The Polished Concrete Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Polished Concrete Global Market Report 2024, The polished concrete market size has grown strongly in recent years. It will grow from $2.49 billion in 2023 to $2.65 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to pioneering applications, cost-effectiveness, refurbishment and renovation, industrial development influence, commercial and industrial adoption.
The polished concrete market size is expected to see strong growth in the next few years. It will grow to $3.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to resurgence in renovation projects, market expansion in emerging economies, health and hygiene concerns, innovations in design and customization, urbanization and infrastructure development. Major trends in the forecast period include sustainable building practices, architectural aesthetics, durability and longevity, residential adoption, commercial and retail spaces.
The rising demand for renovation and remodeling is the key driver propelling the growth of polished concrete market. The expanding demand for polished concrete, especially for constructing hotel flooring and other non-residential buildings, is also the main factors responsible for the growth of the polished concrete market. The factors such as durable, low maintenance and easy to clean and advancement in technologies, and also the applications in the usage of glossy and attractive flooring are driving the use of polished concrete non-residential construction. For instance, in March 2021, according to the Joint Center for Housing Studies, a US-based research center, US expenditure on home improvements and repairs experienced a growth of over 3%, reaching nearly $420 billion. Therefore, rising demand for renovation and remodeling will drive the growth of polished concrete market.
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The polished concrete market covered in this report is segmented –
1) By Product Type: Densifiers & Hardeners, Sealers & Crack Fillers, Conditioners
2) By Method: Dry, Wet
3) By Construction Type: New Construction, Renovation
4) By End-Use Industry: Residential, Non-Residential
Major companies operating in the polished concrete market are increasing their focus on introducing innovative platforms, such as pad system, to gain a competitive edge in the market. Floor pad system refers to a combination of floor pads and a machine used to clean, polish, or maintain different types of floors. For instance, in June 2022, Ameripolish, a US-based concrete manufacturing company, launched the SmartFloor Refinement System. It is a pad system designed to provide a high-aesthetic floor that is an easy and economical way to utilize any polishing machine, including power trowels. It allows for easy assembly of universal blade holders that will enable users of the machine to equip abrasives on virtually any power trowel machine.
The polished concrete market report table of contents includes:
1. Executive Summary
2.Polished Concrete Market Characteristics
3.Polished Concrete Market Trends And Strategies
4. Polished Concrete Market analysis
5.Polished Concrete Market Size And Growth
6.Polished Concrete Segmentation
7.Polished Concrete Regional And Country Analysis
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27.Polished Concrete Competitive Landscape And Company Profiles
28.Polished Concrete Key Mergers And Acquisitions
29. Polished Concrete Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- BASF SE
- Minnesota Mining and Manufacturing Company
- The Sherwin-Williams Company
- PPG Industries Inc.
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The Global Polished Concrete Market size is projected to grow from USD 2.2 billion in 2020 to USD 3.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast year.COVID-19 impact on global polished concrete marketThe global polished concrete market is expected to witness the impact of the pandemic on its demand, in 2020-2021.
Moreover, due to the COVID-19, the market is being hampered owing to slowing raw material production, supply chain disruption, hampered trade movements, declining construction demand, and reduced demand for new projects.Polished Concrete Market DynamicsDriver: Increased demand for polished concrete for flooring applicationsThe high demand for polished concrete, especially for constructing hotel flooring and other commercial buildings, is a primary factor resulting in an upsurge in demand.
This is mainly due to the widespread benefits of the polished concrete, such as good esthetic appeal to floors, along with its resistance to skidding and wear & tear caused by heavy footfall.
The cement industry is one of the key producers of carbon dioxide, a potent greenhouse gas.
For the dry concrete polishing method, the surface of the concrete is ground using commercial-scale polishing machines.
Each stage of the process requires a different abrasive polishing disk, often incorporating diamond grit, with coarser textures for earlier stages and finer ones to get the final shine.New construction segment to dominate the polished concrete market in 2019.New construction, by construction type, accounted for the largest demand for polished concrete in 2019, in terms of value and volume.
