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Grid Layout is a new layout model for CSS that has powerful abilities to control the sizing and positioning of boxes and their contents. Unlike Flexible Box Layout, which is single-axis–oriented, Grid Layout is optimized for 2-dimensional layouts: those in which alignment of content is desired in both dimensions. From the W3C Specification
In addition, due to its ability to explicitly position items in the grid, Grid Layout allows dramatic transformations in visual layout structure without requiring corresponding markup changes. By combining media queries with the CSS properties that control layout of the grid container and its children, authors can adapt their layout to changes in device form factors, orientation, and available space, while preserving a more ideal semantic structuring of their content across presentations.
Although many layouts can be expressed with either Grid or Flexbox, they each have their specialties. Grid enforces 2-dimensional alignment, uses a top-down approach to layout, allows explicit overlapping of items, and has more powerful spanning capabilities. Flexbox focuses on space distribution within an axis, uses a simpler bottom-up approach to layout, can use a content-size–based line-wrapping system to control its secondary axis, and relies on the underlying markup hierarchy to build more complex layouts. It is expected that both will be valuable and complementary tools for CSS authors. From the W3C Specification