Polished Concrete Market Expected to Reach $3.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Polished Concrete Market," The polished concrete market size was valued at $2.2 billion in 2021, and is estimated to reach $3.7 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.

The idea of a glossy, decorative, and aesthetically pleasing floor is pervasive in most end-use industries, which has strengthened market penetration of polished concrete. A surface effect is used to produce the characteristics of polished concrete. The multi-step concrete polishing process requires specialized tools and equipment. It is a form of sustainable flooring since the same ground materials can be used without the addition of extra layers. Many of the structures have ceilings or concrete floors. The labor and materials needed to achieve the traditional finish will be reduced owing to the concrete's surface. Furthermore, polish concrete contributes to energy conservation while supporting the green building idea. Nearly every industry, including hotels & restaurants, private homes, large warehouses & warehouse outlets, office buildings, and showrooms, often uses polished concrete.

Increase in construction activities around the world is a major factor in the polished concrete industry rapid growth. The population growth in rising economies such as China and India is causing the construction industry to expand quickly. Therefore, these reasons are fueling a significant demand for low maintenance, durable flooring with polished and appealing floors in residential and commercial areas. Such important aspects can accelerate market growth. Construction and renovation initiatives in the residential and commercial sectors are expected to raise demand for smooth and visually appealing flooring at affordable rates throughout the projection period.

Rise in customer preferences for improving the visual appeal of their houses and updating their outdated cooling and heating systems can be largely blamed for the increase in construction and renovation projects. For instance, the demand for polished concrete is anticipated to increase due to the rapid growth of smart cities and megaprojects such as Masdar City in the United Arab Emirates and Hudson Yards in New York. The market is expected to increase as a result of these kinds of reconstruction, remodeling, renovation, and new building projects.

During the forecast period, the global polished concrete market growth is anticipated to be constrained by the environmental effects connected with the use of polished concrete. The main component of polished concrete is cement, which is a major generator of greenhouse gases and carbon dioxide. This factor can have a negative effect on the polished concrete market growth.

Housing, a fundamental human necessity, is becoming more and more in demand as a result of population growth. The polished concrete market is expected to grow due to rapid urbanization and an increase in demand for low-cost housing. For instance, the Pradhan Mantri Awas Yojana's Affordable Rental Accommodation Complexes (ARHC) offer decent housing to India's urban poor for a reasonable price. As a result of all of these factors, the market for polished concrete is rapidly rising. Furthermore, advantages of polished concrete floors, such as their slip resistance, high reflectivity, affordability, and stain resistance, may create profitable market opportunities for industry players in the years to come. The Leadership in Energy and Environmental Design (LEED) -friendly polished concrete floors enable sustainable building construction without the release of volatile organic compounds (VOCs). Furthermore, these essential advantages are anticipated to create profitable polished concrete market opportunities for the industry's players in the years to come.

The global polished concrete market share is segmented based on product, method, construction type, end use, and region. By product, it is classified into densifier, sealer & crack filler, and conditioner. By method, it is classified into dry and wet. By construction type, it is classified into new construction and renovation. By end use, it is classified into residential and non-residential. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the polished concrete market report include Pittsburgh Plate Glass Industries, Inc., 3M, 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.

The report offers a comprehensive study of the global polished concrete market trend by thoroughly studying different aspects of the market, including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of Covid-19 on the Global Polished Concrete Industry

• Since all building projects across several nations were put on hold until further notice, the new coronavirus pandemic has had a devastating impact on a number of industries, including the polished concrete market.
• Furthermore, the pandemic had a significant influence on human travel, supply chain disruptions, and raw material shortages. During the pandemic, there has been a surge in the movement of workers between cities and their hometowns. For instance, the construction workers in India were compelled to return to their hometowns because interstate travel was prohibited.
• Additionally, the cost of raw materials increased as a result of global supply chain problems. The demand for polished concrete, which is frequently used in buildings, decreased as a result of all these factors having a significant impact on the construction industry.
• Many enterprises are helping society recover control of the chaotic situation that COVID-19 has caused with their strategic efforts. For instance, the COVID-19 virus is anticipated to live and spread on porous surfaces. As a result, contractors advise using non-porous flooring or semi-porous sheet flooring. A good flooring option is polished concrete because it has a non-porous surface. Given the COVID-19 situation and the benefits mentioned above, there may be significant investment opportunities in the market.

Key Findings of the Study

• The study provides an in-depth study of the polished concrete market forecast.
• Based on product, the densifiers sub-segment emerged as the global leader in 2021 and sealer & crack filler sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on method, the wet sub-segment emerged as the global leader in 2021 and dry sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on construction type, the renovation sub-segment emerged as the global leader in 2021 and new construction sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on end use, the non-residential sub-segment emerged as the global leader in 2021 and residential sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on region, North America registered the highest market share in 2021 and Asia-Pacific market is projected to show the fastest growth during the forecast period.
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