Terrazzo Flooring Market Robust Expansion by Top Key Manufactures | Worldwide Overview By Size, Share, Trends, Segments, Leading Players, Demand and Supply With Regional Forecast By 2024
Terrazzo Flooring Market is Rising Construction Industry Coupled with High Demand by 2024
The global terrazzo flooring market is anticipated to witness sustainable growth throughout the forecast period. The tremendous growth of commercial replacement market and an increase in the demand for innovative designs in commercial buildings are expected to increase the demand for terrazzo flooring, globally. Moreover, the rapid expansion of tourism and hospitality industries coupled with increasing investments in commercial real estate are expected to improve sales prospects in the global terrazzo flooring market. Furthermore, the increase in the number of green buildings is expected to increase the use of eco-friendly and lightweight floor coverings. Rapid construction of commercial and residential buildings in emerging countries such as China, India, and South Korea, is one of the major factors driving the global terrazzo flooring market. However, stringent regulations on manufacturing flooring products are expected to hinder the .
The global terrazzo flooring market was valued at USD 22,780 million in 2018, which is anticipated to witness 5.0% CAGR during the forecast period.
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Key Players
The prominent players in the terrazzo flooring market are 4m Group (UK), Concord Terrazzo Company, Inc. (US), Kingspan Group (Ireland), Diespeker & Co. (UK), KREZ Group (US), RBC Industries, Inc. (US), The Venice Art Terrazzo Co., Inc. (US), Quiligotti Terrazzo Tiles Limited (UK), Terrazzo Masters (US), and RPM International Inc. (US).
Scope of the Report
This study provides an overview of the global Terrazzo Flooring Market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific and the rest of the world (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global terrazzo flooring market by type, application, and region.
By Type
- Epoxy Terrazzo
- Cement-Based Terrazzo
By Application
- Residential
- Commercial
- Industrial
- Infrastructural
By Region
- North America
- Asia-Pacific
- Europe
- Rest of the World
North America to witness a gradual rise in the terrazzo flooring market during the forecast period.
On the basis of region, the global terrazzo flooring market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest market share in 2018, followed by Asia-Pacific, primarily due to the leading consumers and environmental advantages of green buildings. The rise in construction industry is attributed to private housing, commercial and infrastructure construction growth and growth in privately funded projects.
Epoxy terrazzo segment, to witness higher growth rate than the cement-based terrazzo segment in the global terrazzo flooring market.
On the basis of type, the epoxy terrazzo segment accounted for the larger market share, which is also expected to witness maximum growth rate during the forecast period, due to its extensive use in residential and commercial buildings for interior applications. Such types of flooring are cost-effective and have enhanced durability and performance. Companies are coming up with innovation in the wood industry as well as they are investing in research & development activities to boost the demand for eco-friendly manufacturing flooring products.
The residential segment, accounted for the largest market share in the terrazzo flooring market
On the basis of application, the residential application segment accounted for the largest market share in 2018, which will retain its position until the end of the forecast period. This is attributed to the growing population in emerging economies, such as China, India, and Brazil, which in turn drives the demand for residential buildings. Hence, the residential application segment is anticipated to exhibit a steady growth during the forecast period.
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