Terrazzo Flooring Market Size, Share, Growth Report 2030

Industry Perspective:

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. The report offers a deep analysis of the growth factors, restraints, opportunities, and challenges present in the market. It offers insights into the market size and current trends to shape the future of the market.

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Terrazzo Flooring Market: Overview

Terrazzo is a kind of composite material used in the construction of walls and floors. Terrazzo is made up of a different composition of glass, granite, quartz, marble, and other similar material in the polymeric, cementitious binder, or a combination of both forms. The size of the chip always varies from one to another. Terrazzo flooring is widely used in institutional, residential, and commercial spaces. Terrazzo is a heart surface flooring fabricated with epoxy or cement matrix composites. It binds aggregates like glass pieces, marble pieces, and other aesthetic materials.

Terrazzo flooring is among the category of green building materials that are largely constructed in office lobbies, universities, and educational institutes. These floorings are preferred, particularly for aesthetic appearances. Terrazzo flooring is quite inexpensive in nature. It is a high-class, easily cleanable, and enduring hygienic product. Terrazzo insulation involves both the bonded and unbonded methods.

Key Insights

• As per the analysis shared by our research analyst, the global terrazzo flooring market is expected to grow annually at a promising CAGR of around 5.62% during the forecast period 2022-2030.
• In terms of revenue, the global terrazzo flooring market size was valued at around USD 26.372 billion in 2021 and is projected to reach a value of USD 41.0897 billion by 2030.
• The rapid expansion of the hospitality and tourism sector has led to a rise in construction activities in recent years. There are massive renovation activities undergoing in the market, which is propelling the demand for terrazzo flooring.
• Based on type, the epoxy terrazzo segment held the largest market share in 2021.
• Based on application, the educational institution segment held the dominating market share in 2021.
• Based on region, the North American region held the largest market share in 2021.

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COVID-19 Impact:

The outbreak of the Covid-19 pandemic has significantly impacted the growth of the global terrazzo flooring market. Governments all across the world have imposed worldwide lockdowns and bans on transport and imports. Educational institutes and offices all across the globe were shut down. It is the primary reason for the decline of the global market during the period. There was a complete shutdown in the end-user sector of terrazzo flooring. However, the upliftment of lockdowns globally is likely to pose a huge growth opportunity in the global market. The initiation of renovation and construction activities due to the reopening of manufacturing units and offices after a long period of time is likely to propel the demand for terrazzo flooring in the forthcoming years.

Terrazzo Flooring Market: Growth Drivers

Increasing commercial building replacements will drive the growth of the global market.

The rapid expansion of the hospitality and tourism sector has led to a rise in construction activities in recent years. There are massive renovation activities undergoing in the market, which is propelling the demand for terrazzo flooring. Additionally, there is a surging trend for green building materials to build sustainable properties, which in turn will also strengthen the demand in the global market. Manufacturers are investing heavily in research and development activities to come up with innovative products in the global market. Governments are also making several initiatives to revamp public infrastructures with green building materials, which will also build the demand for terrazzo flooring.

Terrazzo Flooring Market: Restraints

Presence of substitutes is likely to hamper the growth of the global market.

The emergence of substitutes like marble flooring is one of the major factors which can hamper the growth of the global market. Terrazzo flooring requires high techno-scientific and labor-intensive work, which limits the number of contractors and increases the installation price. Therefore, it hinders the growth of the global market.

Terrazzo Flooring Market: Opportunities

Growing awareness among people regarding designing aesthetically appealing interiors will create a large number of opportunities in the global market.

The growing disposable income of people has significantly raised the living standard. Therefore, people are looking for elegant and high-end aesthetics, which in turn is likely to offer ample impetus to the growth of the global market. Due to the increase in demand for appealing outdoor and entertainment areas, the service providers are increasingly deploying terrazzo flooring among the residential areas. Leading market players are adopting several indirect and direct strategies like acquisition and business development to strengthen their business portfolio and market presence in the global market. Shifting preferences of people from traditional building and flooring choices to innovative aesthetically appealing anterior will further push the growth of the global market.

Terrazzo Flooring Market: Challenges

Lack of skilled labor is a huge challenge in the global market.

Terrazzo flooring requires high-tech capabilities and skills. There is not enough skilled labor available in the marketplace to deal with such growing demand for terrazzo flooring, which in turn has emerged as a key challenge in the global market.

Terrazzo Flooring Market: Segmentation

The global terrazzo flooring market can be segmented into type, application, and region.

By type, the market can be 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.

By applications, the market can be segmented into transport infrastructure, government buildings, commercial, educational institutes, and others. 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.

Recent Developments

• In January 2022, Tempesta, dominant India-based supplies of luxury tiles, announced that they have launched a new range of sustainable and eco-friendly Terrazzo Tile styles. The top layer of each tile of this collection comprises of stone or glass chips, white cement, and color pigment. This innovative Terrazzo Collection from the company encompasses 27 designs that are ideal for both commercial and residential areas.
• In August 2022, Antica Ceramica, an eminent company in the tile manufacturing industry, announced the launch of its ‘Terrazzo Tiles Collection’. This collection has a seemingly thicker layer of tiles which makes it resistant to water, stains, dirt or bacteria. The durable tile collection is specially designed with non-slip textures that reflect an adequate balance of aesthetics and functionality.

Terrazzo Flooring Market: Report Scope:

Terrazzo Flooring Market: Regional Landscape

North America region held the largest market share in 2021 and is further expected to grow rapidly

North America accounts for the largest share of the global terrazzo flooring market due to the high demand for terrazzo flooring in the region. Furthermore, the presence of enough skilled labor in the region will also contribute to the growth of the regional market. Market players are investing heavily to expand their research and development base in order to come up with innovative styles and patterns.

Asia Pacific is expected to be the fastest-growing region in the global terrazzo flooring market due to the growing disposable income of the people along with the rise in standards. Additionally, the growing initiatives of the regional government to completely revamp the public buildings into the green construction framework will also contribute towards the growth of the regional market.

Terrazzo Flooring Market: Competitive Landscape

Some of the significant players in the global terrazzo flooring market include:

• The Stonhard Group
• Heritage Glass Inc.
• Surface Technology Inc.
• Key Resin Co.
• H.B. Fuller
• Terrazzo Master
• 4m Group
• Diespeker & Co.
• RBC Industries Inc.
• Universal Marble & Granite Group Ltd.
• The Venice Art Terrazzo Co. Inc.
• Quiligotti Terrazzo Tiles Limited
• Kingspan Group Plc.
• Doyle Dickerson Terrazzo Inc
• Concord Terrazzo Company Inc.

Global terrazzo flooring market is segmented as follows:

By Type

• Epoxy Terrazzo

• Cement-based Terrazzo

By Application

• Educational Institutions
• Commercial
• Government Buildings
• Transport Infrastructure
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa