Outdoor Flooring Market Latest Rising Trend & Forecast to 2023
The growth in the construction industry and rapidly increasing renovation projects in developed countries are paving the way for a number of opportunities for the market growth. Outdoor flooring constitutes the horizontal elements of a building which support other infrastructure elements. Growing demand for environmentally sustainable as well as low maintenance construction elements is also expected to generate growth opportunities for the market. However, availability of substitutes such as tiles, that are more durable and inexpensive, may restrict the growth of the market.
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Market Research Analysis
For the purpose of this study, the global outdoor flooring market has been divided into three segments namely by material, type, and end user. On the basis of material, the market has been segmented as wood, ceramics, concrete, and others. In the material segment, wood accounts for the largest market share. Wood is the most preferred material for flooring it shows greater visual appeal and improves perceived value.
On the basis of type, the market has been segmented as tile, decking, and others. Tiles segment dominates the type segment of the market and is expected to grow at the highest CAGR during the forecast period. Rise in demand for outdoor flooring from the residential segment owing to the changing consumer lifestyle, increasing consumer preference towards materials with aesthetic appeal and growing consumer disposable income. Moreover, the rising adoption of outdoor flooring due to increase in activities of renovation and refurbishing of residential spaces coupled with the expanding construction industry is also set to fuel the demand of the market in the forecast period. Decking is also expected to contribute to the market growth during the forecast period mainly due to growth in commercial, residential, and industrial sectors.
On the basis of end-user, the market has been segmented into residential, commercial, public sector, and others. Residential dominates the application segment of the market and is expected to grow at the highest CAGR during the forecast period. Rise in demand for outdoor flooring across the residential segment can be attributed to the changing consumer lifestyle and increasing disposable income. The commercial segment is expected to contribute to the market growth significantly during the forecast period mainly due to increase in hospitality, corporate, education, and retail sector.
Scope of the Report
This study provides an overview of the global outdoor flooring market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific (APAC) and the rest of the world (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global outdoor flooring market by type, end-user, and region.
The prominent players in the outdoor flooring market include include Beaulieu International Group N.V. (Belgium), Citadel Floors (US), Ecore International (US), Fiberon, LLC (US), EBACO India Pvt. Ltd. (India), Mats Inc. (US), Mohawk Industries, Inc (US), Tarkett S.A. (France), The AZEK Company LLC (US), Florim Ceramiche S.P.A. (Italy) and among others.
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