ID: MRFR/CO/6593-HCR | February 2021 | Region: Global | 100 pages
The global terrazzo flooring market has witnessed sustainable growth owing to the growth of the construction industry over the past few years. Growing demand for green building materials coupled with an increase in the growth of the commercial replacement market has further enhanced the growth of the market. Moreover, the rapid expansion of tourism and hospitality coupled with the rise in construction of commercial and residential buildings in developing countries such as China, India, and South Korea, are further expected to drive the global terrazzo floors market. The growing research and development activities by major manufacturers for innovative design and service for terrazzo flooring tiles and terrazzo epoxy flooring are expected to add to the market growth. Manufacturers that specialize in terrazzo flooring offer a wide range of lightweight and recycled raw materials, such as recycled marble chips and glass pieces. The manufacturers follow expansion strategy in order to strengthen their positions in the market.
Asia-Pacific is the most lucrative region in terms of new construction due to the sheer number of construction projects set to go underway. With the nations such as India and China looking to strengthen their infrastructural base, government aid and subsidies are expected to attract significant investments in the construction industry. The increase in per capita disposable income, coupled with increasing infrastructure are the opportunities in the overall construction industry, which will further enhance the growth of terrazzo floors market during the forecast period.
However, fluctuating raw materials prices are likely to hinder the growth of the global terrazzo flooring market.
The global terrazzo flooring industry was valued at USD 22,780 million in 2018, which is expected to witness a CAGR of around 5.0% during the forecast period. The base year considered for the study of the market, is 2018, and the forecast period for the global cross laminated market is 2019 to 2024.
The global terrazzo flooring market has been segmented by region into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America accounted for the largest market share of approximately 35%, which is expected to retain its dominance during the forecast period. This is attributed to the repair and renovation activities in commercial real estate in North America. Furthermore, a majority of the leading companies, such as Concord Terrazzo Company, Inc., and KREZ Group, RBC Industries, Inc are based in the US.
Asia-Pacific is expected to witness the highest growth rate in the terrazzo flooring market due to the booming construction industry in the residential, commercial, and industrial sector is expected to contribute to the demand for terrazzo flooring market.
Some of the Key Players are Concord Terrazzo Company, Inc. (US), KREZ Group (US), Kingspan Group (Ireland), Diespeker & Co. (UK), 4m Group (UK), RBC Industries, Inc. (US), Quiligotti Terrazzo Tiles Limited (UK), RPM International Inc. (US), Terrazzo Masters (US), and The Venice Art Terrazzo Co., Inc. (US). The global terrazzo flooring industry is highly fragmented with many players, across the globe. The players adopted various strategies to expand their global presence and increase their market shares. Some of the key strategies adopted by the players include expansions & investments, acquisitions, new product developments, and agreements.
The global terrazzo flooring industry has been segmented on the basis of type and application. The type segment is classified into epoxy terrazzo and cement-based terrazzo. The application segment is segmented into residential, commercial, industrial, and infrastructural.
On the basis of type, epoxy terrazzo accounted for the larger market share of approximately 46% in the global terrazzo flooring market, which is also expected to witness a higher growth rate during the forecast period. This is attributed to its favorable features such as dimensional stability, durability, and cost-effectiveness as well as it has chemical resistance that makes the product the most popular amongst the manufacturers. Cement based terrazzo is one of the conventional types of flooring used in both internal and external applications.
On the basis of application, residential segment holds the largest market share in 2018, which will continue with its position by 2024. The segment is also anticipated to witness maximum growth rate in the market due to the rising demand for flooring construction activities, especially in emerging economies such as India, China, South Korea, Australia, Brazil, and South Africa. The commercial application segment is likely to witness steady growth during the forecast period, as these products are primarily used in manufacturing durable interior decoration.
Frequently Asked Questions (FAQ) :
Terrazzo flooring market is projected to grow at a 5.0% CAGR between 2019-2024.
The Asia Pacific is expected to dominate the terrazzo flooring market.
The residential segment will lead the terrazzo flooring market.
Epoxy terrazzo will dominate the terrazzo flooring market.
Fluctuating raw material costs may restrict the terrazzo flooring market growth.