New York, USA, June 09, 2021 (GLOBE NEWSWIRE) -- As per a new report by Research Dive, the global polished concrete market is speculated to gather $2,920.0 million revenue during the 2020-2027 forecasted period, increasing from a market size of $1,832.9 million in the year 2019, at a considerable CAGR of 6.1%. The market report offers in-depth content on the Covid-19 mayhem impact on the market, specifies drivers, restraints, and lucrative opportunities. The research methodology utilized in the report is a compilation of both primary and secondary research techniques.
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Covid-19 Effect on the Market
The polished concrete industry is projected to face a negative impact worldwide during the Covid-19 outbreak due to a halt in all construction activities across the globe to curb the infection rate. The coronavirus outbreak affected the supply chains, movement of people, and procurement of raw materials. Also, the migration of construction workers to their native place was enhanced during the lockdown. These aspects are responsible for the market decline during the Covid-19 pandemic.
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Aspects Affecting the Market Growth
Rise in the construction activities worldwide is the major factor propelling the growth of the polished concrete market during the forecasted timeframe. Asian countries such as India & China are witnessing massive population surge therefore, the demand for commercial and residential places in these countries is increasing rapidly. Further, people prefer durable flooring, low maintenance costs, and attractive layout for housing. These aspects are anticipated to boost the growth of the global market during the estimated timeframe. However, polished concrete causes severe environmental hazards, thus restraining the growth of the market. The rise in the demand for affordable housing and exponential surge in urbanization is projected to create opportunities for the market in the coming years.
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Densifier Sub-Segment to be the Most Profitable
From the type segment, the densifier sub-segment is expected to gather $2,919.8 million revenue during the analyzed timeframe. A densifier is applied on the concrete slab surface as it acts as a chemical hardener. And it plays a role in slab polishing during the refinement processing. The slab’s surface density is maximized due to densifiers. These facets are projected to boost the sub-segment growth during the estimated timeframe.
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Dry Sub-Segment to Witness Maximum Growth
From the method segment, the dry sub-segment is predicted to gain maximum growth. The sub-segment was accounted for $1,050.2 million in 2019 and is expected to cross $1,614.6 million by the end of 2027. The dry method offers intense hardening, maximized shine, and condensed floor for both small and open spaces. This factor is anticipated to boost the sub-segment growth during the analyzed timeframe.
New Construction Type Sub-Segment to Grow Rapidly
From the construction types segment, the new construction type sub-segment was accounted for a market size of $982.4 million in 2019 and is expected to gain $1,506.5 million by the end of the 2027. The rise in the demand for new projects such as warehouses, office spaces, residential houses, and much more is projected to bolster the growth of the global market during the analyzed timeframe.
Residential Sub-Segment to be the Largest Market Share Holder
From the end-user segment, the residential sub-segment was accounted for $809.9 million in the year 2019 and is speculated to cross $1,377.7 million by the end of the 2027. The sub-segment growth is due to the rapid population surge that is influencing the demand for residential places.
Regional Outlook
Exponential advances in the e-commerce sector have enhanced the demand for the construction of logistics and warehouse hubs in the North American region. This facet is speculated to fuel the growth of the regional market during the forecasted timeframe.
Major Market Players
1. Pittsburgh Plate Glass Industries, Inc.
2. 3M
3. BASF SE
4. Sika AG
5. Ultra Tech Cement Limited
6. The Sherwin Williams Company
7. Boral Limited
8. Solomon Colors Inc.
9. Vexcon Chemicals Inc.
10. The Euclid Chemical Company
These significant players are planning several strategies such as product developments, research & development activities, acquisitions of businesses, tie-ups & collaborations for maximizing profits, and organizational development to gain an upper edge in the market worldwide. For instance, in April 2019, Tennant Coatings, a manufacturer of commercial & industrial wall and floor coating inventions, launched its new product – ReVue, a hydro polishing line for the concrete floors.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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