The primary drivers that are anticipated to boost the flooring tool market are the expanding construction sector, house renovations, and other commercial building activities. The aesthetic of the house is significantly influenced by the flooring. Construction of new buildings and the expansion of infrastructure as a result of expanding urbanisation and population growth are the main factors driving the growth of the flooring tool industry. Additionally, a growing commercial sector, rising disposable income, evolving lifestyle trends, and changing home furnishings trends are all anticipated to increase demand for construction activities, which is then anticipated to propel the growth of the flooring tool market over the course of the forecast period. In order to improve the aesthetic appeal of the interiors, consumers are spending more on home furnishings like floor coverings. This is due to consumers' rising expenditure on interior and design of living spaces. This is anticipated to fuel market expansion. While the COVID-19 pandemic has individuals more worried about their home designs, the market for flooring tools is expanding.
According to Coherent Market Insights, In terms of revenue, the global Flooring Tool Market was estimated to be worth US$ 1,339.74 million in 2021 and is anticipated to grow at a CAGR of 4.45% over the following five years (2022 to 2030).
Major Players in the Flooring Tool Industry:
1. Q.E.P. Co. Inc.
The business was established in 1979 and is based in Boca Raton, Florida, United States. Tools and related goods for the home improvement market are produced, sold, and distributed by Q.E.P. Co., Inc. With a focus on installation equipment and accessories for the tile, stone, and masonry industries, QEP is a well-known company on a global scale. The company is happy to inform that it has met the requirements to go from the Pink Market to the OTCQX® Best Market, the highest tier of OTC Markets, in October 2021.
2. Roberts Consolidated Industries, Inc.
The business was established in 1938 and has its headquarters in Boca Raton, Florida, United States. The business produces forging applications and sells items including rotary, fixed-wing aircraft, and missiles. The business provides turning, grinding, rolling, and sharpening services.
3. Hyde Tools Inc.,
The business was founded in 1875 and has its main office in Southbridge, Massachusetts, United States. Surface preparation tools, including putty knives and scrapers, are produced by Hyde Tools, Inc. Hyde also produces a complete line of mill blades, hand knives, and industrial blades. Hyde introduced a completely new line of paint brushes and roller covers in 2021.
4. Better Tools LLC
The business was founded in 1991 and is based in Centerville, Ohio. With knives, razors, blades, and hand tools, Better Tools is the market leader in the installation of flooring and roofing materials. For both professional and do-it-yourself markets for flooring, roofing, and tile installation, Better Tools provides cutting-edge products and solutions.
5. iQ Power Tools
The business was founded in 2003 and is located in Moreno Valley, California, United States. For the concrete, masonry, and hardscape industries, iQ Power Tools produces a broad selection of high-end power tools with integrated dust collection systems. The business is engaged in the creation and marketing of technologies for energy management and electrical power sources.
6. Taylor Tools Inc.
The company was established in 1975 and is founded in Greater Denver Area, Western US. Taylor Tools specialises in manufacturing commercial floor preparation tools, accessories, and floor covering installation tools. Taylor Tools is a reputable producer of equipment and tools for installing, preparing, and restoring flooring.
7. Surface Shields Inc.
The business was established in 1993 and has its headquarters in Tinley Park, Illinois, United States. Surface Shields, Inc. sells surface defence items. The business provides dust containment and adhesive tapes in addition to custom coating and converting pressure-sensitive films for carpet and hard surfaces.
*Definition: A variety of flooring instruments, such as carpet stretchers, floor sanders, carpet cleaners, floor scraping machines, and others are utilised during flooring installation. As a result of clients' shifting attention to home decor, the renovation and remodelling industries are flourishing.
