The global terrazzo flooring market was valued at around $26372 million in 2021 and is projected to reach $4077.7 million by 2028 with a healthy CAGR of 5% over the forecast years.
Industry Perspective:
The global terrazzo flooring market was valued at around $26372 million in 2021 and is projected to reach $4077.7 million by 2028 with a healthy CAGR of 5% 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.
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.
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 the 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 the 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.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
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.
By applications, the market can be segmented into transport infrastructure, government building, commercial, educational institutes, and others.
Terrazzo Flooring Market: Regional Landscape
North America accounts for the largest share in 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., Universal Marble & Granite Group Ltd., The Venice Art Terrazzo Co., Inc., Quiligotti Terrazzo Tiles Limited, Kingspan Group Plc., Doyle Dickerson Terrazzo, Inc, and Concord Terrazzo Company, Inc.
Global terrazzo flooring market is segmented as follows:
By Type
By Application
By Region
Request the coronavirus impact analysis across industries and markets
The rapid expansion of the hospitality and tourism sector has led to the rise in construction activities in recent years. There are massive renovation activities undergoing in the market, which is propelling the demand for terrazzo flooring.
The global terrazzo flooring market was valued at around $26372 million in 2021 and is projected to reach $4077.7 million by 2028 with a healthy CAGR of 5% over the forecast years.
Some of the significant players in the global terrazzo flooring market include The Stonhard Group, Heritage Glass, Inc., Surface Technology, Inc., Key Resin Co., Universal Marble & Granite Group Ltd., The Venice Art Terrazzo Co., Inc., Quiligotti Terrazzo Tiles Limited, Kingspan Group Plc., Doyle Dickerson Terrazzo, Inc, and Concord Terrazzo Company, Inc.
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