CHICAGO, Feb. 4, 2021
CHICAGO, Feb. 4, 2021 /PRNewswire/ -- According to the new market research report "Polished Concrete Market by Type (Densifier, Sealer & Crack Filler, Conditioner), Method (Dry, Wet), Construction Type (New Construction, Renovation), End-use Sector (Residential, Non-residential), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Polished Concrete Market size is projected to grow from USD 2.2 billion in 2020 to USD 3.0 billion by 2025, at a CAGR of 5.6% from 2020 to 2025.
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The market is projected to grow in accordance with the increase in the demand for industrial and commercial construction across the globe. Furthermore, the polished concrete market has witnessed a significant increase in its demand, owing to the increase in the warehousing construction, rise in renovation & remodeling activities, and rapid urbanization & globalization.
In terms of value & volume, densifier is estimated to lead the polished concrete market in 2019.
Densifiers, by type, accounted for the largest market share in the polished concrete market. The growth of the densifier segment can be attributed to the benefits it offers, such as protection to the concrete flooring system against chemical attack, staining, permeable fluids, wear, and degradation. The densifier is widely preferred and demanded for the concrete polishing, and its demand is expected to accelerate during the forecast period, with the increase in the demand from the non- residential sectors, globally.
Dry segment is estimated to be the largest segment in the polished concrete market in 2019.
Dry, by method, accounted for the greatest demand for polished concrete in 2019, in terms of value and volume. Furthermore, dry segment is projected to be the fastest-growing method for the polished concrete, by 2025, in terms of value as well as volume. The high demand can be attributed to the higher shine and durability it offers to the polished concrete floors. For the dry concrete polishing method, the surface of the concrete is ground using commercial-scale polishing machines. Each stage of the process requires a different abrasive polishing disk, often incorporating diamond grit, with coarser textures for earlier stages and finer ones to get the final shine.
New construction segment to dominate the polished concrete market in 2019.
New construction, by construction type, accounted for the largest demand for polished concrete in 2019, in terms of value and volume. Furthermore, new construction is projected to be the fastest-growing segment for the polished concrete, by 2025, in terms of value as well as volume. Many manufacturers have promoted use of polished concrete as a green movement as it can provide them to achieve LEED ratings for their organization. This can be attributed to its high reflectivity, neutral impact on indoor air quality and longer lifespan. This in turn, boosts the demand for polished concrete for newly installed flooring systems of residential as well as non-residential buildings.
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Non-residential dominated the polished concrete market in 2019, in terms of value and volume.
Non-residential, by end-use sector, accounted for the largest demand for polished concrete in 2019, in terms of value and volume. The demand from this sector is supported by increased investment in new industrial and commercial construction projects. Factors such as ease of installation, durability, and appealing esthetics will fuel the demand for polished concrete to be installed in newly built projects.
The North American region is projected to account for the largest share in the polished concrete market during the forecast period.
The North American region is projected to lead the polished concrete market, in terms of both value and volume from 2020 to 2025. The growth of the polished concrete market in North America is driven by technological advancements in the building & construction industries. In the US, single-family homes are growing, especially in Florida, Georgia, North Carolina, Washington, Utah, Tennessee, Ohio, California, Idaho, and South Carolina. Furthermore, the usage of glossy and attractive floorings in non-residential applications has been a key factor driving the polished concrete's market growth.
BASF SE (Germany), 3M Company (US), Sika AG (Switzerland), The Sherwin Williams Company (US), PPG Industries, Inc. (US), UltraTech Cement Limited (India), and Boral Limited (Australia), amongst others, are the key material manufacturers operating in the polished concrete market. Acquisitions, expansions & investments, agreements & partnerships, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the polished concrete market.
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