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Outdoor Flooring Market Segmented By Tiles and Decking product with Wood, Ceramic, Concrete and Stone material type
Growing importance of patio decor in the decor industry is expected to fuel outdoor flooring market growth in the coming years. Outdoor floorings are available in different material forms that include wood, concrete, ceramics and many others.
The new and latest wood finishing and cutting technologies available in the market is expected to fuel the growth of wood material for outdoor floorings. The trends in the outdoor flooring market are currently favoring wood materials.
In case of households improving the curb appeal is one of the major factor significantly contributing towards the development of outdoor flooring market. The growing desires among individuals to create a modest or elaborative and decorative spaces for entertaining purposes is expected to fuel outdoor flooring market growth.
Drivers for Outdoor Flooring Market
The development of bio-based flooring materials is expected to fuel market outdoor flooring market growth in the coming years. Today consumers have become more environmental conscious. The rising sustainability concept is reshaping the outdoor flooring market.
Many players in the outdoor flooring markets have added bio-based flooring products to their portfolios. These bio-based flooring products are made of natural products. Bamboo, cork, linoleum are few of the bio-based products. Such extending offerings in the market are expected to fuel outdoor flooring market growth.
Trends for Outdoor Flooring Market
Wood- look patio decors are highly prominent as they are evergreen and never go out of style. Wood-look decking is highly trending and mostly opted patio decor as it is versatile in case of looks. The demand for woof look decking tiles is expected to increase as they give more rustic and a modern life.
The wood-look decking tiles are less expensive and also are convenient as compared to the use of original wood that come with numerous challenges. The players in the outdoor flooring market are currently focused on expanding their wood-deck design portfolios that can best match the current modern outdoor decor trends.
Opportunities for Outdoor Flooring Market
The rising demand from the public infrastructural development projects is further expected to open up new opportunities for the players in the market. The regional governments are making heavy investments in infrastructure developments.
Developing tourism is one of the major factor that is stimulating government investments in infrastructure developments. Such investments are expected to open up new opportunities for the players operating the outdoor flooring market.
Apart from all this, the increasing infrastructural renovations in the Asia-Pacific market is also expected to open up new opportunities for the players in the market. Rapid urbanization in this region is stimulating the renovation activities in both residential and commercial sectors. However the commercial sector is expected to register more opportunities as compared to the residential sector in the outdoor flooring market.
The small scale and regional players in the market can also capitalize on the new opportunities by increasing their online penetration.
Challenges for Outdoor Flooring Market
The current pandemic outbreak has resulted in an economic downswing. The consumers have now shifted their spending from non-essential to essential purchases. This has resulted in temporary downswing in the demand for outdoor flooring market which has posed major challenges in front of the players in the market.
Besides this, as the concept of minimalist living spaces is parallel gaining prominence in the decor market the growth of outdoor floorings is likely to hamper.
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Some of the key players operating in the global Outdoor Flooring market are AZEK Company, Beaulieu International Group, ECORE International Inc., Mohawk Industries, Tandus Group, Inc., Trakett SA, The Biltrite Corporation,Forbo Holding, Armstrong Flooring, Timber Holdings USA, Florim Ciramiche S.p.A, Fritz Industries and many other players. These players are expected to positively influence growth of the outdoor flooring market during the forecast period.
The Asia-Pacific region accounts for a significant share in the outdoor flooring market due to the rising number of population preferring outdoor decor, growing infrastructure and construction sector.
North America and Europe are other lucrative markets as the demand for premium outdoor flooring decors is high. The market is highly fragmented with large number of small scale and regional players operating in the market.