Chicago, Feb. 19, 2024 (GLOBE NEWSWIRE) -- The Global Decorative Concrete Market is projected to grow from USD 18.3 billion in 2023 to USD 24.3 billion by 2028, at a CAGR of 5.8% from 2023 to 2028, as per the recent study by MarketsandMarkets™. Decorative concrete transforms functional surfaces into aesthetically pleasing elements, enhancing the visual appeal of various structures through creative designs and finishes. The global decorative concrete market is driven by the escalating demand for aesthetically pleasing and durable construction products worldwide, with increasing remodeling activities acting as a significant driver. The rise in renovation and remodeling projects reflects a growing preference for appealing, cost-effective, and resilient flooring solutions. This trend not only fuels the demand for decorative concrete but also presents a driver for the market's overall growth. However, the fluctuating raw material prices, act as market restraint. Despite these challenges, the market sees an opportunity in the increased demand from emerging economies, making it crucial for the industry to navigate limited awareness regarding decorative concrete and unlock its full potential. The construction sector's continuous quest for innovative, visually appealing, and long-lasting flooring solutions positions the decorative concrete market for sustained growth.
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Browse In-Depth TOC On "Decorative Concrete Market”
417 - Market Data Tables
49 - Figures
332 - Pages
List of Key Players in Decorative Concrete Market:
- Sika AG (Switzerland)
- CEMEX, S.A.B. de C.V. (Mexico)
- DuPont (US)
- BASF SE (Germany)
- RPM International Inc. (US)
- The Sherwin Williams Company (US)
- PPG Industries, Inc. (US)
Drivers, Restraints, Opportunities and Challenges in Decorative Concrete Market:
- Drivers: Increasing demand for stamped concrete for flooring applications.
- Restraints: Higher cost.
- Opportunity: Rise in renovation and remodelling activities.
- Challenges: Lack of awareness about decorative concrete in developing economies.
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Key Findings of the Study:
- The stamped concrete segment dominated the decorative concrete market in 2022.
- The Floors segment is estimated to be the largest application segment in the decorative concrete market in the forecast period.
- North America is estimated to be the largest region in the decorative concrete market.
Stamped concrete is anticipated to dominate the decorative concrete market, holding the largest market share in 2022. This growth is driven by the advantages it provides, including enhanced durability and cost-effectiveness in maintenance. Stamped concrete is a popular choice for various flooring applications, particularly in the residential sector, and its demand is projected to rise further, especially in the Asia-Pacific region, contributing to its leading position in the market.
Floors are projected to be the most significant segment in the decorative concrete market in 2022. This is evidenced by floors, as an application, having the highest demand for decorative concrete in 2022. Architects, designers, and homeowners find decorative concrete highly appealing for its ability to mimic various materials such as natural stone, tile, or wood, enhancing the overall visual appeal of indoor and outdoor floors. Moreover, decorative concrete for floors is known for its durability, ease of maintenance, and cost-effectiveness compared to traditional flooring materials. Its adaptability to both residential and commercial settings further contribute to its widespread use in creating visually stunning and long-lasting flooring surfaces, solidifying its position as the dominant application segment in the decorative concrete market.
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In the decorative concrete market, the floors segment is expected to emerge as the largest application during the forecast period. Decorative concrete floors are widely utilized in both residential and non-residential sectors, offering versatility and style. Concrete floors are renowned for their ease of maintenance and extended lifespan compared to other flooring options like marble, granite, slate, or high-end wood.
The non-residential segment is anticipated to be the largest segment in the decorative concrete market based on end-use industry. This segment exhibits substantial demand for decorative concrete products, particularly in flooring applications for driveways, patios, and sidewalks. The preference for decorative concrete in the non-residential sector is driven by its longevity, aesthetic appeal, and high-performance properties, contributing to the overall growth of this segment.
The decorative concrete market is regionally segmented into Asia Pacific (APAC), Europe, North America, the Middle East & Africa, and South America. In 2022, North America held the largest market share in terms of both value and volume. Nevertheless, the APAC region is expected to register the highest Compound Annual Growth Rate (CAGR) from 2023 to 2028, in terms of value, indicating significant growth prospects for the decorative concrete market in the Asia-Pacific region.
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