PORTLAND, Oregon and PUNE, India, July 16, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research titled, "Outdoor Flooring Market by Material Used, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2025," the global outdoor flooring market size was valued at $7,759.9 million in 2017, and is expected to reach $12,072.1 million by 2025, registering a CAGR of 5.77% from 2018 to 2025. Europe dominated the global outdoor flooring market, accounting for around one-third share of the total revenue.
The global outdoor flooring market is driven by increase in awareness towards outdoor remodeling, growth in popularity of outdoor entertaining area among residential users, and rise in adoption of thermally treated tiles. Moreover, substantial number of new construction projects in developing economies are anticipated to boost the growth of the global outdoor flooring market. However, increased emphasis towards utilization of green and eco-friendly materials, and fluctuations in foreign currencies influence the profit margins, which is projected to impede the outdoor flooring market growth in future.
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The rise in disposable income of individuals as well as increase in awareness of beautiful outdoor designs have shifted the inclination towards outdoor home remodeling among residential end-users, especially in urban areas. The outdoor flooring installed in patios, porches, backyards, pavements, and others enhances the visual appeal of the residential building. It improves the perception of home among individuals, thereby creating value for residential end-users.
Based on type, decking in the global outdoor flooring market is anticipated to grow at a significant growth rate. Wood is the most preferred material for decking as it enhances the aesthetics of the building and improves value perception among the individuals. The recent availability of thermally treated wooden materials has significantly improved the materials durability and strength, which augments the attributes of an eco-friendly material. As a result, the surge in popularity of thermally treated wood is expected to drive the market growth of the decking segment.
The usage of outdoor flooring in public infrastructure has made it one of the leading end-users in the global outdoor flooring industry. Public infrastructure such as airports, bus stations, railway stations, popular tourist areas, and dedicated pedestrian pavement in metro cities, and parks among others are considered as public infrastructure.
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Key findings of the study
- In terms of value, the ceramics segment generated the maximum revenue in 2017 and is expected to grow at a CAGR of 5.65% during the forecast period.
- The decking outdoor flooring is likely to grow at a CAGR of 6.56% by 2025.
- Public infrastructure is expected to dominate the outdoor flooring market, registering the CAGR of 5.16% in terms of value.
- Asia-Pacific is projected to show exponential growth in demand throughout 2025, growing at a CAGR 6.80% of in terms of value.
- India and China are expected to witness considerably high growth rates at a CAGR of 8.12% and 7.38% respectively, during the forecast period.
Major players in the global outdoor flooring market are focusing on new product development to gain a strong foothold in the market. Key players profiled in the report include AZEK Company, Beaulieu International Group, Citadel Floors, ECORE International, Inc., Ebaco India Pvt. Ltd., Fiberon, Mats Inc., Mohawk Industries, Tandus Group, Inc., Tarkett S.A., The Biltrite Corporation, and Timber Holdings USA among others.
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SOURCE Allied Market Research