Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Flooring Tool Market – Insights
Flooring tool are used for flooring installation, which include carpet stretchers, floor sanders, carpet cleaners, floor scraping machines, and others. The renovation and remodeling activities are booming, as a result of the shift in focus of customers towards home décor. Rising trend of spending on interior and styling of living spaces amongst the consumers is leading to increasing expenditures on home furnishing such as floor coverings, which would add to the aesthetic appeal of the interiors. This shift is supported by rising consumer income levels, changes in lifestyles, and adoption of different cultures, in terms of interior decor, which has further resulted in rising interest of consumers in the interior decoration of their houses and workspaces.
Moreover, under the principals of eco-innovation strategy, companies focus on selection of good materials for designing of flooring tools and creation of new formulations based on materials, which are safe for people and the environment. Under this strategy, the companies also focus on using resources by optimizing and reducing consumption of water, energy, raw materials, and avoid waste. The well-being and health of human beings during usage and maintenance of flooring tools is also ensured.
Cutting wet tiles using tile cutter is the most common method used in the tile industry. However, most of the tile installers that use wet tile cutter are facing challenges such as location to setup the electric tile cutter, water source for wet cutting, and consumes more time for cutting. Therefore, factors such as improper disposal of contaminated and slurry water, setup time, and high cost are the restraining factors of wet tile cutter that are expected to hamper growth of the flooring tools market over the forecast period.
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%, in terms of revenue, over the forecast period (2019-2027), to reach US$ 1,731.2 Mn by 2027.
Among regions, Asia Pacific accounted for the largest revenue share of 35.8% in the global flooring tool market in 2018. Moreover, Asia Pacific is expected to record fastest growth in terms of revenue and is expected to exhibit a CAGR of 5.5% during the forecast period (2019-2027), owing to growth of the construction sector in the region.
Figure 1. Global Flooring Tool Market Share (%), By Region, 2018
Source: Coherent Market Insights, 2018-19
In 2018, Europe accounted for the second largest revenue share in the global flooring tools market. Europe flooring tool market is expected to witness significant growth over the forecast period, owing to rapid expansion of real estate sector, which comprises construction of residential buildings and increasing remodeling and renovation activities. For instance, in 2018, the Government of Germany announced its plan of constructing around 1.5 million housing units by 2021.
Furthermore, growing commercial sector, increasing disposable income, changing trends in home furnishing, and lifestyle are the factors that are expected to fuel demand for construction activities, which is further expected to drive growth of the flooring tools market in Europe over the forecast period.
Among channel, mass retail segment accounted for the largest revenue share in the global flooring tool market in 2018. Whereas, e-commerce segment is expected to witness CAGR of 5.4% during 2019 to 2027. E-commerce segment offers options such as free shipping, home delivery, on-time delivery, and easy exchange and return in addition to discounts, which are expected to drive growth of the segment. Variety of flooring tools are available online at reasonable prices. Customers mostly prefer purchasing through e-commerce channels due to busy lifestyle.
Figure 2. Global Flooring Tool Market Share (%), By Channel, 2018
Source: Coherent Market Insights, 2018-19
Furthermore, through e-commerce channels, customers can receive the product at their doorstep. Consumers have the option of comparing prices of different products on different websites and can choose from various available options.
Key companies operating in the global 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.