Renovation Activities Can Secure Prospect for Decorative Concrete Market
Market Research Future’s (MRFR’s) peek into the global decorative concrete market reveals that the market can attain a probable 6.2% CAGR during the forecast period and in the process surpass the anticipated valuation by the end of 2023. Decorative concretes are normal concretes with unique patterns, finishing, or coloring. These concretes mostly find use in offices or commercial buildings such as malls and hotels. A good share of the revenue earned globally comes from these commercial establishments. However, these concretes find substantial use in roundabouts, cycle paths, pavements, gardens and pathways as well.
The global decorative concrete market is all set to reap the benefits of increasing urbanization. This has triggered considerable renovation work and the decorative concrete market is expected to feel the impact during the coming years. Other features such as skid resistance and aesthetic enhancement are making the product alluring enough due to which construction sector is reaching out for the product. Its ability to provide guard against stain, abrasion and resilience resistance are making it a hot favorite among architects who are now preferring this for heavy foot traffic areas over other materials.
As per the MRFR report on the global decorative concrete market, the market can be segmented by type, application and end-user for a holistic analysis and better understanding of the market in the coming years.
Based on the type, the decorative concrete market includes polishing concrete, concrete dyes, stained concrete and stamped concrete. The stamped concrete segment fetches the maximum market revenue. Its popularity lies in its similarity with wood, stone, bricks and individual pavers owing to which its demand is on the rise from several sectors of the construction industry. The product also displays higher strength and ease in installation technique.
Application-wise, the global decorative concrete market is segmented into non-residential and residential. The residential segment is substantially moving forward at a great speed. Rapid urbanization led to a population shift owing to which the demand for new homes and constructions of residential complexes surged. This is considerably creating demand for the decorative concrete market. Non-residential segment is also expecting substantial rise during the forecast period. Renovation projects are also expected to trigger the growth of the market substantially in the coming years.
On the basis of the end-use, the decorative concrete market can be segmented into patios, walls, driveways and floors. The floor segment dominates the global market with substantial market value and is expecting the fastest CAGR during the forecast period.
Geographically, as per the report of MRFR, the global decorative concrete market includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) for a better predictive analysis. Europe is spearheading the global market and it is happening due to the increase in upgradation, and repair & rehabilitation of the existing infrastructure. Among the major countries, Germany and the U.K. are fetching in substantial revenue for the regional market. Both government and private investments are triggering substantial growth for the market in the U.K.
North America holds the second position where the U.S. is dominating the market with providing much opportunity for the integration of the decorative concretes via new constructions and renovation works. Strong development in commercial and residential structures in the U.S. can take the market further ahead.
The APAC market is majorly dominated by countries such as China, Japan, India, and Indonesia. Industrialization, rising urbanized population, and increase in disposable income are major factors that can stimulate the market growth. China is the frontrunner and is gaining edge due to the favorable laws introduced by the government. Both commercial and residential housing are gaining from such imposition of lenient laws.
Significant players as per the report of MRFR to impact the decorative concrete market are Mcknight Custom Concrete Inc (US), Seacoast Concrete (US), Deco-Crete, LLC (US), BASF SE (Germany), Bomanite India (India), PPG Industries Inc (US), Boral Limited (Australia), HeidelbergCement AG (Germany), LafargeHolcim Ltd (Switzerland), and Sika AG (Switzerland).
Recently, HeidelbergCement AG came up with translucent concretes which can be for sure become popular among the top-notch players of the construction sector. It can be used for segments such as exterior or interior light-transmitting walls, shading devices, illuminated paving, light fixtures, and signage.