New York, USA, April 10, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global polished concrete market. According to the report, the global market is projected to surpass $3,683.4 million and grow at a CAGR of 5.3% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the polished concrete market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Polished Concrete Market
The outburst of the COVID-19 pandemic in 2020 has had a negative impact on the growth of the global polished concrete market. During the pandemic, building projects were put on hold until further notice in various countries. In addition, there has been an adverse impact owing to the lack of availability of manpower, shortage of raw materials, absence of supply chain infrastructure, and increased price of raw materials due to supply chain concerns across many nations. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Polished Concrete Market Growth
The key factor boosting the growth of the global polished concrete market is a significant rise in the need for polished concrete owing to a rapid growth in commercial construction projects like the construction of hotels, commercial buildings, airports, and others. Furthermore, the growth in the construction industry and rising demand for affordable housing are estimated to unlock lucrative opportunities for market growth in the forecast period. However, the negative impacts of using polished concrete on the environment are anticipated to deter the market’s growth.
The report segments the global polished concrete market into product, method, construction type, end-use, and region.
Densifier Sub-Segment to Grab a Foremost Share of the Market
The densifier sub-segment of the product segment is foreseen to observe leading growth in the forecast period. This growth is mainly owed to the increased surface durability offered by densifiers compared to untreated concrete surfaces.
Dry Sub-Segment to Witness Rapid Growth
The dry sub-segment of the method segment is predicted to grow enormously in the forecast period. This growth is mainly because the dry method is more efficient and suitable for both small and big open spaces.
New Construction Sub-Segment to Grab a Foremost Share of the Market
The new construction sub-segment of the construction type segment is foreseen to observe leading growth in the forecast period. This growth is mainly owed to the growing number of new construction projects such as warehouses, residential projects, office spaces, and others.
Non-residential Sub-Segment to Witness Rapid Growth
The non-residential sub-segment of the end-use segment is predicted to grow enormously in the forecast period. This growth is mainly owed to the high demand for polished concrete in the construction of commercial buildings, restaurants, hospitals, and other locations.
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North America Region to Perceive Maximum Growth
The report analyzes the global polished concrete market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth in the estimated period. This growth is mostly due to the significant advancements in e-commerce that have increased the demand for the construction of new logistics centres and warehouses in this region.
Key Players of the Global Polished Concrete Market
The report states some of the foremost players operating in the global market including
- 3M
- Pittsburgh Plate Glass Industries Inc.
- BASF SE
- Ultra Tech Cement Limited
- Sika AG
- Boral Limited
- The Sherwin Williams Company
- The Euclid Chemical Company
- Solomon Colors Inc.
- Vexcon Chemicals Inc.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in January 2023, Coval Technologies, a leading provider of long-lasting coatings that are simple to apply and offer a strong barrier against chemicals and corrosion, launched Coval Polished Concrete Sealer (PCS), a product that will not alter the natural beauty of polished concrete while preserving it from acids, stains, and oils.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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