New York, USA, June 29, 2022 (GLOBE NEWSWIRE) -- Terrazzo Flooring Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Terrazzo Flooring Market Information by Type, Application, And Region - Forecast till 2030”, the market is estimated to grow at a 5% CAGR to reach USD 4077.8 Million by 2030.
Market Synopsis
Terrazzo is made of recycled aggregates like marble chips, glass shards, and other materials and a binding matrix-like epoxy resin or cement. Terrazzo flooring is a type of green building material commonly utilized in non-residential construction. Terrazzo floors are popular because of their attractive appearance. It is crushed and finished smoothly or otherwise to give an evenly textured surface when it has cured. Terrazzo is often used to describe any design resembling classic terrazzo floors. It is a high-quality, long-lasting item that is hygienic and easy to clean.
The advantages of terrazzo flooring over other forms of flooring, such as refinement and high-end aesthetics, are also driving the demand for this flooring. The terrazzo flooring market is being driven by increased expenditure in retrofitting operations and increasing emphasis on interior design in the building industry. Terrazzo floors are uncommon because they give value to a space. Terrazzo flooring is, on the whole, a low-cost option. However, the initial installation cost is higher than other typical options, such as polished concrete surfaces and varnishes. These options may stifle the terrazzo flooring market's overall expansion throughout the forecast period.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 4077.8 Million |
| CAGR | 5% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing demand for green building materials |
| The rapid expansion of tourism and hospitality |
Market Competitive Landscape:
The central players in the terrazzo flooring market are:
- 4m Group (UK)
- RBC Industries, Inc. (US)
- Quiligotti Terrazzo Tiles Limited (UK)
- Concord Terrazzo Company, Inc. (US)
- RPM International Inc. (US)
- KREZ Group (US)
- Kingspan Group (Ireland)
- Diespeker & Co. (UK)
- Terrazzo Masters (US)
- The Venice Art Terrazzo Co., Inc. (US)
Market USP Covered:
Market Drivers:
The expansion of the worldwide terrazzo flooring market is fueled by an increase in building, remodeling, and retrofitting activities. Furthermore, rising emphasis on using green and environmentally friendly floorings, such as terrazzo, is predicted to drive global market growth. Furthermore, prominent market players have used various methods to extend their market presence, such as corporate investment and purchase, which has aided the market's growth. The advantages of terrazzo flooring over other forms of flooring, such as sophistication and high-end aesthetics, are also driving the demand for this flooring. Furthermore, millennial property purchasers' growing need for aesthetically pleasing outdoor recreation areas fuels the demand for these floorings among household end-users.
Some of the crucial breakthroughs in the sector include creating next-generation flooring, software development to create customer-centric designs, and completely automatic concrete tile production to improve the aesthetic look.
Market Restraints:
Fluctuating raw material prices hamper the worldwide terrazzo flooring industry. Terrazzo flooring's high initial and installation costs are projected to stifle industry expansion. One of the major issues confronting the industry's stakeholders is the threat of replacements such as marble floors and other materials. Furthermore, the end-user perceives terrazzo flooring as a costly option due to the high initial cost of both the goods and installation, which necessitates highly technical and labor-intensive processes that only a small number of contractors are equipped to handle. The market's expansion is stifled by a scarcity of competent contractors and the increased number of installation hours.
Browse In-depth Market Research Report (100 Pages) on Terrazzo Flooring: https://www.marketresearchfuture.com/reports/terrazzo-flooring-market-8065
COVID 19 Analysis
Terrazzo is antimicrobial, nonporous, and easy to clean with a wet mop and neutral cleansers, leaving no unpleasant scents to offend visitors. As a result, COVID timings increased significantly. Green construction is built on the foundation of sustainable construction. Terrazzo is one of the most resilient and available low-cost flooring options, making it ideal for high-traffic public buildings. Both concrete and thin-set epoxy terrazzo floors require very little maintenance, and annual stripping and resealing can be done with water-based chemicals that are environmentally benign. Dry and damp cleaning, as well as spray buffing, are all part of routine maintenance.
Market Segmentation
Based on Type
The epoxy terrazzo segment is expected to grow at the fastest rate for the projected period.
Based on Application
The residential segment is expected to have the highest CAGR for the forecast period.
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Regional Insights
Due to the sheer amount of building projects expected to begin, Asia-Pacific is the most lucrative area in terms of new development. Government help and subsidies are projected to draw considerable investments in the building industry as countries like India and China aim to upgrade their infrastructure. Increased per capita disposable income and improved infrastructure are prospects in the entire construction industry, which will boost the terrazzo flooring market over the projection period. People in nations like India and China are increasingly concerned with the aesthetic aspect of their dwellings.
North America dominated the market while Europe boosted the terrazzo flooring market. The Latin America, the Middle East, and Africa market is predicted to grow slowly. The market's growth is expected to be aided by the requirement to create consistent quality standards over the forecast period. Contenders such as Blair Duron, a leading specialty flooring installation company that helps clients meet cGMP flooring requirements, have been awarded ISO 9001:2015 certification. The International Organization for Standardization (ISO) developed and published ISO 9001:2015, a worldwide recognized quality management standard. The accreditation covers specialty flooring services such as cement (refinish, repair, and polish), epoxy, and terrazzo in industrial, commercial, and institutional settings.
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