According to a new report published by Allied Market Research, titled, “Floor Grinding Machines Market by Head Type, Application, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global floor grinding machines market size was valued at $271.0 million in 2019, and is projected to reach $344.6 million by 2027, registering a CAGR of 3.1% from 2020 to 2027.
Asia-Pacific generated the highest revenue in 2019, and is expected to grow at a highest CAGR during the forecast period, followed by LAMEA and North America. Floor grinding machine products witnessed a higher demand, owing to the durability and availability at low cost. Moreover, advancements in floor grinding machines with GPS and others further strengthen the floor grinding machines market growth. In addition, surge in residential construction industry in the developing countries such as India, China, India, and Brazil is expected to increase the demand for floor grinding machines. However, high maintenance and repair costs hamper the floor grinding machines market growth. The impact of this factor is anticipated to reduce in future due to intense completion and new product launches by floor grinding machines market players.
However, due to the halt in construction activities and lockdowns of several months have affected the market of floor grinding machines market globally during 2020, with slow recovery expected during the forecast period. The demand for floor grinding machines has seen major hindrance mainly due to shut-down in the construction and maintenance industry. In addition, the halt in international trade has also caused decline in sales of floor grinding machines during 2020.
Major types of floor grinding machines products included in the report are one & two head, three & four head, and others. The three & four head floor grinding machines constituted the highest market share in 2019, owing to increased demand in the construction industry.
Floor grinding machines are used in various applications such as residential, and commercial. By end user, the residential segment accounted for the largest market share in the floor grinding machines market in 2019. Increased adoption of floor grinding machines in non-residential applications, owing to its durability drives the floor grinding machines market growth. In addition, increase in urbanization around the globe especially in developing regions has created the need for residential construction; thereby, boosting the demand for floor grinding machine products.
By application, the concrete segment accounted for the maximum floor grinding machines market share in 2019, and is expected to maintain its lead throughout the forecast period. This is attributed to rise in income levels, rapid urbanization & industrialization, an increase in population and household income, as well as the governments continuing efforts to expand and upgrade the physical infrastructure.
Furthermore, the construction and renovation activities include use of floor grinding machines for any activity conducted by an unprofessional individual. This can be generalized as home improvement activities. However, rise in trend of e-retail platforms in the developing nations has made it easy for the non-professional users to buy floor grinding machines. Furthermore, the major players such as HTC and others have specialized floor grinding machines portfolios for the non-professional users. These ranges include nearly all grinding and polishing operations required in floor grinding. Such initiatives propel the popularity of floor grinding machines used for home floor improvement activities; thereby, fueling the demand for floor grinding machines .
The key players profiled in the floor grinding machines market report include Achilli S.r.l., Blastrac, Fujian Xingyi Polishing Machine Co., Ltd., Klindex S.r.l., Levetec, Scanmaskin Sverige AB, Linax Co Ltd, Stonekor Company, and Tyrolit Construction Products GmbH.
Key Findings Of The Study
The report provides an extensive analysis of the current and emerging floor grinding machines market trends and dynamics.
By head type, the three and four head segment dominated the floor grinding machines market, in terms of revenue in 2019 and one and two head segment is projected to grow at a CAGR of 3.6% during the forecast period.
By end user, the residential segment registered highest growth in the floor grinding machines market in 2019.
The Asia-Pacific region is projected to register the highest growth rate in the coming years.
The report provides an extensive analysis of the floor grinding machines market trends and emerging opportunities of the market.
In-depth floor grinding machines market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.