17-Feb-2023 | Zion Market Research
The global terrazzo flooring market size was valued at around $26.37 Billion in 2021 and is projected to reach $41.08 Billion by 2030 with a healthy CAGR of 5.62% over the forecast years.
Terrazzo flooring is a particular type of hard and robust flooring, in which marble shards are fabricated together with cement in various proportions, with durable epoxy matrix composites and aggregates, along with added color. Terrazzo is essentially used to bind various aggregates such as glass pieces, marble pieces, or various other suitable materials. Terrazzo flooring has increased its popularity over the last couple of years over conventional carpets and woods in modern interiors in residential and commercial spaces.
In addition, terrazzo flooring falls are also widely accepted in universities and educational institutes due to their aesthetic appearance and wide availability of colors and patterns in terrazzo flooring. In households, they are used in kitchen surfaces like backsplashes, countertops, and other base layering as terrazzo flooring provides necessary resistance against chemical spillages, fire damage, stain risks, and water damage.
The global terrazzo flooring market is expected to surge exponentially due to a significant surge in construction activities across the globe. There has been a remarkable boost in investment in interior designing and retrofitting activities, and hence more and more people are adopting terrazzo flooring as they are considerably economical and adds significant value to the interiors of in-home setups be it rooms or kitchen. Thus, various perks of terrazzo flooring such as increased durability, longevity, aesthetic look, and low cost of maintenance drive the growth of the market.
In addition, a rise in the standard of living, change in lifestyle, rise in disposable income, growth of the construction industry, and rapid expansion of the hospitality and tourism sector across the globe are expected to drive the growth of the terrazzo flooring market during the forecast period. Furthermore, an increase in initiatives from the government to use green building materials for infrastructures and a rise in inclination towards eco-friendly floorings among people are expected to create ample opportunities for the growth of the market. However, the prevalence of traditional substitutes might restrict the growth of the global terrazzo flooring market during the forecast period.
The global terrazzo flooring market is segmented based on type, application, and region.
Based on type, the market is segmented into cement paste and epoxy terrazzo. The epoxy terrazzo segment held an approving market share in 2021 and is further predicted to grow rapidly at the highest CAGR during the forecast period. The major reason for the growth of this segment is its minimal maintenance and increased shelf life. Besides, epoxy terrazzo provides necessary abrasion resistance. Furthermore, its improved environmentally friendly characteristics compared to cement-based terrazzo flooring make it an ideal option for sustainable designs of flooring. These factors are expected to drive the growth of the segment during the forecast period.
Based on application, the market is segmented based on transport infrastructure, government buildings, commercial, educational institutes, and others. The educational institution segment held the largest market share in 2021 and is further predicted to grow exponentially at a promising CAGR during the forecast period. The growth of this segment is mainly attributed to the increase in the number of educational universities, colleges, and institutions and a notable rise in the number of renovation and refurbishment projects among them so as to appreciably upgrade their infrastructure as well as the quality of education to appeal and draw more students. Thus, extensive use of custom-made designs and environmental-friendly structures among various universities across the globe are predicted to drive the growth of the segment during the forecast period.
Based on region, the North American region held the largest market share in 2021 and is further predicted to occupy a dominant status during the forecast period. The growth of the market in this region is mainly attributed to the rise in disposable income and an increase in the standard of living among people in this region. Besides, a rise in awareness about the use of eco-friendly products, a rise in the development of both commercial and residential buildings, and the availability of skilled labor in this region drive the growth of the terrazzo flooring market in this region.
This review is based on a report by Zion Market Research, titled “Terrazzo Flooring Market By Type (Epoxy Terrazzo and Cement-based Terrazzo), By Application (Educational Institutions, Commercial Buildings, Government Buildings, and Transport Infrastructure), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/terrazzo-flooring-market
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