(EMAILWIRE.COM, February 22, 2023 ) The global Floor Grinding Machines Market size is projected to grow from USD 303 million in 2022 to USD 356 million by 2027, at a CAGR of 3.3% from 2022 to 2027The thriving construction industry, a significant development in the retail, commercial, and hospitality segments, technological advancements, and innovations in the flooring industry, and shifting demand toward modern and fast construction techniques are driving the floor grinding machine market.
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Growth in investments in the construction industry, coupled with a rise in the number of renovations and remodeling activities, is also boosting the market. The rise in demand from emerging economies and the growth of the organized retail sector are creating growth opportunities for the market.
According to the United Nations Department of Economic and Social Affairs/Population Division, the global population is projected to reach 9.7 billion by 2050. The ever-increasing population, and the industrial boom after the economic slowdown of 2009, have given rise to new constructions in commercial and residential sectors. The migration of the rural population to urban areas and the conversion of towns into cities have further fueled the floor grinding machines market.
Concrete floor type is the largest segment due to the growing infrastructure and building & construction industries and durable, attractive, and sustainable flooring systems. Furthermore, concrete floors do not deplete natural resources, require less energy than other floor types to produce, and are made locally. Manufacturers of the floor grinding machines can augment the production of floor grinding machines which are compatible with concrete flooring to gain the market share.
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The residential segment dominated the floor grinding machines market, with a share of 59.25% of the overall market, in terms of value, in 2021. The rising number of housing renovation and remodeling activities and increase in disposable income levels are the key factors propelling the floor grinding machines market in the residential segment. Manufacturers of the floor grinding machines can increase their rental activities and tie ups with the flooring contractors of the residential segment to increase their revenue.
Infrastructure spending is a key driver of the global and regional economies. It is expected that spending on capital projects and infrastructure will grow significantly over the next decade. China, India, and other countries in the Asia Pacific, along with South Africa and Brazil, are investing considerably in infrastructural development. This investment is required for modernization and commercialization. Rapid urbanization in emerging markets such as India, Malaysia, Thailand, and Brazil is expected to boost the spending on vital infrastructure sectors such as power, construction, and transportation. The improvement in economic conditions of the emerging markets is projected to drive the construction industry, boosting the demand for esthetic and durable flooring systems.
The floor grinding machines market comprises major solution providers, Husqvarna Group (Sweden), Achilli S.R.L (Italy), WerkMaster Grinders & Sanders Inc. (Canada), SASE Company, LLC (US), Klindex S.R.L(Italy), Linax Co., Ltd. (Japan), Terrco, Inc. (US), ASL Machines USA (US), Substrate Technology, Inc. (US) and Shanghai Tuomei Machinery Auto Equipment Co., Ltd. (China) among others. The study includes an in-depth competitive analysis of these key players in the floor grinding machines market, with their company profiles, and key market strategies.
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