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The polished concrete industry market dynamics come into a swing as different elements stemming from the factors governing its growth path appear as a fascinating interplay of efforts. Using these techniques, polished concrete dates back to the time when it was discovered as a flooring option, as it is both highly durable and with low maintenance requirements while also with the aesthetic appeal. Among the many reasons which justify why the market is growing is the fact that the construction sector is playing a key role and architects and designers in different buildings are discovering polished concrete can perform well in residential and commercial spaces. While sustainability continues to catch the attention of customers, the adoption has been growing as polished concrete is normally viewed as a green flooring option as compared to the less preferred traditional method.
Additionally, the progress of technologies in concrete polishing applications is one of the main factors that contribute to the change in market perspective. In the evolution of diamonds tools designing, chemical densifying and evolving polishing procedures are the contributing factor in market growth as well. The fact that installing a floor coat is a breeze and that it is possible to overlay installations to existing concrete surfaces have at the same time been the two main factors powering the product’s rising popularity.
In addition consumer preferences and trends exert equally meaningful influence on a polished concrete market. Polished concrete is an excellent example of the modern sleek and minimalist appeal, and is therefore very appropriate for architecture trends. Whether it is some architectural structure or a business enterprise, the polished concrete floors seem to take their places. It is a desirable option because it is very affordable and stylish. Expanding the visual effect also creates customization possibilities, such as different level of sheens and decorative effects, and you can make your product suitable for various aesthetic preferences.
Nevertheless, this (the) sector of the market has dynamics that should be looked into and dealt with. The expense of installation of polished concrete at first glance may be higher from the point of view of the other flooring variants, and that makes its utilization somewhat more difficult or less frequent. Incomes of customers will grow and they will be ready to invest in durable indoors with the help of education on the long-term profits and cost-saving features of polished concrete which is crucial in defeating this barrier. Besides, rivalry comes as a result of various kinds of alternatives like luxury vinyl, hardwood, and ceramic tiles and thus creating an additional complexity to the market forces.
A physical factor is also of significance and the market outcomes can be affected by geographic factors as well. For regions witnessing big building activity such as Asia-Pacific and the Middle East, the remarkable level of demand for polished concrete is escalating at a rocketing pace. In such regions, and often in infrastructure and construction projects, these lead to new construction works and require durable, attractive flooring options.
Polished Concrete Market Highlights:
Global Polished Concrete Market Overview
Polished Concrete Market Size was valued at USD 2.5 Billion in 2022. The Polished Concrete industry is projected to grow from USD 2.7 Billion in 2023 to USD 4.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.90% during the forecast period (2023 - 2032). New homes and businesses are being built more often, and the need for attractive, long-lasting flooring systems is rising as well, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Polished Concrete Market Trends
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Growth in construction of new residential & commercial spaces is driving the market growth
The high need for polished concrete in the building of hotel flooring and other commercial constructions is one of the primary causes of the rise in demand for it. This is mainly because polished concrete has a number of advantages, such as good visual appeal for floors, resistance to slipping, and resilience to wear and tear from high foot traffic. Both in the Middle East and Africa as well as the Asia-Pacific area, a significant increase in demand is anticipated. Due to the significant investments made in housing expansions and the quick industrialization of these developing nations, the demand for polished concrete is projected to increase. The demand for polished concrete is expected to expand as a result of a building's or facility's greater visual appeal.
During the projected period, it is anticipated that the fluctuating raw material and energy costs associated with producing polished concrete will persist. The price of cement, sealants, and adhesives used in polished concrete could rise as a result of fluctuations in the cost of raw materials caused by the price of crude oil and petroleum products. Therefore, the price of these parts directly affects the price of polished concrete. In response to growing raw material costs, vendors raise the price of their products, reducing the potential for polished concrete's market share to increase.
There will be a significant increase in the number of redevelopment and refurbishment projects in non-residential structures during the projected year. In an effort to attract more guests and enhance the lodging experience, hotel and resort owners are also renovating the buildings that house their businesses. For instance, in September 2019, JW Marriott opened a brand-new hotel in Canberra, Australia. The hotel features the newest design highlights and polished concrete flooring, which enhances the floors' aesthetic attractiveness. Additionally, it is anticipated that increased industry investment in the retail and residential development industries will speed up the use of polished concrete. Thus, driving the Polished Concrete market revenue.
Polished Concrete Market Segment Insights
Polished Concrete Type Insights
The Polished Concrete Market segmentation, based on type, includes densifier, sealer & crack filler, and conditioner. Densifier segment dominated the global market in 2022. The advantages it provides, including defence of the concrete flooring system against chemical attack, discoloration, permeable fluids, wear, and deterioration, can be credited to the segment's expansion. Given how popular and in-demand the densifier is for polishing concrete, demand for it is predicted to rise during the forecast period along with demand from the non-residential sector.
Polished Concrete Method Insights
The Polished Concrete Market segmentation, based on method, includes dry and wet. Bottom Dry segment dominated the global market in 2022. The better sheen and durability it provides to polished concrete floors might be credited for the strong demand. Using industrial-sized polishing machinery, the concrete surface is ground for the dry concrete polishing procedure. Different abrasive polishing discs are required for each stage of the process, frequently combining diamond grit, with coarser textures for early stages and finer ones to achieve the desired shine.
Polished Concrete Construction Type Insights
The Polished Concrete Market segmentation, based on Construction Type, includes new construction and renovation. New construction segment dominated the Polished Concrete Market in 2022. The increased demand for polished concrete goods, particularly for usage in offices and warehouses, might be related to the rising demand. For both commercial and industrial spaces and flooring, polished concrete is preferable. The longevity, aesthetic appeal, and high-performance qualities of polished concrete are what are driving the increase in demand for it in the new construction market. Demand for polished concrete in non-residential building has significantly increased.
Polished Concrete End Use Insights
The Polished Concrete Market segmentation, based on end use, includes residential and non-residential. Non-residential segment dominated the Polished Concrete Market in 2022. The demand for polished concrete products is stronger in the non-residential market. Due to polished concrete's durability, aesthetic appeal, and high performance capabilities, the non-residential market is expanding.
Figure 1: Polished Concrete Market, by Construction Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Polished Concrete Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Polished Concrete market dominated this market in 2022 (45.80%). Increased residential building, industrialization, and urbanisation in Asia-Pacific are the causes of the growth. For instance, the China State Construction Engineering Corporate (CSCEC) built two hospitals in Wuhan in a matter of 10 to 12 days during the pandemic. One of China's biggest building firms is this one. Such quick expansion and construction projects are projected to encourage market growth, which would eventually enhance the Asia-Pacific polished concrete market in the following years. Moreover, China’s Polished Concrete market held the largest market share, and the Indian Polished Concrete market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: POLISHED CONCRETE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The North America Polished Concrete Market is expected to register significant growth from 2023 to 2032. Technological developments in the building and construction sector are what are driving the growth of the polished concrete market in North America. Particularly in Florida, Georgia, North Carolina, Washington, Utah, Tennessee, Ohio, California, Idaho, and South Carolina, single-family homes are increasing across the United States. The polished concrete market has been significantly impacted by the use of flooring systems with a shiny, glossy, and aesthetically pleasing finish in residential applications. Further, the U.S. Polished Concrete market held the largest market share, and the Canada Polished Concrete market was the fastest growing market in the North America region.
Europe Polished Concrete market accounted for the healthy market share in 2022. The market for polished concrete is anticipated to increase due to the strict government limits on the emission of dangerous VOCs and greenhouse gases because it is a practical flooring option. Further, the German Polished Concrete market held the largest market share, and the U.K Polished Concrete market was the fastest growing market in the European region
Polished Concrete Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Polished Concrete market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Polished Concrete industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Polished Concrete industry to benefit clients and increase the market sector. In recent years, the Polished Concrete industry has offered some of the most significant advantages to medicine. Major players in the Polished Concrete market, including 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., and the euclid chemical company, are attempting to increase market demand by investing in research and development operations.
Manufacturers of cement and ready-mixed goods include UltraTech Cement Ltd (UltraTech). The company's product line consists of white cement, wall care putty, conventional portland cement, portland blast furnace slag cement, portland pozzalana cement and portland composite cement. Additionally, it produces ready-mixed concrete, which includes construction materials and specialised concrete such as autoclaved aerated concrete blocks, grouting solutions, jointing mortars, plastering solutions and waterproofing solutions. Products from the business are used in the planning stages of numerous construction projects. The business has operations in Bahrain, Sri Lanka, the UAE, and India. The headquarters of UltraTech are in Mumbai, Maharashtra, India. UltraTech Cement made the decision to spend 12,886 crore in 2022 to increase the production capacity by 22.6 million tonnes annually. By the end of FY23, the expansion programme is anticipated to be finished.
Chemical firm PPG Industries Inc. (PPG) produces and sells paints, coatings, optical goods, and speciality materials. It provides sealants, amorphous precipitated silicas, and protective and ornamental coatings. The business serves clients in a variety of end-use industries, including those for industrial equipment and components, packaging materials, aircraft and marine equipment, original equipment manufacturers (OEM) for the automobile industry, automotive refinishing, and industrial and consumer goods. The finish paint and coatings manufacturer Tikkurila (Finland) was acquired by PPG Industries, Inc. in 2020. Where PPG has little market penetration, Tikkurila's has built decorative brands and product offers in various Northern and Eastern European nations.
Key Companies in the Polished Concrete market include
- 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
Polished Concrete Industry Developments
November 2020:Â With the opening of a new production facility in Dubai, Sika increases its production capacity in the United Arab Emirates. Epoxy resins will also be produced locally for the Target Market Flooring in addition to concrete admixtures. Sika made an investment in the expansion of its manufacturing facilities at the Dubai location in order to improve production flexibility, accelerate delivery times, reduce inventory, and optimise cost structures.August 2023:Â The International Concrete Polishing Expo (ICPE) was held in Orlando, Florida. The expo featured exhibits from leading polished concrete suppliers and contractors, as well as educational sessions on the latest trends in the industry.October 2023: The American Society of Concrete Contractors (ASCC) reports a 20% increase in inquiries about polished concrete flooring compared to the previous year. This indicates growing awareness and interest among contractors and architects.
Polished Concrete Market Segmentation
Polished Concrete Type Outlook
- Densifier
- Sealer & Crack Filler
- Conditioner
Polished Concrete Method Outlook
- Dry
- Wet
Polished Concrete Construction Type Outlook
- New Construction
- Renovation
Polished Concrete End User Industry Outlook
- Residential
- Non-Residential
Polished Concrete Regional Outlook
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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