U.S. Terrazzo Market in 2024: $1.47 Billion
SAN FRANCISCO – The U.S. terrazzo market is expected to reach $1.47 billion by 2024, according to a new report by Grand View Research Inc.
Click image to enlargeThe market-research firm sees the market growing annually in product volume by 4.3% during the next eight years, reaching 434.3 million ft² by 2024. Market volume is estimated at 297.4 million ft² for 2015.
The terrazzo-market study cites several factors for market growth:
- Development of new generation flooring systems
- Fully automatic concrete tile making
- Software development to design sustainable & customer-centric designs
- Monitoring systems to enhance distribution & contracting services
The shift in consumption trend towards customized flooring system designs is also expected to drive the domestic market through 2024.
Technology is playing an important role across the value chain. From raw material to end-use customers, technological advancements are helping to upgrade the services, which in turn is expected to make customer service more effective and efficient in the near future.
Epoxy is the most widely used product segment and accounted for more than 60% of total market volume in 2015. The product is limited to indoor application owing to environmental concerns, such as UV exposure.
Rustic and polyacrylate, on the other hand, are recommended for outdoor areas as they are hard and can withstand adverse environmental conditions. Such factors are anticipated to balance the overall demand in the near future.
The educational sector dominated the application segment and accounted for over 45% of total market volume in 2015. The increase in the number of educational institutes, universities, auditoriums and schools in the U.S. is expected to remain a key factor for higher penetration of terrazzo in this sector. The segment is also expected to witness the highest growth of 4.6% over the forecast period.
Terrazzo used in commercial buildings, meanwhile, is expected to reach a market worth more than $200 million by 2024.
The market study is available for purchase here.
Grand View Research Inc. is a U.S.-based market research and consulting company registered in California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports and consulting services.
