Luton, Bedfordshire, United Kingdom, March 20, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Polished Concrete Market.
The global polished concrete market is expected to grow at a 5.8% CAGR from 2023 to 2029. It is expected to reach above USD 3.65 billion by 2029 from USD 2.2 billion in 2022.
Polished concrete floors are non-porous and dense due to which they do not attract bacteria and moisture. This leaves the surface clean and germ-free which is of utmost priority during pandemic times. Also, polished concrete floors are a toxic-free flooring alternative as it does not involve treatment with chemicals and sealers that emit toxic volatile organic compound (VOCs). These factors are anticipated to create lucrative investment opportunities during the forecast period. Characteristics of polished concrete are obtained with a surface effect. Specialized tools and equipment are essential for the multi-step process of polishing concrete.
High investments in housing developments and rapid industrialization in developing countries of these regions are expected to boost the demand for polished concrete. Increasing growth in the construction industry is expected to help enlarge the polished concrete market. Benefits like high light reflectivity, resistance to high foot traffic, longer life cycle, less maintenance are responsible for the popularity of polish concrete in commercial and residential sectors resulting in expansion of the market.
The North American region accounted for the 39% market share in 2022.
The demand for polished concrete is surging in the North America region specifically because of factors such as increase in residential, commercial, and industrial construction activities. Growth in the financial sector, economic stability, and government regulations on the emission of harmful CO2 and greenhouse gases are expected to drive the demand for polished concrete market. For instance, as stated in Census.gov, the total construction spending in the U.S. was $1,516,927million in February 2022. This spending includes both the spending on private and public construction. These aspects are anticipated to boost the market growth in the North America region. Asia Pacific market is expected to account for fastest revenue growth rate over the forecast period. Expanding construction sector in China, India, and Japan owing to increasing population, rising support from governments for infrastructural development, and growing demand for attractive floorings are some key factors boosting global market growth.
Dynamics of the Polished Concrete Market
- Growth factors: Increasing construction works across the world is the main reason behind the growth of the global polished concrete industry. Because of the increasing demand for residential and commercial spaces with low maintenance and durable flooring with polished and attractive floors, the market is expected to garner a significant revenue in the upcoming years.
- Restraint: The adverse impact on environment caused by the use of polished concrete is expected to restrain the growth of the global market during the forecast period.
- Opportunity: The rapid urbanization and increasing demand for affordable houses is going to create many opportunities in the market.
Major factors fuelling polished concrete market revenue growth
- Expanding construction industry is one of the major factors for the growth of the market.
Major factors fuelling global market revenue growth are expanding construction industry, increasing residential and commercial activities in developing countries, and rising demand for polished concrete for aesthetic effect, durability, and as a low maintenance flooring option. Steady shift from conventional flooring is another factor fuelling market growth.
- High investments in housing developments and rapid industrialization are driving the market.
High investments in housing developments and rapid industrialization in developing countries of these regions are expected to boost the demand for polished concrete. Increasing growth in the construction industry is expected to help enlarge the polished concrete market. Benefits like high light reflectivity, resistance to high foot traffic, longer life cycle, less maintenance are responsible for the popularity of polish concrete in commercial and residential sectors resulting in expansion of the market. The high demand for precast concrete, especially for constructing hotel flooring and other commercial buildings, is a primary factor resulting in an upsurge in demand. Polished concrete adds strength to an existing floor and shields the surface from deterioration with heavy loads that anticipates the share of the residential sector in the global polished concrete market by its wide range of use in densification & polishing of surfaces.
- High Cost of Polished Concrete may hamper the growth of the Market.
Polished concrete is expensive. Sealing concrete costs more than total installation cost for carpet tile, while polishing can cost twice as much as sealing. A thin decorative layer applied to the surface of an existing slab made up of any combination of cement, sand, or other additives blended with polymer resin can double the cost of polished concrete. Concrete applications can bring a number of challenges, including poor acoustics, cracking, increased slip and fall risk, and discomfort underfoot. These factors are likely to hamper the polished concrete market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2029 |
| Base Year | 2022 |
| Market Size in 2022 | USD 2.2 billion in 2022 |
| Market Size in 2029 | USD 3.65 billion by 2029 |
| CAGR | 5.8% |
| No. of Pages in Report | 133 |
| Segments Covered | Product, Method, Construction Type, End-Use, and Region |
| Drivers | Increase in construction activities around the world |
| Benefits offered by polished concrete such as low maintenance, high durability, and environmentally friendly and resistance to dirt, allergens, or bacteria | |
| Rise in customer preferences for improving the aesthetic appeal of buildings | |
| Rapid urbanization and an increase in demand for low-cost housing | |
| Opportunities | Advantages of polished concrete floors, such as their slip resistance, high reflectivity, affordability, and stain resistance |
| Restraints | Cost of raw materials used to manufacture polished concrete could increase during the forecast period due to fluctuations in the price of crude oil and petroleum products |
Expounding the competitive arena
The Polished concrete market key players include BASF SE, 3M Company, Sika AG, The Sherwin Williams Company, PPG Industries Inc., UltraTech Cement Limited, Boral Limited, dmf concrete, Pasadena Concreteworks, Inc., Charlottes Concrete, Fairfax Concrete, BGSB, Polished Concrete Systems Inc., The Euclid Chemical Company, Vexcon Chemicals, Inc., TSIAC International, Craft Polished Concrete, Envision Polished Concrete, Danek Flooring, Inc., Metric Concrete Construction & Design Inc.
The aforementioned companies are adopting various effective strategies like partnerships, mergers & acquisitions, product launches, and investment deals to strengthen the foothold in the overall market.
Browse Detailed Summary of Research Report with TOC:
https://exactitudeconsultancy.com/reports/5763/polished-concrete-market/
Key Market Segments: Polished concrete Market
Polished Concrete Market by Type, 2023-2029, (USD Million), (Thousand Units)
- Densifier
- Sealer & Crack Filler
- Conditioner
Polished Concrete Market by Method, 2023-2029, (USD Million), (Thousand Units)
- Dry
- Wet
Polished Concrete Market by Construction Type, 2023-2029, (USD Million), (Thousand Units)
- New Construction
- Renovation
Polished Concrete Market by End Use Sector, 2023-2029, (USD Million), (Thousand Units)
- Residential
- Non-Residential
Polished Concrete Market by Region, 2023-2029, (USD Million), (Thousand Units)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Key Drivers of Polished Concrete Market
- The global construction industry to set to grow by 3.0% in 2022, after 3.5% in 2021 and 2.7% in 2020. The residential segment held major share of the global construction industry, driven by expansion in the residential sector in countries such as India, the UAE, China, and Indonesia. Construction volumes in the U.S rose by +3% y/y in 2022 and +2.1% y/y in 2021. Construction spending growth in 2022 was driven by expansion in non-residential and residential sectors.
- The construction industry in Asia Pacific is expected to expand rapidly during the forecast period. The largest construction industry in the world is in China. Residential construction in the country is expected to experience slow but stable growth in the near future.
- According to the French Builders Association FFB, the construction sector in France expanded by 5% in 2022, mainly driven by a surge in the new residential building sector
- GCC’s GDP is expected to increase by 1.9% in 2018 and 2.6% in 2022, and the building construction industry (US$ 69,023 Mn) is likely to constitute the largest market followed by energy (US$ 38,372 Mn) and infrastructure (US$ 17,601 Mn). The UAE, KSA, and Qatar remain the top three markets in the construction industry in the GCC.
- Growth in the construction industry is anticipated to drive the global polished concrete market.
Aspects Affecting the Market Growth
Rise in the construction activities worldwide is the major factor propelling the growth of the polished concrete market during the forecasted timeframe. Asian countries such as India & China are witnessing massive population surge therefore, the demand for commercial and residential places in these countries is increasing rapidly. Further, people prefer durable flooring, low maintenance costs, and attractive layout for housing. These aspects are anticipated to boost the growth of the global market during the estimated timeframe. However, polished concrete causes severe environmental hazards, thus restraining the growth of the market. The rise in the demand for affordable housing and exponential surge in urbanization is projected to create opportunities for the market in the coming years.
Segments of the Market
- By Type, Densifier Sub-Segment Expected to be the Most Lucrative
Densifier sub-segment is expected to register a revenue of $2,919.8 million during the forecast period. Concrete densifier is used as a chemical hardener that is applied on top of the concrete slab. It is also used during the polishing of slab for the refinement process. These concrete densifiers act as a pore filler and enhances the surface density of the slab. These are factors enhancing the demand of the segment.
- By Method, Dry Sub-segment Expected to be the Most Profitable
The dry sub-segment is projected to surpass 1,614.6 million by 2029, increasing from $1,050.2 million in 2022. Dry polished concrete is shinier, hardened & condensed, and efficient for both open and small areas. These are the main attributors behind the growth of the market segment.
- By Construction Type, New Construction Sub-Segment Predicted to Earn the Highest Market Share
The new construction sub-segment is expected to surpass $1,506.5 million by 2027. This growth owes to the high demand for new construction projects such as office spaces, residential houses, warehouses, and others.
- Non-residential Sub-segment Estimated to Earn the Highest Profit
The non-residential sub-segment is estimated to garner a revenue of $1,541.9 million in the upcoming years. High demand for polished concrete from hospitals, restaurants, commercial complex, and other places is the main reason behind this growth.
Key Question Answered
- What is the current size of the Polished Concrete market?
- What are the key factors influencing the growth of Polished Concrete?
- What are the major applications for Polished Concrete?
- Who are the major key players in the Polished Concrete?
- Which region will provide more business opportunities for Polished Concrete in the future?
- Which segment holds the maximum share of the Polished Concrete market?
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