Improved finish and spacious looks offered by these floorings, growth in the construction industry, and growing focus toward sustainability drive the growth of the Canada terrazzo flooring market
PORTLAND, Oregon, June 27, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, Canada Terrazzo Flooring Market by Type (Epoxy Terrazzo and Cement-based Terrazzo) and Application (Transport Infrastructure, Educational Institutions, Commercial, Government Buildings, and Others): Opportunity Analysis and Industry Forecast, 2018–2025. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the Canada terrazzo flooring market generated $65,500 thousand in 2017, and is expected to reach $93,039 thousand by 2025, growing at a CAGR of 4.3% from 2018 to 2025.
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Improved finish and spacious looks offered by these floorings, growth in the construction industry, and growing focus toward sustainability propel the market growth. However, high purchase & installation cost of terrazzo flooring and threat of substitute products restrain the growth of the market. Conversely, higher creativity & increased design flexibility and the benefits offered by terrazzo flooring such as robustness, stability, beauty, ease of cleaning, and feel of spaciousness are likely to create new opportunities for the growth of the market.
Epoxy terrazzo segment to be lucrative through 2025
Among types, the epoxy terrazzo segment accounted for more than three-fourths of the overall market share in 2017 and would retain its dominance through 2025. The same would achieve the fastest CAGR of 4.5% during the study period. The ability of epoxy terrazzo flooring to offer boundless matrix colors, resiliency, color control, chemical resistance, and tensile-compressive strengths is estimated to lead the growth of the industry.
Educational institutions segment to grab the highest share through 2025
Among applications, the educational institutions sector captured the largest revenue of 34.2% in 2017 and is likely to dominate the market through 2025. Terrazzo witnesses high adoption in educational institutions owing to their capability of sustaining high traffic. However, the transport infrastructure segment would grow at the fastest CAGR of 5.8% from 2018 to 2025. The durable nature of terrazzo allows it to survive the non-stop daily commute of tourists as well as influence them with its sheen design.
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Key industry players
Leading market players analyzed in the research include 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. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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