Terrazzo Flooring Industry Is Projected To Be Worth USD 4077.8 Million By 2030, Registering A CAGR Of 5% During The Forecast Period (2022 - 2030)
Terrazzo Flooring Market Overview
The global terrazzo flooring industry is projected to be worth USD 4077.8 million by 2030, registering a CAGR of 5% during the forecast period (2022 - 2030), The market was valued at USD 2637 million in 2021. Terrazzo is a type of hard floor that has plenty of benefits. This flooring material is fabricated with materials such as epoxy and cement matrix. Also, this type of flooring can use many materials for the binding of hard floors. There are glass pieces, marble and aesthetic pieces. Today, many modern constructions feature terrazzo flooring. Both residential and non-residential constructions use such hard floors.
Due to the demand from education institutes, offices and universities the use of terrazzo hard floorings is rising. There are key trends in the market that continuously surge the overall growth. The growing investments in the renovation industry are contributing to more adoption of floors. The renovation and refitting activities across the globe are surging. These renovations save cost as well make the building durable.
All these are the factor that contributes to immense growth in the forecast period. Further, the customer preference for interior design is growing the adoption of terrazzo floors. The traditional hard floors such as ceramic and polished concrete surfaces are expansive. However, the terrazzo flooring is cost-efficient. These are factors that increase overall market value in the forecast period.
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.Recent Development
The epoxy product segment is gaining more traction in the US market. The key players are increasing their production of terrazzo epoxy. This is expected to increase the overall revenue rate of the market in the forecast period. US accounts for USD 8,253.3 million in revenue from this segment. This is expected to increase due to new developments.
The renovation industry is having a high demand for cement terrazzo floors. The rising need for renovation and refitting activities prove profitable for key players in North America. Due to this, the supply of the market is expected to be immense. Less maintenance and longevity are rising with the use of cement terrazzo in this region.
|Market Size||2030: USD 4077.8 million|
|CAGR||5.0% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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).|
|Key Market Opportunities||The increase in per capita disposable income|
|Key Market Drivers||
Terrazzo flooring market is projected to grow at a 5.0% CAGR between 2022-2030.
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.