Fiberglass Flooring Market (2023 - 2030)

Fiberglass Flooring Market Size & Trends

The global fiberglass flooring market size was valued at USD 810.3 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030. It is expected to witness immense growth on account of its rising usage in residential, commercial, and industrial applications. Construction growth in emerging countries such as China and India owing to rapid industrialization, population growth, and urbanization is likely to spur growth. Fiberglass is used as a backing material in vinyl flooring products including luxury vinyl tiles, vinyl composite tiles, and vinyl sheets. Fiberglass exhibits superior properties as compared to felt backing including non-allergen and longer lifespan, making it a viable option, which is anticipated to increase its share tremendously over the forecast period.

Rapid expansion and capacity addition by various industries including automobile manufacturing, telecom, and semiconductor coupled with the growing number of office buildings in the U.S. will spur the demand for fiberglass floorings. Moreover, the terminal expansion of Los Angeles Airport, Philadelphia Airport, and Newark Liberty Airport is likely to create substantial growth opportunities for the market over the next nine years.

The key driver for the industry is the growth of the construction sector. Factors such as growing population, rising per capita income coupled with the superior properties of fiberglass including the ease of installation, and excellent aesthetic value are expected to aid in the market expansion. Moreover, increasing demand for vinyl flooring with fiberglass backing is expected to augment its demand over the projected period.

Epoxy resins, polyester resins along with glass fiber are the primary raw materials used for manufacturing fiberglass along with difficulty in sourcing them are expected to serve as a major challenge for the flooring manufacturers over the forecast period and restrict growth for fiberglass. . These raw materials are derived from carbon compounds and petroleum. Fluctuating prices of raw materials

Regional Insights

Asia Pacific dominated the market and accounted for the largest revenue share of 32.9% in 2022 and is expected to grow at the fastest CAGR of 7.6% during the forecast period. The region is expected to show high gains on account of the growing usage of the product in the construction sector. Increasing demand for industrial parks, manufacturing & design centers for the industrial sector; malls, hotels, theme parks, and leisure centers for the commercial sector; hospitals and government and municipal offices for the utility sector; and buildings & houses for the residential sector; has resulted in the growth of the construction industry in the region.

The growing middle-class population and rapid economic development coupled with the rising disposable incomes mainly in developing countries including China, Thailand, Singapore, India, Vietnam, South Korea, and Indonesia are key factors expected to influence the fiberglass flooring market growth positively. Moreover, the presence of major construction companies such as Leighton Asia, DLF, Unitech, and NITTOC Construction will further aid in market growth.

Central & South America is anticipated to grow at a lucrative rate during the forecast period, in light of rising demand for residential buildings. In addition, the development of the “Bogota Urban Renewal” megaproject to establish Bogota as the financial, technological, and industrial capital of Latin America is expected to be a major factor influencing growth in the region.

Application Insights

The commercial segment accounted for the largest revenue share of 53.7% in 2022 and is expected to grow at the fastest CAGR of 5.7% during the forecast period. The growing requirement for office buildings, retail stores, shopping malls, hotels, cafes, hospitals, theme parks, and leisure centers will drive the demand for fiberglass floorings in the commercial construction sector over the forecast period. Residential construction is projected to witness substantial gains owing to the rising need for houses in emerging countries including China, India, Brazil, and South Africa.

Key Companies & Market Share Insights

Industry participants are focusing on partnerships to sustain and strengthen their positions in the global market.

Recent Developments

• In July 2022, Real Floors Inc. stated that it would merge Arbour Contract Carpet with its family group of companies to create the leading American supplier of multifamily flooring solutions.

• In August 2022, Owens Corning introduced a new PINK Next Gen Fibreglass insulation. Compared to the company's existing products, the new insulating solution enables installations to be completed up to 23% faster. By tightly weaving together soft, fine fibers, the new advanced fiber technology produces a layer of insulating micro-pockets that is supposed to be extremely robust.

• In January 2021, Johns Manville announced the introduction of a thermal recycling system for used glass fibers. The system was supposed to save more than 10,000 tons of waste from entering landfills annually and had a predicted recycling efficiency of over three tons per hour.

Fiberglass Flooring Market