According to a new report published by Allied Market Research, titled, “Industrial Flooring Market," The industrial flooring market size was valued at $7.9 billion in 2021, and is estimated to reach $13.5 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031. Any layer of finish material laid over a floor structure to give permanent covering is referred to as floor covering. Epoxy, polyaspartic, polyurethane, anhydrite, and others. are all common flooring materials. The market is expected to develop due to rise in demand for industrial flooring materials in the growing industrial sector. Furthermore, the flooring business is predicted to benefit from the rise in demand for hard flooring, which has appealing qualities such as being more usable, easier to use, and are installed in remodeling and restoration of industrial and commercial projects. In addition, the rise in government investments in the approaching construction and manufacturing sector expansion is expected to boost the flooring industry during the forecast period.
Various government are taking initiatives to enhance the living standard of citizen. For instance, the Government of Canada launched a $30 million rebate scheme in June 2020, which is expected to assist to save a considerable amount of money on building industries and manufacturing projects. Hence, this investment is expected to provide lucrative growth in the industrial flooring market. Hence, these investments are expected to provide significant growth in industrial flooring market.
Asia-Pacific accounting major industrial flooring market share of the global market has dominated the global industrial flooring market in terms of revenue in 2021 owing expansion of and commercial sectors. However, Asia Pacific is expected to register highest CAGR during the industrial flooring market forecast period. This is due to increase in R&D investments in developing countries and rise in government investments day-by-day in new industrial construction and manufacturing factories.
However, during the COVID-19 pandemic, various manufacturers in the industrial flooring market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of industrial flooring companies. In addition, lack of manpower and raw materials also constricted supply of equipment of industrial flooring, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of industrial flooring industry.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging global industrial flooring market trends and dynamics.
- Depending on material type, the epoxy tiles has dominated the industrial flooring market growth, in terms of revenue in 2021 and others segment is projected to grow at a significant CAGR during the forecast period.
- By thickness, the heavy duty segment has registered highest revenue in 2021.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The key players within the global industrial flooring market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the service robotics industry.
- The report provides an extensive industrial flooring market analysis of the current trends and emerging opportunities of the market.