The rise in infrastructure development projects, especially in developing countries in Southeast Asian regions is anticipated to provide numerous business opportunities for market players in residential and commercial spaces. In addition, rise in consciousness toward home remodeling and inclination toward outdoor entertainment areas are also expected to drive the market growth across developed regions such as North America and Europe.
Global economic slowdown as well as soaring inflation rates have significant impact over residential end users, influencing spending on their homes. Despite positive annual yearly growth, the market is still in recovering mode and is projected to witness steady growth rate in the coming years.
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Increase in disposable income as well as changes in lifestyle toward single family homes has significant impact over the market growth in the recent years. Moreover, growth in popularity of outdoor entertainment areas among high-end middle class residential end users is also anticipated to fuel the demand for outdoor flooring solutions among residential end users.
According to a new report published by Allied Market Research, titled, “Outdoor flooring Market by Material Type, Flooring Type, Construction Type, and End User, Opportunity Analysis and Industry Forecast, 2020–2027,” the global outdoor flooring market size was valued at $16,557.7 million in 2019, and is projected to reach $22,070.0 million by 2027, registering a CAGR of 5.6% from 2020 to 2027.
Outdoor flooring plays a vital role in improving visual appeal of commercial buildings and infrastructure through innovative landscaping and flooring solutions. Rise in awareness toward outdoor entertainment areas, especially among millennials is anticipated to drive the outdoor flooring market growth in the coming years. Further, rise in adoption of thermally treated woods has gained traction in recent years, owing to its enhanced durability, longer product life, and environment friendly material
The rise in infrastructure development projects, especially in developing countries in Southeast Asian regions is anticipated to provide numerous business opportunities for market players in residential and commercial spaces. In addition, rise in consciousness toward home remodeling and inclination toward outdoor entertainment areas are also expected to drive the market growth across developed regions such as North America and Europe.
Global economic slowdown as well as soaring inflation rates have significant impact over residential end users, influencing spending on their homes. Despite positive annual yearly growth, the market is still in recovering mode and is projected to witness steady growth rate in the coming years. Increase in disposable income as well as changes in lifestyle toward single family homes has significant impact over the market growth in the recent years. Moreover, growth in popularity of outdoor entertainment areas among high-end middle class residential end users is also anticipated to fuel the demand for outdoor flooring solutions among residential end users.
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New construction activities, especially in fast emerging economies such as South Asia and Africa majorly drive growth of the market. In addition, number of outdoor remodeling activities has gained traction, owing to rise in awareness of outdoor entertainment areas among residential end users in developed economies. Moreover, increase in number of second home buyers and preference of millennials toward outdoor areas are also anticipated to drive the outdoor flooring market growth during the forecast period. However, fluctuations in foreign currency exchange continue to influence profit margins of market players and are projected to hinder growth of the outdoor flooring market in the coming years.
The significant number of new construction activities in countries such as India, China, Russia, and the Middle East majorly drive the tile segment.
On the basis of flooring type, the resilient segment is expected to witness a growth rate of 6.2% from 2020 to 2027 and reach $1,673.2 million in 2027.
Rapid urbanization and fast-growing economies predominantly drive new construction activities and subsequently fuel the demand for outdoor flooring across different end users. As a result, developing countries in Asia and Africa are anticipated to provide numerous business opportunities for market players resulting into attractive CAGRs respectively. Whereas, growth in consciousness toward outdoor entertainment areas among millennial home buyers in developed economies is expected to fuel the demand for outdoor flooring solutions such regions. In addition, retrofitting and renovation activities of public infrastructure, buildings, and airports are also projected to create steady demand for outdoor flooring solutions.
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Region wise, the outdoor flooring market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2019, and LAMEA is expected to exhibit the highest CAGR from 2020 to 2027. This is attributed to the fact that emerging economies in the region are witnessing increase in infrastructural development and increase in construction projects. Moreover, rapid economic recovery significantly drives the outdoor flooring market growth in this region.
The outbreak of COVID-19 has a negative impact on the manufacturing and production of outdoor flooring in the first quarter of 2020, and is likely to hamper the market growth throughout the year. This has further affected the demand for outdoor flooring from developing countries, including India, Brazil, Vietnam, and Indonesia, thereby halting the production activities. In addition, the disruption of supply chains is causing hindrance in manufacturing of the outdoor flooring around the globe.
The key players profiled in the outdoor flooring market report include AZEK Company, Beaulieu International Group, Citadel Floors, ECORE International, Inc., Ebaco India Pvt. Ltd., Fiberon, Mats Inc., Mohawk Industries, Tandus Group, Inc., Tarkett S.A., The Biltrite Corporation, and Timber Holdings USA.
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