Floor Grinding Tools Market worth $155 million by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 6, 2022 /PRNewswire/ -- According to the new market research report "Floor Grinding Tools Market by Application (Grinding, Honing, Polishing, Burnishing), Floor Type (Concrete, Wood, Marble), Polishing Type (Dry Polishing, Wet Polishing), Region( North America, Europe, APAC, MEA, RoW) - Global Forecast to 2027", published by MarketsandMarkets™, the global Floor Grinding Tools Market size is projected to grow from USD 124 million in 2022 to USD 155 million by 2027, at a CAGR of 4.5% from 2022 to 2027. The growth of the floor grinding tools market is attributed to increasing consumer preference for polished floors in residential buildings. The upscaling demand for residential, commercial, and healthcare buildings is driving the demand for floor grinding tools. In 2020, the floor grinding tools market was significantly impacted by the COVID-19 pandemic, with a substantial decline in its CAGR. However, recovery was witnessed with a positive impact on the floor grinding tools market because of demand in the construction sector in 2021.
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Demand for concrete floor is expected to result in the segment occupying majority of the floor grinding tools market share
Concrete grinding and polishing involve smoothing uneven surfaces to smooth and shining surfaces. Concrete is inexpensive, extremely durable, and long-lasting flooring material. It has low maintenance costs as it requires fewer repairs and polishing every year compared to marble and granite. Housing renovation and maintenance have increased steadily and are expected to increase owing to the scaling disposable income. All these factors are expected to fuel demand for floor grinding tools in the concrete segment.
Polishing segment among the application is estimated to be the second largest market
Polished concrete, and marble is the preferred flooring in new buildings due to its durability, esthetic appeal, ease of maintenance, and sustainability. Several manufacturers promote polished concrete under the green movement as it can provide them achieve LEED (Leadership in Energy and Environmental Design) ratings for their organization. Increasing demand for green and energy-efficient buildings and accelerating construction of new residential & commercial spaces are likely to support the growth of floor grinding tools in polishing applications during the forecast period.
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North America is the second-largest market for floor grinding tools
The floor grinding tools market in the North America includes US, Canada and Mexico. North America has been a global leader concerning product innovations in terms of quality. The US and Canada are the most developed countries in North America. In 2021, the construction industry witnessed swift growth in the US and Canada, with the residential sector growth continuing to drive the demand for housing units. The growth rate is expected to improve as their governments have plans to invest in infrastructure development through smart city projects, which will add momentum to the region's construction industry.
The floor grinding tools market comprises major solution providers, Husqvarna Group (Sweden), Tyrolit Group (Austria) Diamag (Netherlands), Klindex (Italy), Shenzhen Idimas Holding Co., Ltd. (China), SASE Company, LLC (US), Balstrac (US), Scanmaskin Sverige AB (Sweden), DRS Floor (Germany), Superabrasive Inc. (US) and Linax Co. Ltd (China) among others. The study includes an in-depth competitive analysis of these key players in the floor grinding tools market, with their company profiles, and key market strategies.
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Browse Adjacent Markets: Building and Construction Market Research Reports & Consulting
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Floor Grinding Machines Market by Floor Type (Marble & Limestone, Concrete, Granite), Machine Configuration (Single Disc, Tri & Quad Disc), End User (Residential, Non-residential), Distribution Channel and Region - Global Forecast to 2027 https://www.marketsandmarkets.com/Market-Reports/floor-grinding-machines-market-260542065.html
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