Impact of Covid-19 Outbreak on Outdoor Flooring Market

10/lug/2020 11:44:21 Automotive Market Research Reports Contatta l'autore

Outdoor floorings are meant for outdoor environment and possess high technical and aesthetic features that are well suited for any outside environment. Outdoor floorings are mostly used in terrace, garden, restaurants, around the pool, and other places. They are easy to install and can be customized as per need. Market Research Future (MRFR) has launched a report on the global outdoor flooring market and has projected a CAGR of 5.2% over the forecast period of 2018-2023.

Rise in constructional activities across the globe along increasing refinement of consumers’ tastes is boosting the growth of the market. In developed countries, refurbishment and renovation activities of existing infrastructure is on the rise while in the developing countries, both residential and commercial construction is paving the way for the expansion of the outdoor flooring market.

Outdoor floorings are environmentally sustainable and require low maintenance. The recent trend of Do-it-yourself (DIY) has influenced the market to a great extent. The DIY-friendly outdoor decks are extensively used for indoor outdoor transformation of backyards, gardens, and pools which is a prominent trend in the market.

Improvement in outdoor flooring such as anti-slip technology, better formats, increased durability, suitability for both indoor and outdoor applications, easy removability, and reusability are also adding fuel to the growth of the outdoor flooring market.

Segmentation

The global outdoor flooring market has been segmented based on material, type and end user.

By material, the outdoor flooring market has been segmented into wood, ceramics, concrete, and others. Material-wise, the wood segment is leading the market on account of heightened use for the superior visual appeal and improved perceived value it offers.

By type, the outdoor flooring market has been segmented into tiles, decking, and others. The tiles segment is dominating the market and is anticipated to be the fastest growing segment as well. The demand for tiles in residential application s has witnessed a surge in the recent years. Growing disposable income has resulted in increased spending on housing as well as renovation and refurbishment activities which has induced growth for tiles. The decking segment is also likely to showcase substantial growth in the coming years due to increasing demand from industrial, commercial, and residential sectors.

By end-user, the outdoor flooring market has been segmented into residential, commercial, public sector, and others. The residential segment is anticipated to be hold the largest share of the global market and capture the highest CAGR as well. Refining of lifestyle and rise in disposable income has boosted the demand for outdoor flooring from the residential sector. The commercial segment is likely to showcase substantial growth in the coming years on account of accelerated construction activities in hospitality, corporate, education, and retail sector.

Regional Analysis

Region-wise, the outdoor flooring market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).

In 2016, the global outdoor flooring market was dominated by APAC. Fast track industrialization as well urbanization has resulted in growth of the market. Construction activities, both residential and commercial are in full swing in the emerging economies of the region such as China, Japan, India, and Singapore which is generating high demand for outdoor floorings. Moreover, sophistication of lifestyle in the region has led to increased demand for aesthetically appealing home decorations which can boost the demand for outdoor flooring.

The North America outdoor flooring market growth is fostered by constant investment in the commercial real-estate. The US is the most significant country specific market in North America.

Continuous repair and refurbishment activities in Europe is favoring the growth of the outdoor flooring market. Europe is a significant market for wooden flooring.

In RoW market, the Middle East is likely to be an important revenue pocket. Prolific growth of the construction industry is key to the growth of the market.

Competitive Landscape

Florim Ceramiche S.P.A. (Italy), Beaulieu International Group N.V. (Belgium), Fiberon, LLC (US), Mohawk Industries, Inc (US), Mats Inc. (US), EBACO India Pvt. Ltd. (India), Citadel Floors (US), Ecore International (US), Tarkett S.A. (France), and The AZEK Company LLC (US) are the notable players in the outdoor flooring market.

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.

Follow Our LinkedIn Page: 

https://www.linkedin.com/showcase/ict-mrfr/

blog comments powered by Disqus
Comunicati.net è un servizio offerto da Factotum Srl