The Global Concrete Conditioner Market Projected to Grow at a CAGR of 5.5% and Generate a Revenue of $783 million by 2030Download Sample Reports Overview
The global concrete conditioner market is predicted to be valued at $783 million by 2030, surging from $476 million in 2021, at a noteworthy CAGR of 5.5%.
COVID-19 Impact on Global Concrete Conditioner Market
The COVID-19 pandemic has affected people across the globe, by restricting them to stay indoors. The construction industry is considered to be the most affected industry due to the pandemic as usage of concrete conditioner cannot used without labors as it consists of manual work. Several factors such as lack of supply chain, availability of manpower, and exhaustion of raw materials impacted the businesses globally along with restrictions imposed by governments where only transportation of essential materials such as food and medicines was allowed. These factors delayed the construction projects and prolonged the duration of construction. The pandemic also increased the pace of digital transformation. For instance, Sika, which is a specialty chemicals company with a leading position in development and production of systems and products for bonding, sealing, reinforcing, and protecting in the building sector developed 3D concrete printing and has been driving innovations.
Global Concrete Conditioner Market Analysis
Concrete conditioner is a concrete cleaner and conditioner for hard and polished surfaces. There has been huge demand for aesthetic infrastructure all over the globe due to the image and value that is projected by the looks of the spaces which can add and retain customer base to hotels or other commercial buildings. The concrete conditioner gives rich & glossy look and avoids wear & tear of the floor. Increase in the population and demand for private homes across the globe is projected to drive the concrete conditioner market growth over the forecasting years. Increase in investments in housing developments will lead to revenue growth of the concrete conditioner market in Asia-Pacific and Middle East & Africa.
There are fluctuations in prices of raw materials which directly influences prices of products such as cement which is used to make concrete and these price fluctuations leads to drop in profit margin. Also, cement impacts the environment as manufacturing of cement contributes to greenhouse gases directly through production of carbon dioxide when calcium carbonate is thermally decomposed, producing lime and carbon dioxide. This factor might restrain the cement industry due to opposition from many environmental activists and pressure from governments of various countries.
Repair activities of the existing residential projects as well the commercial projects is rising due to the increased need for improved infrastructure with better safety. During the financial year 2020-2021, BASF India Ltd, except the investment of $38.17.0 million made by the company for acquisition of 100% stake in erstwhile BASF Performance Polyamides India Pvt Ltd, which got subsequently merged with the company effective from February 01, 2021. The concrete conditioner market is expected to boost and project an exponential growth in Asia Pacific region, as there has been an increase in residential, commercial, and industrial construction activities which is expected to drive revenue growth of concrete conditioner market in Asia-Pacific. These factors will facilitate increase of concrete conditioner marketplace in the forecasted years.
Global Concrete Conditioner Market, Segmentation
The global concrete conditioner market is segmented based on method, construction type, end-use, and region.
The method segment is further classified into dry and wet. Among these, the dry sub-segment is anticipated to have a dominant market share and shall surpass $423.3 million by 2030, with an increase from $264.3 million in 2021. There is always a risk while operating in construction line as the silica dust when inhaled causes respiratory diseases such as lung cancer and chronic bronchitis which can be avoided by using dry method. Dry conditioner method is cheaper and offers more shine and better finish than wet conditioner. These factors are anticipated to drive the market revenue growth in the forecasting years.
The construction type segment is further divided into new and renovation. Among these, the new sub-segment is anticipated to have a dominant market share and shall surpass $396.4 million by 2030, with an increase from $248 million in 2021. Rising demand for polished concrete products is due to increasing demand for construction of warehouse and office applications. Polished concrete is often preferred for industrial as well as commercial rooms or floorings. Increase in demand for polished concrete for the new construction segment is due to longevity, aesthetic appeal, and high-performance qualities of polished concrete.
The end-use segment has been divided into residential and non-residential. Among these, the non-residential sub-segment anticipated to have a dominant market share and shall surpass $403.6 million by 2030, with an increase from $256.1 million in 2021. There is an increase in construction of residential buildings in developing countries owing to aesthetic look due to which the concrete conditioner market is experiencing an exponential demand from residential sub-segment. Since concrete conditioner is eco-friendly as there is no hazardous impact on quality of air or the environment.
The concrete conditioner market is estimated to grow with an exponential rate in Asia-Pacific region. This region’s market generated a revenue of $141.5 million in 2021 and is projected to reach up to $245.4 million by 2030. In Asia-Pacific region, there has been exponential growth in the concrete conditioner market due to increase in industrial and residential construction. Rapid building activities and advancements are projected to drive the Asia-Pacific concrete conditioner market growth throughout the predicted period. Moreover, China State Construction Engineering Corporation (CSCEC), one of the greatest construction firms in China, has completed two hospitals in Wuhan within 10 to12 days during the pandemic.
Key Players in the Global Concrete Conditioner Market
Some of the leading concrete conditioner market players are
- Pittsburgh Plate Glass Industries, Inc.
- BASF SE
- Sika AG
- Ultra Tech Cement Limited
- The Sherwin Williams Company
- Boral Limited
- Solomon Colors Inc.
- Vexcon Chemicals Inc.
- The Euclid Chemical Company.
In March 2021, Sika AG took over the flooring adhesives business of DriTac, a U.S.-based floor covering adhesives company, with an exclusively stronger position in wood floor bonding.