According to a recent report published by Allied Market Research, titled, "Canada Terrazzo Flooring Market by Type and Application: Opportunity Analysis and Industry Forecast, 2018-2025," The Canada terrazzo flooring market size was valued at $65,500 thousand in 2017, and is projected to reach $93,039 thousand in 2025, growing at a CAGR of 4.3%. The epoxy terrazzo segment accounted for more than two-thirds of the market share in 2017, and is expected to witness significant growth during the forecast period.
Terrazzo is a type of hard surface flooring, which is fabricated by using an epoxy matrix or cement matrix composite to bind aggregates such as marble pieces, glass pieces, or other suitable material. Increase in demand for flooring due to rise in construction projects across Canada propels the growth of the terrazzo flooring market in Canada. In addition, improved finish offered by these floorings enhances the aesthetics and makes the room look spacious, thereby propelling the growth of the market. Terrazzo comprises of chips of marble, stone, or glass. With this fusion, producers create an entirely personalized design according to customer preferences for flooring. Terrazzo flooring is inarguably attractive and can be customized in many colors, qualities, and styles. In addition, terrazzo flooring is both robust and stable, offers beauty, ease of cleaning, and value of terrazzo, and enables a look of spaciousness, wherever it is installed. This is expected to propel the Canada terrazzo flooring industry.
However, high initial cost and high cost of laying tiles are anticipated to restrain the market growth. Further, there is also threat of substitute products which are low in cost such as such as luxury vinyl tiles, ceramic tiles, wooden flooring, marbles, and others. Moreover, the installation of terrazzo flooring requires skilled workmen, hence is not suitable for do-it-yourself (DIY) customers. This will decrease the Canada terrazzo flooring market growth.
Enhanced sustainability and high strength offered by terrazzo floorings fuel their demand, thereby driving the growth of the Canada terrazzo flooring market. Furthermore, rise in investment in interior designing and retrofitting activities in residential & commercial properties boost the growth. In addition, there is surge in demand for terrazzo in outdoor applications such as for pools, stairs, patios, garages, and others is projected to positively contribute toward the growth of the industry. However, high threat of substitutes, such as vinyl flooring, wooden flooring, and others, is expected to hinder the Canada terrazzo flooring market growth.
Based on the application, the educational institutions segment is expected to account for the largest Canada terrazzo flooring market share during the forecast period, due to increase in the number of educational institutes, universities, auditoriums, and schools in the Canada. Educational institutions require a floor, which is rugged enough to endure the rolling and foot traffic that a major institution incurs. Terrazzo floors are one of the best choices for installation in educational institutions owing to its capability to sustain high traffic. Over the last few years, terrazzo is gaining traction in educational institutions as they can be easily customized and can be created into innovative and unique designs, thereby boosting Canada terrazzo flooring market.
Depending on type, epoxy terrazzo is expected to hold maximum Canada terrazzo flooring market share, growing at the highest CAGR during the forecast period, owing to various benefits such as low maintenance costs and easy installation of tiles as compared to cement terrazzo. Epoxy terrazzo uses an epoxy matrix such as epoxy resin composite to bind the aggregates such as marble pieces and glass pieces. It is one of the best thin-set flooring system. This flooring system has an installation thickness of only 1?4" to 3/8? above the concrete slab, which signifies that it is lighter in weight than other terrazzo flooring systems.
Key Findings of the Canada Terrazzo Flooring Market:
Based on type, the epoxy terrazzo segment generated the highest revenue in 2017.
Based on application, the educational sector segment was the highest revenue contributor in 2017.
The Canada terrazzo flooring market analysis includes companies such as Centura Tile, Domus Terrazzo Supply Co. ULC, Flesher Marble & Tile, Key Resin Company, Kingspan Group plc, Sika AG, Tarkett S.A, Terrazzo & Marble Supply Companies, The Sherwin-Williams Company, and Twin City Tile Co. Ltd