The analysts forecast the global floor pad market to grow at a CAGR of 3.59% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global floor pad market for 2017-2021. To calculate the market size, the report considers the revenue generated from the retail sales of the industrial floor pads worldwide.
According to the report, one of the major drivers for this market is growth in global industrial production. Industrial production (includes manufacturing, mining, and construction) is the prime growth driver for the global floor pad market. The global economy has recovered considerably since the economic downturn of 2008, driven particularly by the robust growth in the manufacturing sector in most regions. The demand for manufactured goods is constantly rising due to rapid infrastructural development, favorable federal policies, and rising disposable incomes.
The latest trend gaining momentum in the market is evolution of melamine pads. These have been designed to address the issue of shallow grout lines, which has been a challenge for years. These pads are flexible in nature and thus clean up irregular stone surfaces as well. Melamine pads can also be used to prepare the floor surfaces for re-coating.
Further, the report states that one of the major factors hindering the growth of this market is slowdown in non-residential sector. Non-residential construction expenditure could slow down in 2016-2017 in the wake of a turbulent global economy and political instability in many countries. However, at the same time, the decelerating overall economy could somewhat extend to the construction industry, with the biggest drop-off expected in the industrial facility sector over the next year and a half.
- Growth in global industrial production
- Slowdown in non-residential sector
- Evolution of melamine pads
- Americo Manufacturing
- Newell Brands
Other prominent vendors
- ETC of Henderson
- Janex Floor Pads
- Parish Maintenance Supply
For more information about this report visit http://www.researchandmarkets.com/research/gk7spr/global_floor_pad