On the basis of end-use, Industrial and construction segment covers almost half of the overall market. Commercial buildings and retail stores are also offering valuable prospects.
DUBAI, UAE / ACCESSWIRE / October 13, 2020 / The wood plastic composite floorings market earns a major part of the revenue from the commercial and retail industry. The prevalence for 5.5 mm products is offering great opportunities and will hold a majority share in the market. Manufacturers are working on providing better partnerships and product line to gain profit. Destruction due to heat or light exposure and lesser availability of raw materials can act as a major restraint in the market.
'Reliance on WPC flooring due to improved construction and urbanization, will offer a greater revenue to the market in the upcoming years. Manufacturers and key market players are focussing more on product customization and expansion of market on both regional and domestic levels,' says the FMI Analyst.
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WPC Floorings Market- Key Highlights
- The global WPC Floorings Market registered a value of US$ 1.8 billion through the forecast period.
- On the basis of application, industrial and commercial residence construction stands on the pedestal with covering 1/3 portion of the market.
- On the basis of region, Europe stands as the largest shareholder while
- 5.5 mm WPC products is expected to gain maximum momentum in the upcoming years.
WPC Floorings Market- Driving Factors
- Better environmental awareness, need for green flooring in developed and developing economies drives the market to a great extent.
- Rising demand in construction materials and improving investments in repair and renovation has escalated the demand for wood plastic composite flooring.
- Wood plastic composite finds assorted application when dealing with DIY enthusiasts due to its cost benefits and inclination towards premium products.
- Government investment will improve in smart city projects and building projects, retail stores and infrastructure is likely to expand new opportunities.
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WPC Floorings Market- Key Restraints
- Increased exposure of light, heat or UV rays can damage WPC flooring, thereby, restricting market growth.
- Limited availability of raw materials is hampering growth to a major extent.
Expected Impact on Market by Coronavirus Outbreak
Due to strict lockdown measures and reduced construction this market will witness sluggish growth. Construction industry is facing uncertainties due to COVID-19 which will bring a major loss to this sector. Coronavirus has also limited the supply of raw materials and brought about major interruptions in the market.
Key players in the market include - Armstrong Flooring, Mannington Mills, Pro Tek, Parterre Flooring, Shanghai SevenTrust Company Co.Ltd., Oakio, Spectra Contract Flooring, Coretec, and Tecnodeck, among others.
Companies take up unique strategies to expand their market and gain profit. For an instance, the key players are planning to focus on product customization for a better footprint.
Another major strategy of the major participants' remain texture and staining improvements. Manufacturers are working on strategic partnerships expanding products line.
More on the report
This report presents an analysis on the basis of segments including thickness (4mm, 5mm, 5.5 mm, 6.5mm etc.), end-use (construction, retail, industrial etc.) and region (North America, Europe, South Asia etc.)
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