A new study by Report Ocean states that the global outdoor flooring market is likely to register a high rise in the years to come. The study is 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.”
The global outdoor flooring market stood at US$16.5 bn in 2019. The opportunity in this market is likely to expand at a CAGR of 5.6% during the period from 2020 to 2027 and touch US$22.07 bn by end of the forecast period. The significant rise in the construction industry, thanks to rapid urbanization, especially in developing economies, is the key driving force behind the growth of the worldwide outdoor flooring market.
Fast-growing economies continue to offer lucrative business opportunities for market players due to the rising number of novel construction project in these regions. Moreover, the increase in millennial populations, especially in developed regions, have raised the consciousness toward exterior entertainment areas and the inclination towards spending on home remodeling, which is expected to boost this market over the next few years.
On the other hand, constant fluctuations in foreign currency exchanges are impacting the profit margins and raw material prices for outdoor flooring manufacturers. This, in turn, is projected to limit the growth of this market over the forecast period. However, since the effects of global warming and changes in climate are leading to the utilization of eco-friendly materials for outdoor flooring solutions, which are cost-efficient and, thereby, support manufacturers. Furthermore, the increase in the focus toward public-private partnerships (PPPs) for infrastructure development is anticipated to offer lucrative growth opportunities in the years to come.
Impact of Covid 19 on Global Outdoor Flooring Market
With the focus shifted to the healthcare and pharmaceutical sectors, other industries have taken a backseat during the Coronavirus pandemic. The construction industry and the markets under its bandwidth, including the global outdoor flooring market, have been significantly disturbed by this pandemic. Construction activities have been stopped completely and investments and, consequently, research activities have witnessed a decline, impacting the market’s growth. However, post-pandemic, when things will get better, the focus is expected to shift again to the construction and industrialization sectors and the market will gradually gain from it, assert analysts.
Demand for Ceramics Remains High
The outdoor flooring market has been analyzed on the basis of the material type, flooring type, construction type, end user, and the region in this report. The material type segment has been classified into wood and laminate (decking), ceramics (tile), synthetic fiber, and fabric (carpets and rugs) and others. The demand for ceramics is relatively higher than other segments.
By the flooring type, the market has been segmented into non-resilient and resilient. By the construction type, it has been classified into new construction and renovation. New constructions are reporting a higher demand for outdoor flooring solutions. By the end user, it has been categorized into residential, commercial, public infrastructure, and others. Regionally, the market has been analyzed across North America, Europe Asia Pacific, and LAMEA in this report.
Key outdoor flooring manufacturers profiled in the report are 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.
- The demand for ceramics is relatively higher than other segments.
- New constructions are reporting a higher demand for outdoor flooring solutions.
The global outdoor flooring market is segmented into:
By Material Type
- Wood & Laminate
- Synthetic fiber & fabric
By Flooring Type
By Construction Type
- New Construction
By End User
- Public Infrastructure
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Middle East
Companies Mentioned in the Report
- 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
- Timber Holdings USA
READ FULL REPORT @ https://reportocean.com/industry-verticals/sample-request?report_id=AMR1226
Company Name: Report Ocean
Contact Person: Nishi Sharma
Email: Send Email
Address:BSI Business Park,H-15, Sector-63, Noida
State: UP, 201301