Underlayment market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Underlayment Industry Hit Worst due to Russia-Ukraine War Impact?
The global underlayment market size is expected to grow substantially in the forthcoming years owing to the use of floor covering by commercial and residential construction industries. These are of huge utility as their purpose is to provide a smooth, flat surface for the floor covering. These are made of many different materials, such as plywood, hardboard, and cement board. These are few of the common choices by the construction industry, states Fortune Business Insights™, in its report, titled, “Underlayment Market, 2021-2028”. To give floors cushioning, there is a significant rise in the demand for cork underlay rugs. This helps in eliminating dents and deformities of the floor. Apart from that, it also provides sound insulation and resistance to heat and moisture.
The rising demand for underlayment has led companies to come up with new innovative products to help the market grow. Leading manufacturers, such as Torlys introduced one such innovative underlay material in the year 2020, which will be easy to use as it is a self-adhesive and doesn’t require external glue to stick. The brand is named Versalay. It is compatible with the floor heating system, smoothes out the floor irregularities, and is 1.8 mm thick material that will provide comfortable cushioning to the floors.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Underlayment market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Underlayment market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Based on type, the market for underlayment islassified into foam, felt, polyethylene, rubber, cork, and plywood. By application, it is divided into tile flooring, laminate flooring, hardwood flooring, carpet flooring, and vinyl flooring. By the end-user type, the market is segregated into residential buildings and commercial buildings. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
The report contains an unmatched analysis of the flooring underlayment industry. It provides strategies to increase growth opportunities and revenue of the market. Additionally, regional analysis, mergers and acquisitions, project economics, future trends, along with the challenges that are affecting the growth of the market are also mentioned in the report. It provides deep information about the market share, its size, sales, and also offers a comprehensive analysis of the impact of COVID-19 on the underlayment market.
Rising Commercial Construction to Drive the Market Growth
A specialized range of products has expanded the market significantly. Earlier, only carpet used to dominate, but the ascent of rigid LVT products in recent years have taken the market as these are soundproof in nature.
In commercial constructions, these are of huge importance, especially in corporate and hospitality sectors, where people are occupying multiple levels, and ceilings are lower in height.
The other dominant factor for the rapid growth of this market is tighter timelines and high pressure on the construction industry for several years. Also, too often, it’s concrete curing is forced to yield. As commercial construction happens over a period of time, moisture and salt hamper the concrete. To prevent this, the underlayment industry has developed a range of solutions, from moisture barriers and sealants to rapid-drying and adhesives underlay materials, which is also easy to install. All these properties are positively impacting the market growth.
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Asia Pacific to Dictate Fueled by Rapid Urbanization and Rising Number of Renowned Companies
The Asia Pacific is in the top position, owing to its regional players located in India and China. These two developing countries are rigorously involved in construction and manufacturing for boosting their economy. According to a report by PRB, both China and India are expected to have an urban population of 340 million by 2030. This will create tremendous opportunities and new ideas in the construction industry, both for commercial and residential purposes. Using underlay materials in multistory buildings, specially cork ones, helps in reducing the sound steps or any sort of noise both within the room and in the space below.
On the other hand, the European region is also keeping up the pace in the market as it is expected that 3.3 million homes will be constructed in the next 14 years. By the year 2030, the U.K. is expected to spend USD $6TN on construction works, which, in turn, will promote the demand for underlayment in the region.
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Key Players to Maximize Profitability by Launching New Products of Their Brands
Florock Polymer Flooring dispatched its new FloroSurface line of practical, economical, and useful underlay products for minimum repair and smoothening of concrete surfaces. These can also be utilized under an assortment of floor covering items, such as woods, tile, and carpets. These were launched in June 2017, and these new launches will assist the organization in meeting its customer needs and will help to expand its product portfolio.
April 2019: TECHNO SB 25, TECHNO SB ULTRA synthetic roof underlayment, and REXTREME door flashing were the new launches by the leading manufacturing company Alpha Pro Tech, Ltd. The new launch will help the company to expand its presence in the market.
List of Key Players Covered in the Underlayment Market Report:
- Rubber Flooring Inc.,
- Amorim Cork Composites
- A. Bestlaminate.
- Sound Seal
- WE Cork Inc.
- Alpha Pro Tech Ltd.
- Kinetics Noise Control Inc.
- ACG Materials
- TORLYS Inc.
- Mayur Wovens Private Limited.
- AP. Roofing Inc.
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