Upsurge in residential and non-residential construction activities, rise in inclination toward sustainable flooring, and enhanced durability and improved aesthetics of terrazzo would boost the growth of the global terrazzo flooring market.
According to the report, the global terrazzo flooring industry garnered $21.69 billion in 2017 and is expected to reach $31.95 billion by 2025, registering a CAGR of 4.9% from 2018 to 2025.
Rapid proliferation of residential and non-residential construction activities, increase in focus on sustainable flooring among consumers, and advantages of using these floorings such as durability and high-end aesthetics drive the growth of the market. However, high initial costs and threat from substitutes like wood, marble, and others would hamper the market growth. On the other hand, ability to customize and produce a variety of designs would create new pathways for the market players in future.
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Epoxy terrazzo segment to be lucrative by 2025
Epoxy terrazzo segment accounted for more than three-fourths of the total market share in 2017 and would maintain its lion's share during the forecast period, registering the highest CAGR of 5.1% from 2018 to 2025. This is attributed to its characteristics such as ease of installation, low maintenance, availability in varied colors, and growing utility in kitchens, bathrooms, and others. The report also analyzes cement-based terrazzo floorings.
Educational institution segment to dominate throughout the forecast period
Educational institution segment contributed more than one-third of the total market share in 2017, owing to significant rise in the number of educational institutes, auditoriums, universities, and schools in the U.S. as well as other developed countries. This segment will remain dominant throughout the forecast period. However, the transport infrastructure segment would grow at the highest CAGR of 6.8% from 2018 to 2025, owing to the increasing need to install these floorings at railway stations, airports, and other public places. The report discusses several applications such as commercial, government buildings, and others.
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Asia-Pacific to register the highest growth rate by 2025
Substantial rise in demand for residential and commercial spaces have enabled the Asia-Pacific region to grow at the highest CAGR of 6.6% from 2018 to 2025. However, North America contributed more than one-third of the total market share in 2017, owing to the high demand for versatile surface material used in terrazzo flooring for enhanced visual effects and subtle texture, and would maintain this trend during the forecast period.
Frontrunners of the industry
The key market players analyzed in the research include 4m Group, Diespeker & Co., Concord Terrazzo Company, Inc., KREZ Group, Kingspan Group, RBC Industries, Inc., Quiligotti Terrazzo Tiles Limited, Terrazzo Masters, RPM International Inc., and Venice Art Terrazzo Co., Inc. These players have adopted various strategies such as expansions, new product launches, mergers & acquisitions, joint ventures, collaborations, and others to strengthen their position in the industry.
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