New York, United States, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Flooring is crucial to infrastructure and structure development since it can improve a building's use, aesthetics, and visual appeal. Outdoor flooring is also necessary to improve the landscaping of building pavements, parks, and outdoor areas. Compared to indoor flooring, outdoor flooring is more resilient, durable, and able to bear mechanical stress because it is exposed to outside weather conditions. Outdoor flooring options are, therefore, more durable and have longer product lives than inside flooring options. The potential for outdoor flooring in public spaces has increased, particularly in metropolitan and metro areas, including airports, bus stations, parks, and well-known tourist spots.
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Increasing Use of Thermally Treated Wood Drives the Global Market
According to Straits Research, “The global outdoor flooring market size was valued at USD 17.09 billion in 2022. It is projected to reach USD 28.64 billion by 2031, growing at a CAGR of 5.90% during the forecast period (2023-2031).” Recently, thermally treated wood has grown in acceptance among end users in the commercial and residential sectors. Thermally treated wooden tiles provide dimensional stability, water repellency, and weather resistance. The demand for thermally treated timber parquets for decks and swimming pool areas, notably in Europe, is another driver boosting the market for outdoor flooring. For instance, according to the European Federation of the Parquet Industry, the demand for hardwood parquet products rose sharply in 2019 in France, Poland, Spain, and Austria (FEP).
Increased Awareness of Outdoor Remodelling Creates Tremendous Opportunities
Due to individuals having more discretionary cash and being more conscious of beautiful outdoor designs, the trend for outdoor home upgrading among residential end users, particularly in urban areas, has shifted. Further, as most buyers prefer upgrading before buying or renting a home, curb appeal—also known as the property's attractiveness—is essential when updating the exterior of a residential building. According to Home Advisor, a digital marketplace, consumer expenditure on home repair projects increased by nearly 17% between 2018 and 2019.
Regional Analysis
Asia-Pacific outdoor flooring market share is expected to grow at a CAGR of 6.20% during the forecast period. Asia-Pacific is anticipated to experience the outdoor flooring market's most lucrative growth rate due to its quickly increasing building industry and easy access to raw materials. In addition, infrastructure development and new building projects are rising in countries with fast-growing economies like Bangladesh, India, Malaysia, China, Indonesia, and Malaysia. Commercial buildings like offices, bus and train stations, malls, airports, and educational institutions create various outdoor flooring alternatives.
LAMEA is expected to grow at a CAGR of 6.65% during the forecast period. The market expansion in LAMEA is driven by increased demand for commercial and industrial infrastructure due to expanding urbanization. The market for outdoor flooring is projected to grow more swiftly due to the construction industry's rapid expansion and infrastructure development. The development of the industry is also aided by a better business climate and an increase in building spending, particularly in Latin America and Africa. In addition, the UAE and Qatar remain attractive investment destinations because of population expansion and fast urbanization. The Brazilian government has established several initiatives, such as FILENAME and Agencia Especial de Financiamento Industrial, to encourage the growth of the real estate market (FINAME). These factors support the market growth for outdoor flooring in LAMEA.
Key Highlights
- Based on material type, the global outdoor flooring market is bifurcated into wood and laminate (decking), ceramic (tiles), synthetic fiber and fabric (carpet and rugs), and others. The ceramic (tiles) segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.70% during the forecast period.
- Based on flooring type, the global outdoor flooring market is bifurcated into resilient and non-resilient. The non-resilient segment owns the highest market share and is estimated to grow at a CAGR of 5.70% during the forecast period.
- Based on construction type, the global outdoor flooring market is bifurcated into new construction and renovation. The new construction segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.75% during the forecast period.
- Based on end-user, the global outdoor flooring market is bifurcated into residential, commercial, public infrastructure, and others. The residential segment owns the largest market share and is estimated to rise at a CAGR of 5.75% during the forecast period.
- Asia-Pacific is the most substantial shareholder in the global outdoor flooring market and is expected to grow at a CAGR of 6.20% during the forecast period.
Competitive Players
The global outdoor flooring market's major key players are 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.
Market News
- In July 2022, Mohawk Industries agreed to purchase Foss Floors, "which will add new product categories and create tremendous opportunities for our business," according to a recent memo to Mohawk employees.
Global Outdoor Flooring Market: Segmentation
By Material Type
- Wood and Laminate (Decking)
- Ceramic (Tiles)
- Synthetic Fiber and Fabric (Carpet and Rugs)
- Others
By Flooring Type
- Resilient
- Non-Resilient
By Construction Type
- New Construction
- Renovation
By End-User
- Residential
- Commercial
- Public Infrastructure
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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