Global Flooring Tool Market was valued at US$ 1,339.74 Million in 2021, according to the Global Flooring Tool Market Report, by Product type (Knee Pads, Floor Stripping Machines, Floor Sanders & Edger’s, Tile Saws, Wood & Laminate Cutters, Tile Cutters & Scoring Wheels, Floor Nailers & Staplers, and Others), by Application (Commercial, Residential, Industrial, and Others), by Distribution 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.
Global flooring tool market was valued at US$ 1,339.74 Million in 2021and is expected to exhibit a CAGR of 4.45% over the forecast period (2022–2030). Asia Pacific region is expected to dominate the market over the forecast period and is projected to be the largest and fastest-growing region.
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Browse 50 market data tables* and 40 figures* on "Global Flooring Tool Market” - Forecast to 2030.
Key Trends and Analysis of the Global Flooring Tool Market:
- Leading flooring tool manufacturers are focusing on developing new products and recent trends as per the need and demand of the market. Flooring tool market is highly competitive and strategic, in terms of engineering, new features, types of equipment, and cost-efficacy of products. The key players are launching new features in flooring tool kit products and acquiring new technologically advanced flooring tool kit products in the market to gain consumer attraction towards the products. Recently, the flooring tool market is witnessing a high demand for technologically advanced tile cutter products, which provides the effective ideal finishing and edge cutting at the time of floor installation.
- For instance, in March 2019, Tilers Online based in Sydney, Australia and iQ Power Tools, a manufacturer of power tools with made in dust collection systems, entered into an agreement. Tilers Online is a supplier of tile, landscaping, and related building materials. Due to this agreement Tilers Online are selling iO Power Tools products online or in store.
Key Takeaways of the Global Flooring Tool Market:
- Among distribution channel, mass retail segment dominated the global flooring tool market in 2021. Mass retail segment was followed by hardware and industrial segments, in terms of revenue share, respectively.
- Among regions, Asia Pacific dominated the global flooring tool market in 2021, accounting for 35.8% market share in terms of revenue, followed by Europe
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global flooring tool market