The U.S. commercial paving slabs market is expected to reach USD 2.4 billion by 2025, according to a new report by Grand View Research, Inc. Rising demand for high strength flooring solutions coupled with growing expenditure regarding the aesthetics of the commercial establishments is expected to emerge as the major reason driving market growth.
The commercial construction industry in the economy exhibited growth over the past five years on account of rising requirements regarding the office space by companies in the economy. The revival of the U.S. economy coupled with the growth of commercial establishments including eateries are expected to drive market growth over the forecast period.
The construction and repairs of the existing commercial structures account for a high demand for the paving slabs. In addition, the rising substitution of conventionally used materials with paving slabs coupled with the ease of installations is expected to drive growth over the next nine years.
The market in the U.S. is expected to be driven by the use of concrete pavers owing to superior performance under stress. The industry is likely to exhibit growth on account of superior properties of the product in unfavorable weather conditions coupled with the ease of snow removal, a major point of concern for the choice of flooring solutions in the U.S.
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Further key findings from the report suggest:
The industry in the U.S. is expected to grow at a CAGR of 10% from 2016 to 2025 on account of rising adoption of concrete and clay paving slabs for use in commercial establishments.
Concrete paving slabs emerged as the major material segment accounting for over 55% of the market share by volume in 2015 due to high strength and superior performance of the product.
The demand for stone based product is expected to grow at a CAGR of 9.5% by volume due to high price and limited applications in commercial establishments
The companies in the industry operate high inventory levels in order to curtail the lead time resulting in high volume production and improved profit margins
The industry is characterized by the presence of a large number of companies involved in product manufacture and distribution through direct and third-party distribution channels
Grand View Research has segmented the U.S. commercial paving slabs market on the basis of product:
Product Outlook (Volume, Million square feet; Revenue, USD Million, 2014 – 2025)