Global Terrazzo Flooring Market Size Anticipated to Reach USD 41.08 Billion by 2030: Latest Research Study Reveals Growth at 5.62% CAGR during Forecast Period 2023-2030

Miami, FL, March 08, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Terrazzo Flooring Market By Type (Epoxy Terrazzo And Cement-Based Terrazzo), By Application (Educational Institutions, Commercial Buildings, Government Buildings, And Transport Infrastructure), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030” in its research database.

“According to the latest research study, the demand of global Terrazzo Flooring Market size & share in terms of revenue was valued at USD 26.37 billion in 2022 and it is expected to surpass around USD 41.08 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 5.62% during the forecast period 2023 to 2030.”

What is Terrazzo Flooring? How big is the Terrazzo Flooring Industry?

Terrazzo Flooring Market Coverage & Overview:

Terrazzo flooring is a particular type of hard and robust flooring, in which marble shards are fabricated together with cement in various proportions, with durable epoxy matrix composites and aggregates, along with added color. Terrazzo is essentially used to bind various aggregates such as glass pieces, marble pieces, or various other suitable materials. Terrazzo flooring has increased its popularity over the last couple of years over conventional carpets and woods in modern interiors in residential and commercial spaces.

In addition, terrazzo flooring falls are also widely accepted in universities and educational institutes due to their aesthetic appearance and wide availability of colors and patterns in terrazzo flooring. In households, they are used in kitchen surfaces like backsplashes, countertops, and other base layering as terrazzo flooring provides necessary resistance against chemical spillages, fire damage, stain risks, and water damage.

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Global Terrazzo Flooring Market: Growth Factors

The global terrazzo flooring market is expected to surge exponentially due to a significant surge in construction activities across the globe. There has been a remarkable boost in investment in interior designing and retrofitting activities, and hence more and more people are adopting terrazzo flooring as they are considerably economical and adds significant value to the interiors of in-home setups be it rooms or kitchen. Thus, various perks of terrazzo flooring such as increased durability, longevity, aesthetic look, and low cost of maintenance drive the growth of the market.

In addition, a rise in the standard of living, change in lifestyle, rise in disposable income, growth of the construction industry, and rapid expansion of the hospitality and tourism sector across the globe are expected to drive the growth of the terrazzo flooring market during the forecast period. Furthermore, an increase in initiatives from the government to use green building materials for infrastructures and a rise in inclination towards eco-friendly floorings among people are expected to create ample opportunities for the growth of the market. However, the prevalence of traditional substitutes might restrict the growth of the global terrazzo flooring market during the forecast period.

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Report Scope

Terrazzo Flooring Market: Segmentation Analysis

The global terrazzo flooring market is segmented based on type, application, and region.

Based on type, the market is segmented into cement paste and epoxy terrazzo. The epoxy terrazzo segment held an approving market share in 2021 and is further predicted to grow rapidly at the highest CAGR during the forecast period. The major reason for the growth of this segment is its minimal maintenance and increased shelf life. Besides, epoxy terrazzo provides necessary abrasion resistance. Furthermore, its improved environmentally friendly characteristics compared to cement-based terrazzo flooring make it an ideal option for sustainable designs of flooring. These factors are expected to drive the growth of the segment during the forecast period.

Based on application, the market is segmented based on transport infrastructure, government buildings, commercial, educational institutes, and others. The educational institution segment held the largest market share in 2021 and is further predicted to grow exponentially at a promising CAGR during the forecast period. The growth of this segment is mainly attributed to the increase in the number of educational universities, colleges, and institutions and a notable rise in the number of renovation and refurbishment projects among them so as to appreciably upgrade their infrastructure as well as the quality of education to appeal and draw more students. Thus, extensive use of custom-made designs and environmental-friendly structures among various universities across the globe are predicted to drive the growth of the segment during the forecast period.

The global Terrazzo Flooring market is segmented as follows:

By Type

• Epoxy Terrazzo
• Cement-based Terrazzo

By Application

• Educational Institutions
• Commercial
• Government Buildings
• Transport Infrastructure
• Others

Browse the full “Terrazzo Flooring Market By Type (Epoxy Terrazzo and Cement-based Terrazzo), By Application (Educational Institutions, Commercial Buildings, Government Buildings, and Transport Infrastructure), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/terrazzo-flooring-market

Competitive Landscape

Some of the main competitors dominating the global Terrazzo Flooring market include - 

• The Stonhard Group
• Heritage Glass Inc.
• Surface Technology Inc.
• Key Resin Co.
• H.B. Fuller
• Terrazzo Master
• 4m Group
• Diespeker & Co.
• RBC Industries Inc.
• Universal Marble & Granite Group Ltd.
• The Venice Art Terrazzo Co. Inc.
• Quiligotti Terrazzo Tiles Limited
• Kingspan Group Plc.
• Doyle Dickerson Terrazzo Inc
• Concord Terrazzo Company Inc.

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Terrazzo Flooring market is likely to expand at a CAGR of around 5.62% during the forecast period (2023-2030).                  
• In terms of revenue, the Terrazzo Flooring market size was valued at around US$ 26.37 billion in 2022 and is projected to reach US$ 41.08 billion by 2030.
• The rapid expansion of the hospitality and tourism sector has led to a rise in construction activities in recent years. There are massive renovation activities undergoing in the market, which is propelling the demand for terrazzo flooring.
• Based on type, the epoxy terrazzo segment held the largest market share in 2021.
• Based on application, the educational institution segment held the dominating market share in 2021.
• Based on region, the North American region held the largest market share in 2021.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Terrazzo Flooring industry?
• What are the main driving factors propelling the Terrazzo Flooring Market forward?
• What are the leading companies in the Terrazzo Flooring Industry?
• What segments does the Terrazzo Flooring Market cover?
• How can I receive a free copy of the Terrazzo Flooring Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Type, By Application, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

Due to the region's high demand for terrazzo flooring, North America holds the largest share of the worldwide terrazzo flooring market. In addition to this, the availability of sufficient skilled workers in the region will also make a contribution to the expansion of the market in the region. The major players in this market are devoting a significant portion of their resources to the expansion of their research and development bases in order to produce novel designs and patterns.

It is anticipated that Asia-Pacific will be the region with the highest growth rate in the worldwide market for terrazzo flooring due to the growing disposable income of the population in the region in conjunction with the rise in standards. In addition, the expanding initiatives of the regional government to completely revamp the public buildings into green construction frameworks will also contribute to the growth of the regional market. This will be an important factor in the expansion of the regional market.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In January 2022, Tempesta, dominant India-based supplies of luxury tiles, announced that they have launched a new range of sustainable and eco-friendly Terrazzo Tile styles. The top layer of each tile of this collection comprises of stone or glass chips, white cement, and color pigment. This innovative Terrazzo Collection from the company encompasses 27 designs that are ideal for both commercial and residential areas.
• In August 2022, Antica Ceramica, an eminent company in the tile manufacturing industry, announced the launch of its ‘Terrazzo Tiles Collection’. This collection has a seemingly thicker layer of tiles which makes it resistant to water, stains, dirt or bacteria. The durable tile collection is specially designed with non-slip textures that reflect an adequate balance of aesthetics and functionality.

To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/terrazzo-flooring-market

FREQUENTLY ASKED QUESTIONS

• What is terrazzo flooring?

Terrazzo flooring is a particular type of hard and robust flooring, in which marble shards are fabricated together with cement in various proportions, with durable epoxy matrix composites and aggregates, along with added color.

• Which key factors will influence terrazzo flooring market growth over 2022-2030?

The rapid expansion of the hospitality and tourism sector has led to a rise in construction activities in recent years. There are massive renovation activities undergoing in the market, which is propelling the demand for terrazzo flooring.

• What will be the value of the terrazzo flooring market during 2022-2030?

The global terrazzo flooring market was valued at around $26.372 billion in 2021 and is projected to reach $41.0897 billion by 2030

• What will be the CAGR value of the terrazzo flooring market during 2022-2030?

The global terrazzo flooring market is projected to grow with a healthy CAGR of 5.62% over the forecast years.

• Which are the key major players in terrazzo flooring market growth?

Some of the significant players in the global terrazzo flooring market include The Stonhard Group, Heritage Glass, Inc., Surface Technology, Inc., Key Resin Co., H.B. Fuller, Terrazzo Master, 4m Group, Diespeker & Co., RBC Industries Inc., 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.

• Which region will contribute notably towards the terrazzo flooring market value?

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.

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