Concrete is one of the primary foundations utilized in the making of any structure. Using chemical treatments on the flooring and adding bonded adhesives to it refines the product, making it shiny. This end product is known as polished concrete and is used in the flooring of many projects such as apartment structures and offices.
This glossy finish adds to the enhanced look of any building’s interiors also adding to the value of the entire building.
COVID-19 Impact on the Polished Concrete Market
Many industries, markets, and organizations found themselves facing immense losses and drawbacks due to the COVID-19 pandemic. When entire countries went into lockdown, a lot of people lost their work opportunities and had to resort to return to their hometown. Builders postponed their projects until situations improved. One such example was when workers from all over India, especially those belonging to the construction sector left the cities to return to their towns or villages. Apart from people, the supply of raw material was also hit severely due to lack of or no transport options. Due to this, the polished concrete sector was negatively impacted.
Over time, many organizations decided to take a step ahead in helping the market regain its position. They came up with a solution taking the current pandemic into consideration. The flooring in many houses is porous and may harbour a host of bacteria, and viruses including COVID-19. Many contractors hence suggested that using semi porous sheet flooring like polished concrete can help keeping these harmful elements away. These innovations are one of the most important factors in creating more opportunities in the market.
Key Developments in the Industry
Various industries are putting in immense efforts to build up their presence in the market while also using research which is a part of the efforts. The innovative methodologies by organizations of creating more effective products are also used, keeping in mind satisfaction of customers or companies in terms of quality. Many of them look towards availing the services for their homes or offices and providing top notch quality is one of the top priorities of the market players. The products need to be the best in quality and maintain the same throughout. One such organization was Boral Australia, a world-renowned manufacturer of construction material. In May 2020, they came up with a product that uses recycled material such as plastics, tyres, and asphalt pavement known as Innovo. This has so far been used as an asphalt system across the length and breadth of Australia including Queensland, Victoria, New South Wales and more. With brands getting more aware about the environment, this move is predicted to help other organizations also take note of the same and help the market move towards being more eco-friendly.
It is also known, that partnerships help strengthen two distinct companies. One such initiative has been taken up by PrimX a brand known for their innovative methods of alternative flooring. In October 2020, the Company partnered with Utah-based pioneer in Ashford formula – a hardener used in concrete. The utilization of this hardenerwill help in the making of seamless slabs within industrial facilities. This will help in enhancing the variety of products available in the market.
Forecast Analysis of the Global Polished Concrete Market
The latest report by Research Dive states that the global polished concrete market is predicted garner revenue of over $2,920.0 million at a stable CAGR of 6.1% from 2020-2027. The North American region is known to be the largest contributor to the revenue of the global polished concrete market. The rising construction opportunities have added to the requirement of spaces that are easy to maintain and are fitted with flooring that’s durable even in the long run. This applies for both residential as well as commercial properties. Many brands prefer to have durable yet attractive flooring which is made possible by using polished concrete. Further, upon renovation and reconstruction, people tend to lean towards interiors that are aesthetically pleasing, which is where smooth polished concrete plays an important role. This demand has hence added to the increased growth of the global polished concrete market.
On the contrary, the process of producing this type of concrete tends to release carbon dioxide which is especially found in cement, a key ingredient of concrete. This is harmful for the environment and maybe one of the most evident restraining factors for the industry.
But, with the rising population and even faster process of urbanization has led to an increasing demand for residential places that are affordable. People also know that by opting for flooring with polished concrete, it has plenty of advantages. It provides reflectivity, doesn’t stain easily but in case it does, it’s easy to clean, and is also slip resistant. To top it all, its economical pricing is one of the main factors making it a lucrative market for the prominent players of the market.
Many key players such Ultra Tech Cement Limited, The Euclid Chemical Company, Sika AG, The Sherwin Williams Company, Solomon Colors Inc, 3M, and Vexcon Chemicals Inc, are initiating mergers, product launches, and partnerships for the benefit of the market.