Decoration Terrazzo Flooring Market Size, Share, Growth, and Industry Analysis, By Type (Inorganic Terrazzo and Epoxy Terrazzo), By Application (Household and Commercial), Regional Insights, and Forecast From 2024 To 2031

Updated On: 20 November 2023

Decoration Terrazzo Flooring Market Report Overview

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The global decoration terrazzo flooring market size is expected to be USD 3126.2 million in 2022 and is projected to touch USD 6145.88 million by 2031, exhibiting a CAGR of 7.8% during the forecast period.

A mixture of cement and marble chips in varying ratios, along with durable aggregates and matrices, is used to create terrazzo. Sections or variances in color or material in a pattern are commonly divided by metal strips. Before the mixture settles, additional chips can be added on top. After it has dried, it is ground and smoothed down or otherwise treated to create a surface with a consistent texture. The term "terrazzo" is widely used to describe any style that resembles the original terrazzo floors.

Terrazzo is made from a composite of marble chips and cement in various proportions with enduring matrix and aggregates as an added color. Metal strips are separated frequently due to their material pattern and color difference. Extra chips can be sprinkled on top of the mix before setting it. The flooring is done with terrazzo to ensure hygiene and is easy to keep clean. It is a low-cost flooring material and is generally found in various commercial places such as airports, reception areas, hospitals, bakeries, supermarkets, railway stations, and others. 

COVID-19 Impact:  Stringent Government Regulations Hampered Growth in the Market

The global COVID-19 pandemic has been unprecedented and staggering, with decoration terrazzo flooring experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

In the early phases of COVID-19, factories were shut down in a number of nations leading to severe lockdowns put in place by the government to hinder the virus' spread. This led to a sharp decline in the demand for decorative terrazzo flooring. COVID-19 has had an influence on welding wire sales, and it is projected that this impact will continue into 2021. The pandemic led to the disruption of the construction industry, which decreased the demand for the product. Now, however, this demand has decreased. Due to the restrictions, there has been a decline in demand from end users as construction activities were put on hold. 

LATEST TRENDS

"Increasing Demand for Aesthetically Appealing Outdoor Entertainment Areas to Aid Market Growth"

Additionally, the demand for decoration terrazzo floorings for the residential end-users is expected to be met by the rise in millennial home purchasers' interest in visually pleasing outdoor recreation areas. Additionally, major market players have implemented a variety of methods, including business expansion and acquisition, to improve their presence in the market, which fosters the market's expansion. Certain elements, meanwhile, provide difficulties and limit market expansion. One of the major difficulties faced by the players in the market is the huge danger of substitutes, such as marble flooring and others. These factors are expected to augment the decoration terrazzo flooring market growth.

Decoration Terrazzo Flooring Market Segmentation

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• By Type Analysis

By type, the market is segmented into inorganic terrazzo and epoxy terrazzo.

The epoxy terrazzo segment is expected to lead the market due to its faster application. The use of epoxy binds the aggregates, which enables a very thin set system. 

• By Application Analysis

Based on application, the market is classified into household and commercial. 

DRIVING FACTORS

"Rising Construction Activities to Surge Product Demand"

Over the course of the projection period, it is anticipated that an increase in institutional building retrofitting and construction activities will boost demand for terrazzo flooring products in the U.S. Additionally, it is projected that the decoration terrazzo flooring market growth would expand due to the growing emphasis on the usage of environmentally friendly and green terrazzo flooring. As it illuminates the building space, adds visual interest, and offers the durability needed to manage strong pedestrian traffic at high footfall sites, terrazzo is the ideal flooring choice for transportation applications. Rapid urbanization in different countries is anticipated to increase investments in transportation infrastructure, which will boost demand for terrazzo there over the course of the projection period.

"Rising Product Demand Due To Its Versatility to Cater To Market Growth "

Extensive use and lack of routines for polishing, shining, and maintenance, the retail sector's growth offers the industry a chance to expand. Since many people are simultaneously occupying retail spaces, the product's resilient floor finish is perfect for controlling heavy traffic areas. Additionally, the design flexibility of this flooring will aid in creating inviting shop designs with the ability to incorporate branding logos to draw in customers. Additionally, providing slip-resistant flooring on secure routes with improved accessibility for clients in wheelchairs can assist retailers in expanding their clientele and broadening the use of the goods. Additionally, the use of decoration terrazzo flooring in growing retail outlets will boost demand for it and create lucrative growth opportunities for the market. 

RESTRAINING FACTORS

"High Cost and Complex Installation of the Product to Hamper Market Growth"

The initial cost of both the product and installation, which involves highly technical and labor-intensive methods that only a small number of contractors are capable of handling, terrazzo flooring is perceived by the end-user as a costly option. The market's expansion is constrained by a shortage of competent contractors and lengthy installation times. Although terrazzo for flooring offers improved design flexibility and creative finishing, it is anticipated to offer lucrative market development opportunities.

Decoration Terrazzo Flooring Market Regional Insights

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"North America to Dominate the Market Due to the Rising Awareness of Eco-Friendly Products"

North America is expected to dominate the global market due to the rising awareness about eco-friendly products coupled with the population’s rising standards of living. 

Asia Pacific is projected to hold a significant part of the decoration terrazzo flooring market share owing to the rising adoption of aesthetic appearances for their homes. 

KEY INDUSTRY PLAYERS

"Key Players Focusing on Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• Kingspan Group (Ireland)
• RPM (U.S.)
• PANDOMO (Germany)
• Sherwin-Williams (U.S.)
• Doyle Dickerson Terrazzo (U.S.)
• Terrazzco (U.S.)
• Terrazzo USA (U.S.)
• Beijing Lu Xing (China)
• Guangxi Tashi (China)
• Lijie Technology (China)

Industry Development

• March 2021- In order to make a dramatic statement in the architectural environment and to investigate the use of epoxy terrazzo for public art components, TERRAZZCO teamed up with Joan Weissman Studio.

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research. The market insights are prepared by utilizing large sample sizes for data-gathering modules. The study provides in-depth market insights. The stage includes gathering market data or related data using a variety of sources and tactics. It involves going over and organizing all the information gathered during the previous advance. It also covers the investigation of information discrepancies found across various information sources. Market statistical and coherent models are used to assess and estimate market data.