Polished Concrete Market Size is Projected to Generate a Revenue of $3,683.4 Mn by 2031

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The Global Polished Concrete Market Size is expected to be valued at $3,683.4 million by 2031, surging from $2,148.7 million in 2021, at a noteworthy CAGR of 5.3%.

Impact Analysis of COVID-19 on the Polished Concrete Market

The COVID-19 outbreak impacted people all over the world, by confining them to stay inside. The construction business is regarded to be the most damaged industry owing to the pandemic since utilization of polished concrete cannot be employed without workers as it comprises of manual labor. Several reasons such as lack of supply chain, availability of workforce, and exhaustion of raw resources impacted the enterprises internationally along with limits placed by governments where only movement of necessary supplies such as food and medications was allowed. These issues delayed the building projects and lengthened the time of work. The pandemic boosted the speed of digital transition. For instance, Sika, which is a specialty chemicals firm with a leadership position in development and manufacture of systems and products for bonding, sealing, reinforcing, and protecting in the construction sector, created 3D concrete printing and has been pushing advances.

Global Polished Concrete Market Analysis

Demand for polished concrete in development of hotel floors and industrial dwellings is exponentially rising at an excess rate. The advantages of polished concrete are resistance to sliding on the ground owing to sufficient friction and glamorous look of the ground. Increase in residential and commercial construction activities is the major factor that is expected to fuel the growth of the global polished concrete market. This growth is majorly owing to surge in demand for residential & commercial spaces, low maintenance & durable flooring systems coupled with polished and attractive looking floors. The widespread benefits of polished concrete such as low wear & tear, more slip resistance, good reflectivity, and ambient lightening are expected to fuel the polished concrete market growth.  The cost of raw materials used in the manufacturing of polished concrete varies greatly which is estimated to limit the polished concrete market growth in the upcoming years. Cement is a significant constituent of concrete that has its very unique environmental consequences. The cement industry produces carbon dioxide in excess, which in large part contributes to global warming as it is a greenhouse gas.

Major polished concrete market participants often choose to make investments since the market has strong development prospects for the future of remodeling and renovation of nonresidential places. Polished concrete offers attractive ambience to the infrastructure. Hotel and accommodation owners normally desire to create the infrastructure as appealing as feasible due to the fact that it draws enormous customer base as client provide wealthy assessments of lodging which assists the firm to keep the customers. These factors are projected to fuel revenue growth of the polished concrete market during the forecast period. The polished concrete has witnessed rise in application in residential, commercial, and industrial construction activities, which is projected to fuel revenue growth of the polished concrete market.

On April 29, 2022, 3M valley expanded operations to Nebraska, invested around $58 million to fund the 80,000 square foot expansion that is anticipated to create around 50 new jobs at the facility. The investment is expected to aid the company in boosting the production of 3M respiratory and hearing protection products.

Global Polished Concrete Market, Segmentation

The polished concrete market is segmented on the basis of product, method, construction type, end-use, and region.

Product:

By product, the market is classified into densifiers, sealers & crack fillers, and conditioners. Among these, the densifiers segment accounted for the dominant market share in 2021 and sealers & crack fillers is projected to grow at the fastest rate during the forecast period. This growth is majorly owing to the benefits offered by densifiers such as higher gloss and abrasion resistance. Further, densifier penetrates and reacts with concrete faster than the traditional methods and minimizes the labor cost. Moreover, it is easy to polish, apply, and maintain. These all aspects are expected to boost the growth of the market during the forecast period. The sealer & crack fillers segment is expected to show fastest growth. Crack sealing is costly compared to crack filing however crack sealing process provides substantial value to the pavement owners due to longer life expectancy. For instance, the crack filing may last only for one or two seasons whereas the crack sealing may last up to 8 years or more. Crack sealing is effective process where the temperature changes frequently. These aspects are expected to propel the growth during the forecast period.

Method:

By method, the market is bifurcated into dry and wet. The dry segment registered the dominant revenue share in 2021. This growth is majorly owing to various advantages such as higher shine, suitable for both open areas & small nooks, and offers efficient hardening and conditioning. In dry concrete polishing method, the concrete is ground using commercial-scale polishing machines. Each stage in dry polishing method involves use of different abrasive polishing disk using diamond grit, with coarse textures during earlier stages and finer ones for the final shine. The dry polish method helps the grinding disks to withstand the heat and friction without the need of adding water. Thus, the dry polish method saves time and promotes safer work environment. All these aspects are estimated to drive the polished concrete market size during the forecast period.

Construction Type:

By construction type, the market is categorized into new construction and renovation. The new construction segment registered the dominant revenue share in 2021. This growth is majorly attributed to the high demand for polished concrete in new construction such as for office spaces and warehousing. All the new commercial as well as residential construction spaces use polished concrete flooring over the traditional ones. This growth is majorly owing to aesthetic appeal, durability, and high-performance benefits offered by the polished concrete surface. Some of the newly constructed polished concrete projects in India are Abbott Pharmaceuticals, located in Barwala, Haryana, where the concrete polishing of 250000 sq. ft. area was done. Polished Concrete is a versatile material that can be customized on the basis of appearance, design, and color as per the user’s demand. Variety of polished concrete types are available ranging from least expensive called “grind and seal” method to honed concrete that is expensive. Thus, polished concrete is widely used in all the new construction projects due to low cost, longevity, and durability.

End-Use:

By end-use, the market is divided into residential and non-residential. The non-residential segment registered the dominant revenue size in 2021. Moreover, there is high demand for polished concrete from restaurants, commercial places, hospitals, industrial buildings, and others. The longevity, high performance, excellent shine, and glossy look, coupled with aesthetic appeal are the major driving factors for the growth of non-residential segment of polished concrete market. In addition, the rapid urbanization and industrialization in urban areas are anticipated to drive the market growth during the forecast period. The use of polished concrete in non-residential segment is considered as a green movement that can help companies in achieving the LEED ratings due to high reflectivity, durability, and no harmful impact on indoor air quality. All these aspects are estimated to drive the growth of non-residential polished concrete segment.

Region:

By region, the polished concrete market for the North America region is projected to grow at the fastest rate during the forecast period. The rising demand for residential, industrial, and commercial construction in the U.S. is expected to drive the market growth. Low environmental impact of polished concrete, growing financial sector, and stable economy are anticipated to create huge growth opportunities in the region. Further, the rapid advancements in e-commerce industry in the U.S. has led to an increase in the demand for warehouse facilities and logistic hubs. Hence, the construction of new warehouse facilities and logistic hubs are expected to fuel the polished concrete market growth in North America during the forecast period. For instance, as per the report published in The Atlanta Business Chronicle, developers in the metro Atlanta area have built 18 million square feet of warehouse space to attract retailers such as Amazon and Home Depot. All these aspects are estimated to drive the growth of polished concrete market in North America.

Key Players in the Global Polished Concrete Industry

Some of the leading polished concrete market players are

• Pittsburgh Plate Glass Industries Inc
• 3M
• 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.