The ****** Polished Concrete Market size is projected to grow from USD 2.2 billion in 2020 to USD 3.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast year.
Browse 135 market data Tables and 52 Figures spread through 161 Pages and in-depth TOC on “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 – ****** Forecast to 2025”
COVID-19 impact on ****** polished concrete market
The ****** polished concrete market is expected to witness the impact of the pandemic on its demand, in 2020-2021. In 2020, the polished concrete market has a nominal impact due to COVID-19 and expected to witness a nominal decline in demand in 2020. Moreover, due to the COVID-19, the market is being hampered owing to slowing raw material production, supply chain disruption, hampered trade movements, declining construction demand, and reduced demand for new projects.
Polished Concrete Market Dynamics
Driver: Increased demand for polished concrete for flooring applications
The high demand for polished concrete, especially for constructing hotel flooring and other commercial buildings, is a primary factor resulting in an upsurge in demand. This is mainly due to the widespread benefits of the polished concrete, such as good esthetic appeal to floors, along with its resistance to skidding and wear & tear caused by heavy footfall. The demand is expected to grow significantly in Asia Pacific and Middle East & Africa. High investments in housing developments and rapid industrialization in developing countries of these regions are expected to boost the demand for polished concrete. Polished concrete improves the esthetic appeal of an establishment or facility, thereby enhancing its demand over the coming years.
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Challenge: Environmental concerns associated with polished concrete
A major component of concrete is cement, which has its own environmental and social impacts and contributes largely to those of concrete. The cement industry is one of the key producers of carbon dioxide, a potent greenhouse gas. Furthermore, the production of Portland cement accounts for approximately 5% of the anthropogenic CO2 emissions worldwide and about 2% of total CO2 emissions in the United States.
Expansions accounted for the largest share of all the strategic developments that took place in the polished concrete market between 2017 and 2020. Key players such as BASF SE (Germany), and SIKA AG (Switzerland), adopted these strategies to enhance their market presence and strengthen their manufacturing and distribution capabilities in the polished concrete market.
PPG Industries is a ****** manufacturer and supplier of specialty materials, paints, optical products, and coatings. It caters to a large customer base in various markets, such as consumer products, industrial, construction, and transportation. The company is financially and strategically well placed and has a strong customer base. It gives increasing importance to R&D activities. It focuses on expanding its existing distribution network to serve customers better. Further, it focuses on innovating and expanding its existing product portfolio for industrial and performance coatings business segments.
BASF SE is one of the leading chemical companies with a portfolio that provides chemicals, plastics, performance products, and crop protection products to the oil and gas industry. It has a broad product portfolio, which has encouraged sustained investment in new product developments. The immense strength of the company in R&D activities and expertise in construction and specialty chemical applications are the major factors that are projected to encourage its growth in the next five years.
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