Terrazzo Flooring Market: Overview
Terrazzo is a kind of hard surface flooring that is fabricated with the help of cement matrix or epoxy matrix composites. It is used to bind aggregates such as marble pieces, glass pieces, or other suitable aesthetic material. Terrazzo flooring falls in the category of green building materials, which are significantly used in the non-residential sector in educational institutes, universities, office lobbies etc. Terrazzo floors are preferred for their aesthetic appearance.
Factors such as rise in investment in retrofitting activities and increase in the importance of interior designing in the construction industry are driving the terrazzo flooring market. Terrazzo floors are not very common, as they add value to the room. Overall, terrazzo flooring is inexpensive in nature. However, the initial installation cost is higher compared to that of other traditional alternatives such as ceramic tiles, polished concrete surfaces, coatings, etc. The presence of these alternatives may hamper the overall growth of the terrazzo flooring market during the forecast period.
Terrazzo Flooring Market: Segmentation
The terrazzo flooring market can be segmented based on product, application, and region. Based on product, the terrazzo flooring market can be segmented into cement-based terrazzo and epoxy terrazzo. The epoxy terrazzo segment is anticipated to dominate the market during the forecast period. High chemical resistance, greater tensile strength, and better control are some of the major properties offered by cement-based terrazzo flooring. Favorable properties of epoxy- based terrazzo flooring are likely to propel demand for terrazzo flooring between 2018 and 2026. In addition, epoxy terrazzo has low maintenance cost and is eco-friendly in nature compared to cement-based terrazzo flooring. Due to this, epoxy terrazzo flooring is likely to be a highly attractive segment during the forecast period.
In terms of application, the terrazzo flooring market can be segmented into residential and non-residential. The residential segment includes household interiors and the non-residential segment includes commercial buildings such as educational institutions, commercial buildings, government offices, commercial complexes, and others. The non-residential segment is projected to remain dominant during the forecast period. Increase in the use of eco-friendly structures and rise in custom-made designs in the commercial sector drive the market. In addition, a rise in the number of educational institutes and universities and increase in refurbishment activities are anticipated to fuel the terrazzo flooring market in the coming years. The educational institutes segment of the non-residential segment is expected to expand at a significant growth rate during the forecast period.
Terrazzo Flooring Market: Region-wise Outlook
Based on region, the terrazzo flooring market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America was a major region of the market in 2017 and is likely to remain dominant during the forecast period. However, the market in Asia Pacific is expected to expand at a significant growth rate as compared to that in all regions during the forecast period. Rise in awareness about eco-friendly products and increase in standards of living are likely to make the terrazzo flooring market in Asia Pacific highly lucrative in the near future. In countries such as India and China, people are increasingly focusing on improving the aesthetic appearances of their homes. Europe is a prominent region of the terrazzo flooring market. The market in Latin America and Middle East & Africa is expected to expand at a sluggish pace.
Terrazzo Flooring Market: Key Players
The global terrazzo flooring market is slightly fragmented as a large number of companies operate in the market. Prominent manufacturers in the terrazzo flooring market include Concord Terrazzo Company, Inc., Kingspan Group,4m group, Quiligotti Terrazzo Tiles Limited, Guangxi Mishi, H.B. Fuller, and Terrazzo Masters.
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