New York, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The global decorative concrete market size is predicted to expand at ~8.90% CAGR between 2024 and 2036. The market is projected to garner a revenue of USD 53 billion by the end of 2036, up from a revenue of ~USD 19 billion in the year 2023.This growth of the market revenue is set to be dominated by a surge in construction activity. Globally, there were estimated to be 794,431 built-up areas (BUAs) in 2016. By 2022, this figure should rise to around 849,406 individuals. In addition, 2 million additional buildings are expected to be constructed by 2050. As a result, the demand for decorative concrete is poised to rise.
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Additionally, decorative concrete flooring represents one of the best solutions available for sustainable home remodeling. This is due to the fact that existing concrete subfloors in a home may be simply used to create your flooring without removing outdated materials that would otherwise end up in a trash. For instance, around 39% of global carbon dioxide emissions and an estimated third of all garbage are produced by the construction industry in world. Therefore, the market demand for decorative concrete is estimated to increase.
Growing Urban Population to Boost the Growth of Global Decorative Concrete Market
From 751 million in 1950 to close to 5 billion in 2021, the population of cities worldwide has grown quickly. By 2050, it is projected to reach about 7 billion, with an additional over 3 billion people living in urban areas. One of the primary causes of an urban population growth is immigration. For dwellings, work, and educational opportunities, a lot of individuals feel obligated to move to cities. People have also been drawn to urban regions by inadequate finance and social infrastructure. As a consequence, the urban population is surging which is further boosting the growth of construction activities. Hence, the market revenue for decorative concrete is set to grow.
Decorative Concrete Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Investment in Construction Sector to Drive the Market Expansion in North America
The decorative concrete market in North America is projected to gather share of about 30% over the coming years. The growth of the market is set to be influenced by growing investment in the construction sector owing to need for infrastructure on account of rising population. North America's population as of 2023 is about 378,904,406, up over 0.53% from 2022. Hence, the market demand in this region is growing.
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Rising Disposable Income to Expand the Market Growth in Asia Pacific
The decorative concrete market in Asia Pacific is estimated to have significant growth in the market over the forecast period. This could be owing to rising disposable income in this region. For instance, India is expected to experience the most increase in real wages in the Asia-Pacific region, with about 5% growth, followed by Vietnam at over 3% and China at approximately 2%. As a result, the market expansion is set to experience the growth in this region.
Decorative Concrete, Segmentation by Type
- Stamped Concrete
- Polished Concrete
- Concrete Overlay
- Stained Concrete
- Colored Concrete
- Concrete Dye
The stamped concrete segment is projected to experience the highest growth in the market over the forecast period. The main factor driving the market expansion is rising disposable income. For instance, both family spending and disposable income are predicted to increase by close to 3% globally in 2022. Therefore, this is estimated to boost their spending on stamped concrete.
Decorative Concrete, Segmentation by End-User Industry
- Residential
- Non-Residential
The non-residential segment is projected to capture the largest share in the market of about 60% over the coming years. The growth of this segment is set to be encouraged by rising construction of various commercial sector such as malls, school, offices, and more. For instance, in world there are close to 93,000 office buildings currently.
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A few of the well-known indsutry leaders in decorative concrete market that are profiled by Research Nester are RPM International Inc., DuPont de Numours, Inc., 3M India Limited, PPG Industries, Inc., BASF SE, Huntsman International LLC, The Sherwin-Williams Company, Boral Limited, CEMEX S.A.B. de C.V., Sika AG, and others.
Recent Development in the Market
- On November 22, 2021, by constructing a new mortar production plant in Jiaxing City, in the province of Zhejiang in Eastern China, Sika AG has expanded its production capacity in the rapidly growing Chinese construction sector. Sika is commissioning the new plant in response to the strong demand in the area. Along with ensuring better logistics, this phase also guarantees lower CO2 emissions and shorter transit routes for both raw materials and completed goods.
- On September 29, 2020, PPG Industries, Inc. declared the launch of PPG Flooring coatings, which were supposed to be a complete range of coating systems consisting of primers, bases, and topcoats that are tailored to provide the best results depending on the particular working environment. Four flooring coating technologies were available to customers: urethane cement, wear resistance, chemical resistance, and general purpose.
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