- Increase in adoption of thermally treated wood, upsurge in consciousness toward outdoor remodeling, and growth in popularity of outdoor entertaining areas among residential end users propel the growth of the global outdoor flooring market.
PORTLAND, Ore., Nov. 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Outdoor flooring Market by Material Type (Wood & Laminate, Ceramic, Synthetic fiber & fabric, and Others), Flooring Type (Non-Resilient, and Resilient), Construction Type (New construction, and Renovation), and End User (Residential, Commercial, Public Infrastructure, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report published by Allied Market Research, the global outdoor flooring market garnered $16.55 billion in 2019, and is projected to reach $22.07 billion by 2027, registering a CAGR of 5.6% from 2020 to 2027.
Prime determinants of the market-
Increase in adoption of thermally treated wood, upsurge in consciousness toward outdoor remodeling, and growth in popularity of outdoor entertaining areas among residential end users propel the growth of the global outdoor flooring market. Nevertheless, increase in emphasis toward utilization of green and eco-friendly materials and fluctuations in foreign currencies influence profit margins impede the market growth. However, focus toward public-private partnerships (PPPs) for infrastructure development is expected to to usher in new opportunities in the near future.
- The coronavirus outbreak has significantly impacted the industry by delaying the supply chain and manufacturing processes of outdoor flooring products.
- The massive impact on the construction industry further affected the demand and growth of the outdoor flooring market.
- The unlocking processes in various countries have eased off the regulations to certain extent signaling the industries to pick up their works again with concern to precautionary measures.
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The ceramic segment is anticipated to dominate the market by 2027-
Based on material type, the ceramic segment contributed to the largest market share in 2019, accounting for more than four-fifths of the global outdoor flooring market, and is projected to maintain its lead status during the forecast period. In addition, the same segment is anticipated to manifest the fastest CAGR of 6.4%. This is owing to scarcity of wood, which in turn, increases the curb appeal of the property and hence, propels the resale value of a property.
The new construction segment held the lion's share in 2019-
Based on construction type, the new construction segment accounted for the highest market share, contributing to more than two-thirds of the global outdoor flooring market in 2019, and is expected to maintain its dominant share by 2027. Furthermore, the same segment is projected to grow at the highest CAGR of 5.6% during the forecast period. The growth of the new construction is one of the major factors that drives the growth of the outdoor flooring market. Increased migrations of population in Europe and all the developments in the construction industry are other factors further fuel the segment growth.
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Asia-Pacific, followed by North America, would lead the trail by 2027-
Based on region, the global outdoor flooring market across Asia-Pacific region has accounted for the highest share, contributing to around half of the total share in 2019, and will continue its leadership position during the forecast period. Surge in number of infrastructure development and new construction activities in developing countries in this province are driving the growth of the market. At the same time, North America region accounted for nearly one-fifth of the total market share. Moreover, the LAMEA region is anticipated to manifest the fastest CAGR of 6.5% from 2020 to 2027. The rise in urbanization leads to increase in demand for industrial and commercial infrastructure. This factor drives the market growth in this province.
Leading players of the market-
- Fiberon, Mats Inc.
- Mohawk Industries
- Tandus Group, Inc.
- Tarkett S.A.
- The Biltrite Corporation
- Timber Holdings USA
- AZEK Company
- Beaulieu International Group
- Citadel Floors
- ECORE International, Inc.
- Ebaco India Pvt. Ltd
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