New York, U.S., 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 – Forecasts until 2030“, the market is expected to grow at a CAGR of 5% to reach $4077.8 million by 2030.
Terrazzo is made from recycled aggregates such as marble chips, shards of glass and other materials and an epoxy resin or cement matrix binder. Terrazzo flooring is a type of green building material commonly used in non-residential construction. Terrazzo floors are popular due to their attractive appearance. It is ground and smooth or otherwise finished to give a uniformly textured surface when hardened. Terrazzo is often used to describe any design resembling classic terrazzo floors. It is a high quality, durable, hygienic and easy to clean item.
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. The terrazzo flooring market is driven by the increase in expenditure in renovation operations and the growing emphasis on interior decoration in the building industry. Terrazzo floors are rare because they add value to a space. Terrazzo flooring is, overall, an inexpensive option. However, the initial installation cost is higher than other typical options, such as polished concrete surfaces and varnishes. These options may stifle the overall expansion of the terrazzo flooring market throughout the forecast period.
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|Market size 2030||$4077.8 million|
|Forecast units||Value (USD million)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By type, application and region|
|Geographical areas 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:
Key Players of Terrazzo Flooring Market are:
- 4m Group (UK)
- RBC Industries, Inc. (USA)
- Quiligotti Terrazzo Tiles Limited (UK)
- Concord Terrazzo Company, Inc. (USA)
- RPM International Inc. (USA)
- KREZ Group (USA)
- Kingspan Group (Ireland)
- Diespeker & Co. (UK)
- Terrazzo Masters (USA)
- The Venice Art Terrazzo Co., Inc. (USA)
Covered USP market:
The expansion of the global terrazzo flooring market is fueled by an increase in construction, remodeling and remodeling activities. Furthermore, the growing emphasis on the use of green and environment-friendly flooring materials such as terrazzo is expected to boost the growth of the global market. Additionally, prominent players in the market have used various methods to expand their presence in the market, such as investing and buying businesses, which has helped drive the growth of the market. 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. Additionally, the growing need of millennial real estate buyers for aesthetically pleasing outdoor recreation areas is fueling the demand for these flooring materials among domestic end users.
Some of the crucial breakthroughs in the sector include the creation of next-generation flooring, software development to create customer-centric designs, and fully automatic production of concrete tiles to enhance aesthetic appeal.
Fluctuating raw material prices are hampering the global terrazzo flooring industry. The high initial and installation costs of terrazzo flooring are expected to stifle industry expansion. One of the major issues facing industry players is the threat of replacements such as marble flooring and other materials. Additionally, the end user perceives terrazzo flooring as an expensive option due to the high initial cost of goods and installation, which requires highly technical and labor-intensive processes that only a small number of entrepreneurs are equipped to manage. Market expansion is being stifled by the scarcity of skilled contractors and increasing installation hours.
Browse the 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, non-porous, and easy to clean with a damp mop and neutral cleaners, leaving no unpleasant odors to offend visitors. As a result, COVID delays have increased significantly. Green construction is built on the foundations of sustainable construction. Terrazzo is one of the toughest and cheapest flooring options available, making it ideal for high traffic public buildings. Thin-set epoxy concrete and terrazzo floors require very little maintenance, and annual stripping and sealing can be done with water-based chemicals that are harmless to the environment. Wet and dry cleaning, as well as spray polishing, are all part of routine maintenance.
The epoxy terrazzo segment is expected to grow at the fastest rate for the projected period.
Based on demand
The residential segment is expected to have the highest CAGR for the forecast period.
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Due to the huge number of construction projects expected to start, Asia-Pacific is the most lucrative region in terms of new developments. Government aid and subsidies are expected to attract huge investment in the construction industry as countries like India and China aim to upgrade their infrastructure. Rising per capita disposable income and improved infrastructure are prospects across the construction industry, which will drive the terrazzo flooring market during the forecast period. People in countries like India and China are increasingly concerned about the aesthetic appearance of their homes.
North America led the market while Europe drove the terrazzo flooring market. The Latin America, Middle East and Africa market is expected to grow slowly. Market growth is expected to be aided by the requirement to create consistent quality standards over the forecast period. Competitors such as Blair Duron, a leading specialist flooring installation company that helps customers meet cGMP flooring requirements, have achieved ISO 9001:2015 certification. The International Organization for Standardization (ISO) developed and published ISO 9001:2015, an internationally recognized quality management standard. Accreditation covers specialty flooring services such as cement (finishing, repairing and polishing), epoxy and terrazzo in industrial, commercial and institutional settings.
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