According to a new report published by Allied Market Research, titled, “Terrazzo Flooring Market: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,” the global terrazzo flooring market was valued at $21,691.1 million in 2017, and is projected to reach $31,951.2 million in 2025, growing at a CAGR of 4.9%. The epoxy terrazzo segment accounted for more than two-thirds of the market share in 2017, and is expected to witness significant growth during the forecast period.
The key players profiled in this report include 4m Group, Concord Terrazzo Company, Inc., Diespeker & Co., Kingspan Group, KREZ Group, Quiligotti Terrazzo Tiles Limited, RBC Industries, Inc., RPM International Inc., Terrazzo Masters, and Venice Art Terrazzo Co., Inc.
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Terrazzo is a type of hard surface flooring, which is fabricated by using an epoxy matrix or cement matrix composite to bind aggregates such as marble pieces, glass pieces, or other suitable material. Increase in demand for flooring due to rise in construction projects across different regions propel the growth of the global terrazzo flooring market. In addition, improved finish offered by these floorings enhances the aesthetics and makes the room look spacious, thereby propelling the growth of the market. However, high initial cost and high cost of laying tiles are anticipated to restrain the market growth.
Based on the application, the educational institutions segment is expected to account for the largest share in the global market during the forecast period, due to increase in the number of educational institutes, universities, auditoriums, and schools in the U.S. and other developed countries. Depending on type, epoxy terrazzo is expected to hold maximum market share, growing at highest CAGR during the forecast period, owing to various benefits offered by it such as low maintenance costs and easy installation laying of tiles as compared to cement terrazzo.
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Key Findings of the Terrazzo Flooring Market :
- Based on application, the educational institutions segment dominated the market in terms of revenue in 2017, and is projected to grow at a significant CAGR during the forecast period.
- North America generated the highest revenue in 2017, however, Asia-Pacific is anticipated to grow at the highest CAGR.
- The epoxy terrazzo segment generated the highest revenue in 2017, and is estimated to grow at the highest rate.
- In North America, the U.S. accounted for the largest market share in 2017.
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