FLOORING TOOL MARKET ANALYSIS

Flooring tools are used for flooring installation, which include carpet stretchers, floor sanders, carpet cleaners, floor scraping machines, and others. The renovation and remodelling activities are booming, as a result of the shift in focus of customers towards home decor. 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.

Global flooring tool market was valued at US$ 1,339.74 Million in 2021 in terms of revenue, and is expected to exhibit a CAGR of 4.45% during the forecast period (2022 to 2030).

Drivers

The growing construction industry and renovation of homes and other commercial construction activities are the major factors that are expected to increase the flooring tool market. Flooring has a significant impact on the aesthetic of the home. The major drivers for the growth of flooring tool market are increasing construction of buildings and rising infrastructure due to increasing urbanization and growing population.

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 tool market over the forecast period.

Global Flooring Tool Market- Impact of Coronavirus (Covid-19) Pandemic:

The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Adoption of lockdown across the globe has halted the construction industry, which restrains growth of the flooring tool market. In addition, there has been delay in the supply of raw materials required in the manufacturing of flooring tool components.

With this COVID-19 pandemic, there is effect on the supply chain due to regulations on the import & export of raw materials.  As a result, the production of flooring tool was affected by the raw material shortage, which also has an impact on market growth.

Additionally, until the second quarter of 2021, it was anticipated that production stops due to employee infections and strict company closures would slow the growth of the market of flooring tool.

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.

Figure 1. Global Flooring Tool Market Value Share (%), By Region, 2021

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Market Restraints

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 tool market over the forecast period.

Market Opportunities

The consumer preferences are changed after the COVID-19 Pandemic. The people are more concerned about their home-designs during the COVID-19 pandemic so it drives the growth of the flooring tool market. Furthermore, due to the growth of e-commerce customers are technology advanced and the expectation are increasing in terms of seamless shopping experience.

Consumers' rising spending on interior and design of living spaces is leading to increased spending on home furnishings such as floor coverings to enhance the aesthetic appeal of the interiors. This is expected to drive the market growth.

Figure 2. Global Flooring Tool Market Value Share (%), By Distribution Channel, 2021

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On the basis of distribution channel, in 2021, mass retail segment accounted for largest market share of XX% in terms of revenue, followed by hardware and industrial segments.

Recent Developments

• In February 2019, iQ Power Tools, a manufacturer of power tools with integrated dust collection systems entered into a partnership with Tilers Online based in Sydney, Australia. Tilers Online is a family-owned business and supplier of tile, landscape, and related construction supplies. Due to this agreement Tilers Online are selling iO Power Tools products online or in store.
• In October 2019, Surface Shields, a supplier of temporary floor protection and surface protection products launched step n peel mat, a reusable sticky floor pad that is commonly used on construction and contractor jobsites, home renovations, and real estate walkthroughs.

Competitive Section

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, iQ Power Tools, Taylor Tools Inc., Rodia Tools, and Surface Shields Inc.