. Raw materials for the fiberglass flooring include epoxy resin, polyester resin, and glass fiber. However, volatile raw prices owing to fluctuating petroleum prices will restrain the market growth over the forecast period.
Asia Pacific was the dominant market and is expected to foresee significant growth on account of the strong expansion of the construction industry. Furthermore, the inception of infrastructural initiatives in India such as the “Smart City Mission” will encourage urban renewal and the development of construction industry in the country, which in turn, will open new market avenues over the forecast period.
North America is projected to witness considerable growth on account of rapid urbanization and industrialization in Mexico. Moreover, the announcement by the Mexican government in 2014 to build 500,000 homes with an investment of USD 25 billion to meet housing deficit is expected to fuel industry expansion over the upcoming years.
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.
In January 2013, IVC Group announced the opening of its third distribution center in Novosibirsk, Russia, in an attempt to aid the company in expanding its business in the country.
In-depth report on global fiberglass flooring market by Grand View Research:
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