Polished concrete has become an increasingly popular flooring option for both residential, industrial, and commercial spaces. It is a type of flooring that is created by grinding down the surface of a concrete floor using progressively finer diamond grinding tools. The process involves removing the top layer of the concrete to reveal a smooth, shiny surface that is sealed with a protective coating. Polished concrete can be customized to create a range of finishes, from a matte to a high-gloss shine. Its numerous benefits, including low maintenance, cost-effectiveness, and eco-friendliness, make it a popular choice among homeowners and business owners as well.
Forecast Analysis of the Global Polished Concrete Market
According to a report published by Research Dive, the global polished concrete market is envisioned to generate a revenue of $3,683.4 million and grow at a CAGR of 5.3% throughout the forecast timeframe from 2022 to 2031.
With the rapid increase in construction activities across commercial sectors and the growing demand for residential housing, the polished concrete market is predicted to witness significant growth over the analysis period. Besides, the rising investments in affordable housing and the rapid urbanization across emerging nations are further expected to foster the growth of the market throughout the estimated period. Moreover, the growing population across the globe, increasing remodeling activities, and the growing demand for polished concrete due to its eye-catching ambiance are expected to create huge growth opportunities for the market during the analysis timeframe. However, the negative environmental impact of using polished concrete may restrict the growth of the market throughout the forecast period.
The major players of the polished concrete market include The Sherwin Williams Company, Ultra Tech Cement Limited, Boral Limited, Sika AG, Solomon Colors Inc., BASF SE, Vexcon Chemicals Inc., 3M, The Euclid Chemical Company, Pittsburgh Plate Glass Industries, Inc., and many more.
Key Market Developments
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global polished concrete market to grow exponentially. For instance:
- In April 2021, Sika AG, a specialty chemicals company, announced that it is working on the development of concrete admixtures by using LC3 technology that lowers CO2 emissions, together with the Swiss Federal Institute of Technology Lausanne. With this development, Sika aimed to gain a leading position as an enabler of sustainable construction.
- In January 2022, Seal for Life Industries, a company with deep history of innovation in market-leading technologies, announced its acquisition of Mascoat Ltd., and Verdia, Inc., two privately owned renowned industrial coatings companies. With this acquisition, the companies aimed to expand their coating portfolios by providing high-performance flooring solutions to protect their critical infrastructure assets.
- In January 2023, Sustain Labs Paris’ an enterprise based in India, in partnership with BW Businessworld, India's largest business news magazine ranked UltraTech, India's No. 1 cement company, at the top for providing sustainability in the infrastructure and engineering sector. With this recognition, Ultra Tech has adopted a holistic approach to the development of innovative products and services and the use of alternative fuels and raw materials (AFR) in construction activities.
Most Profitable Region
The North America region of the polished concrete market is predicted to hold the maximum share of the market over the forecast period. The strict government regulations in this region on the emission of harmful VOCs and greenhouse gases are expected to boost the regional growth of the market over the estimated period. Additionally, the rising spending on public and private constructions across the region is further expected to bolster market growth in the coming period.
Covid-19 Impact on the Polished Concrete Market
The outbreak of the Covid-19 pandemic has had a disastrous impact on the polished concrete market, likewise various other industries. This is mainly due to the lack of manpower, disruption in supply chains, and shortage of raw materials over the pandemic period. Moreover, the postponement of various construction projects due to the imposed lockdowns by governments has further declined the growth of the market throughout the crisis.