Polished Concrete Market to Expand at a CAGR of 5.90%, worth USD 4.2 Billion by 2032 – Report by Market Research Future (MRFR)
Polished Concrete Market Research Report Information By Type (Densifier, Sealer & Crack Filler, and Conditioner), By Method (Dry and Wet), By Construction Type (New Construction and Renovation), By End Use (Residential and Non-Residential), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast Till 2032
New York (US), Aug. 07, 2023 (GLOBE NEWSWIRE) — Polished Concrete Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Polished Concrete Market By Type, Method, Construction Type, End User Industry, and Region – Forecast till 2032”, The polished concrete market will go from USD 2.7 Billion in 2023 to USD 4.2 Billion by 2032, at a CAGR of 5.90% from 2023 to 2032.
On hard, polished surfaces, polished concrete is utilized as a concrete conditioner. There has been a significant need for aesthetic infrastructure all over the world because of the image and value that is presented by the spaces, which may increase and keep the client base in hotels or other commercial structures. The polished concrete doesn’t cause wear and tear on floors and has a rich, glossy appearance. Over the course of the forecast period, the Polished Concrete Market is anticipated to grow due to the rising global population and demand for single-family homes.
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Market Competitive Landscape:
The major vendors in the polished concrete industry are
- PPG Industries Inc.
- The 3M Company
- BASF SE
- Sika AG
- Ultra Tech Cement Limited
- The Sherwin Williams Company
- Boral Limited
- Solomon Colors Inc.
- Vexcon Chemicals Inc.
- the Euclid chemical company
- Among others.
|Market Size 2032||USD 4.2 Billion|
|Compound Annual Growth Rate (CAGR)||5.90% (2023-2032)|
|Market Forecast Period||2023-2032|
|Historical Data||2018- 2022|
|Forecast Units||Value (USD billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Growth in construction of new residential & commercial spaces, and increase in the demand for durable, attractive, and low maintenance flooring systems|
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Leading industry companies are making significant investments in R&D to broaden their product offerings, which will spur further market expansion for polished concrete. Market participants are also engaging in a range of strategic initiatives to broaden their global reach. Significant market developments include new product launches, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. The Polished Concrete industry must provide affordable products if it is to grow and thrive in a market that is becoming more competitive and dynamic.
Market USP Covered:
Polished concrete is becoming increasingly necessary, notably for the building of hotel flooring and other commercial constructions, which is one of the main factors driving demand development. This is mostly due to the many benefits of polished concrete, including its great visual appeal for floors and resistance to sliding and wear and tear from heavy foot traffic. The Middle East, Africa, and Asia Pacific are all expected to experience significant increases in demand. The global Polished Concrete industry is projected to experience strong demand growth due to significant investments in home development and rising industrialization in these developing nations. The demand for Polished Concrete rises as a result of an improvement in a building or facility’s aesthetic attractiveness.
Additionally, throughout the projection period, building and renovation projects in the residential and commercial sectors are projected to increase demand for slick and aesthetically pleasing flooring at reasonable prices. The increase in construction and renovation projects can be linked to growing client preferences for enhancing the aesthetic appeal of their houses, reducing energy consumption, and fixing their outdated heating and cooling systems. The cost of energy and raw materials used to produce polished concrete fluctuates, and this pattern is expected to persist throughout the forecast period.
In non-residential facilities, there will be more redesign and refurbishment initiatives during the research period. In order to increase their clientele and raise the standard of their accommodations, hotel, and resort owners are increasingly remodeling the physical structures of their establishments. For instance, JW Marriott debuted a brand-new hotel in September 2021 in Canberra, Australia. The flooring of the hotel is polished concrete, which ups the aesthetic appeal of the floors and combines the newest design aspects. The use of polished concrete is also anticipated to rise with rising investments in residential and retail constructions. The benefits of polished concrete floors, including their high reflectivity, slip resistance, affordability, and stain resistance, may open up lucrative market opportunities for industry players in the years to come.
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The fluctuating cost of raw materials could increase the price of cement, adhesives, and sealants used in polished concrete as a result of the varying price of crude oil and petroleum. Therefore, the cost of these parts has a direct impact on the cost of polished concrete. Vendors raise their pricing or tighten their profit margins in response to rising raw material costs, stunting the expansion of the global sector.
COVID 19 Analysis
The COVID-19 pandemic outbreak in 2020 almost stalled the growth rate of the polished concrete market. Several regions experienced stringent lockdowns during the epidemic, which prevented several development projects from moving forward. Additionally, the pandemic’s limits on import-export transactions, shortage of raw materials, and labor shortage had a significant influence on the building sector. The market’s expansion was hampered by all of these reasons during the recession.
Densifiers, sealer & crack filler, and conditioner are included in the Polished Concrete Market segmentation with respect to type. In 2022, the densifier category was the market leader worldwide. Its benefits, such as protection of the concrete flooring system from chemical attack, discoloration, permeable fluids, wear, and deterioration, can be attributed to the segment’s growth. It is anticipated that demand for densifiers would increase during the projected period along with demand from the non-residential sector given how well-liked and in-demand they are for polishing concrete.
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Dry and wet methods are included in the segmentation of the polished concrete market. In 2022, the Bottom Dry category dominated the world market. The increased longevity and better sheen it gives to polished concrete floors may be to blame for the high demand. The concrete surface is ground prior to the dry concrete polishing process using industrial-sized polishing equipment. For each stage of the procedure, a different abrasive polishing disc is needed. These discs usually combine diamond grit, with coarser textures for the initial stages and finer textures to reach the ideal shine.
By Construction Type
New construction and rehabilitation are both included in the segmentation of the polished concrete market depending on the type of construction. In 2022, the new building industry dominated the Polished Concrete market.
By End Use
Residential and non-residential end uses are included in the segmentation of the polished concrete industry. In 2022, the non-residential market for polished concrete was dominant.
In 2022, Asia Pacific took over the command of the worldwide market (45.7% share). The causes of the expansion in Asia-Pacific are an increase in residential construction, industrialization, and urbanization. For instance, the China State Construction Engineering Corporate (CSCEC) erected two hospitals in Wuhan during the epidemic in a period of 10 to 12 days. This is one of China’s largest construction companies. It is anticipated that such rapid market growth and construction projects will improve the Asia-Pacific polished concrete market in the ensuing years. In addition, the Indian Polished Concrete market had the quickest rate of growth in the Asia-Pacific region, while China’s Polished Concrete market had the greatest market share.
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