Allied Market Research recently published a report, titled, “Terrazzo Flooring Market by Type (Epoxy Terrazzo and Cement-based Terrazzo) and Application (Educational Institutions, Commercial Buildings, Government Buildings, Transport Infrastructure, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025”. The report offers detailed analyses of the driving forces & opportunities, major market segments, top investment pockets, key player positioning, and competitive landscape. According to the report, the global terrazzo flooring market was pegged at $21.69 billion in 2017 and is expected to garner $31.95 billion by 2025, registering the CAGR of 4.9% during the forecast period.
Surge in residential and non-residential construction activities and shift in focus toward sustainable flooring have boosted the growth of the global terrazzo flooring market. However, high initial cost and installation cost of terrazzo flooring hinder the market growth. On the contrary, highest creativity and increased design flexibility and green image of terrazzo flooring are expected to create lucrative opportunities for the market players in the near future.
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Epoxy terrazzo segment to create lucrative opportunities through 2025
The epoxy terrazzo segment held the largest share in 2017, contributing about 77% share of the market, as they are easy to install, require minimum maintenance, and are available in countless color option. Moreover, epoxy terrazzo flooring can be installed in varied application areas such as bathrooms, kitchen, or office countertops. Another segment of cement-based terrazzo is also expected to register gradual growth during the forecast period.
Transport infrastructure to manifest fastest growth by 2025
The transport infrastructure segment is expected to register the fastest CAGR of 6.8% during the study periods, owing to rise in need to install these flooring at railways and airports to improve hospitality towards travelers. However, the educational institutions segment held the largest share in 2017, contributing more than one-third of the total market share, owing to increase in the number of educational institutes, institutions, and schools in the U.S. and other developed countries. The other segments such as commercial, government buildings, and others are analyzed in the report.
North America region holds lion’s share
North America region dominated the market in terms of revenue, contributing about 40% share of the market, owing to high demand as the modern terrazzo is highly-versatile surface material and offers visual interest with a subtle texture. However, Asia-Pacific region is expected to register the fastest CAGR of 6.6% during the forecast period, owing to need for terrazzo flooring in residential as well as commercial spaces such as kitchens, living rooms, bathroom, and many others.
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Major market players
The global terrazzo flooring market analyzes the major players that are currently active in the market, including 4m Group, Diespeker & Co., KREZ Group, RBC Industries, Inc., Terrazzo Masters, Concord Terrazzo Company, Inc., Kingspan Group, Quiligotti Terrazzo Tiles Limited, RPM International Inc., and The Venice Art Terrazzo Co., Inc.
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