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The Floor Pad Market size is forecast to increase by USD 109.05 million, at a CAGR of 6.57% between 2023 and 2028. Several factors play a crucial role in the market's growth, such as the increasing awareness among consumers for cleaner environments, the growing construction in the non-residential sector, and the increasing demand for floor pads from the healthcare sector. The market analysis and report provide market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing awareness among consumers for cleaner environments is the key factor driving market growth. The demand for highly advanced floor cleaners is increasing worldwide. Many growth factors drive the market, one of which is the growing janitorial industry worldwide. The rising number of non-residential constructions and the increasing travel and tourism industry drive the demand for industrial floor cleaners and, in turn, the growth of the market. The growth is attributed to consumers' increasing need and awareness for cleaner environments.
Further, the adoption of greener and more sustainable cleaning practices is a key factor in the growth of the overall market. The use of new technologies and innovations are the key drivers of the industrial cleaning market. Industrial cleaning solutions have a high adoption rate in industries like manufacturing, healthcare, retail, food and beverage processing, hospitality, and automotive. Hence, increased awareness among consumers for cleaner environments will drive market growth during the forecast period.
Technological advancements in floor pads is the primary trend shaping market growth. Industrial floor cleaning processes are often carried out using traditional methods. Advances in technology have created a need to incorporate technology in these processes to advance and standardize the industry. The adoption of technology in cleaning practices will provide more effective results without chemicals. Disinfectants based on hydrogen peroxide with shorter contact times are an example of the types of innovations available in the market.
Besides, another device used for industrial floor cleaning is an ultraviolet (UV) inspection black light. The housekeeping staff uses this to detect any biological matter, food particles, and other substances that the human eye cannot detect. With the use of UV inspection black light, the cleaning staff can ensure that the surface is clean. Thus, such technological advancements will drive the growth of the market trends and analysis during the forecast period.
The availability of low-cost human labor in developing countries is a challenge that affects market growth. In countries such as India and China, people prefer human workers to gadgets, such as vacuum cleaners and floor cleaners, owing to the easy availability of low-cost labor. In addition, the availability of domestic workers enables the customization of the cleaning process. Therefore, the demand for floor pads remains low in India and China. In many developing countries in APAC such as India and China, informal economic activities constitute a substantial and important source of employment for a major portion of the overall labor force.
Furthermore, one of the main ways that globalization can have a negative impact on developing nations is through the labor market. Additionally, child labor in developing countries in the region is high. Children around the world are routinely engaged in paid and unpaid forms of work. APAC and Sub-Saharan Africa continue to be the regions with the highest population of child labor. Thus, the availability of low-cost labor in developing countries may impede market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
CFS Brands LLC: The company offers floor pads such as floor polishing pads under the subsidiary of Carlisle.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The PVC pads segment is estimated to witness significant growth during the forecast period. Polyvinyl chloride (PVC) floor pads are widely used in various industries and sectors due to their durability, versatility, and cost-effectiveness. In the commercial sector, PVC pads find extensive applications in cleaning and maintenance of floors. PVC pads are well-known for their abrasive properties, making them highly efficient for cleaning and restoring floor surfaces while providing protection against wear and tear.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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