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

The global flooring tool market was valued at US$ 1,175.7 Mn in 2018, according to Global Flooring Tool Market Report, by Channel (Mass Retail, E-commerce, Hardware, Industrial, and Paint Retail), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights

The global flooring tool market was valued at US$ 1,175.7 Mn in 2018 and is expected to record a CAGR of 4.4% over the forecast period (2019-2027). Factors such as increasing usage of flooring tool by construction industry, owing to advantages offered are expected to boost growth of the flooring tool market over the forecast period.

Flooring tools include tile saw, tile blades, tile cutters, tile hand tools, scrapers & blades, tile rollers, tile tapping blocks, nailers & staplers, and straps and clamps among others. These tools provide ease and convenience in installing flooring materials in various residential as well as industrial applications such as removing specific floor type or installation and maintenance of new tiles. For instance, tools for vinyl flooring are specifically designed, in order to assist in the installation of vinyl flooring, with the help of handy and light weight flooring tool. Flooring tool save time, lowers labor cost, and increases efficiency of flooring installation activities. Therefore, factors such as advantages offered by flooring tool, and convenience and efficiency in flooring installation are expected boost its demand over the forecast period.

Players operating in the flooring tool market are focused on offering high quality flooring tool, in order to attract consumer base. For instance, DTA Australia, a supplier of floor tools & accessories, offers a wide range of tools that finds application in installing vinyl, timber laminate, and carpet flooring. Moreover, DTA tools are available in retail outlets and they are also supplied from the state warehouse.

However, lack of skilled labor in order to handle flooring tool is expected to hinder the growth of the market over the forecast period.

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Key Takeaways of the Market:

• On the basis of channel, mass retail segment held the largest market share in 2018, followed by hardware segment. Mass retail channels include hypermarkets & supermarkets, which offers huge discounts on products in various varieties under one roof. Therefore, these advantages offered by mass retail channels is expected to propel the segment growth over the forecast period.
• Among regions, Asia Pacific held a dominant position in the global flooring tool market, in terms of revenue in 2018, and is expected to retain its dominance over the forecast period. The region contributed for 35.8% in terms of revenue in 2018, and is expected to reach 39.0% by the end of 2027, in the flooring tool market, globally. Moreover, in 2018, Middle East & Africa accounted for the smallest revenue share in global flooring tool market.
• Furthermore, growing number of home renovation & remodeling activities are expected to offer several growth opportunities for market players for expansion. For instance, according to the National Oceanic and Atmospheric Administration (NOAA) Climate.gov, within the U.S., the owners of residential properties spent over US$ 330 billion on home replacements, upgrades, and routine maintenance, in 2018.
• Major players 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.
• Key players in the flooring tool market are focused on adopting various growth strategies such as mergers & acquisitions, product development and new product launches to cater to the industry demand. For instance, in April 2018, Q.E.P. Co., Inc. acquired PR Floors Pty Ltd, an Australia-based flooring distribution company that offers wide range of flooring products, marine sealants, and flooring tool & accessories. The acquisition helped the company to expand its distribution network in Australia and New Zealand.