ID: MRFR/CO/3277-HCR | February 2021 | Region: Global | 100 pages
The CAGR for the decorative concrete market is 6.2% until 2027. The market value was USD 15.40 billion in 2020. It’s estimated to be USD 24.18 billion in 2028. When people use decorative concrete in their residential or commercial building units they use different sizes, styles, designs, and shapes of concrete to enhance its inherent beauty. Decorative concrete is made by adding various materials to liquid concrete. These materials can also be added after the concrete is cured.
Many homeowners are choosing to use decorative concrete in their patios, floors, doorways, countertops, etc. all of these are made out of some sort of concrete or similar material. Many developers are finding that decorative concrete is useful as decoration for horizontal and vertical surfaces. These surfaces tend to be stamped, textured, engraved, micro-topical, etc…
COVID-19 is a unique and dangerous new virus that is changing the destiny of the world.. Many people have either become deathly sick or have died after having contracted this virus. Governments around the world responded early on by imposing lockdowns and quarantines. These were temporary because they were not very effective. The effect on businesses in various industries was mixed. Some were negatively affected because they were forced to either temporarily shut down or dramatically scale back operations. Some prospered because people were staying inside.
Unlike the case with companies in other industries, companies in the market actually prospered. The reason was that many homeowners had lots of free time on their hands. They decided to spend their free time renovating and repairing their homes. They also wanted to redecorate and remodel their homes. This required the usage of various types of decorative concrete.
List of companies
What’s driving growth in the decorative concrete market is the increased popularity of the usage and incorporation of green building concepts in newer buildings. Many developers are environmentally conscious and are choosing to incorporate different types of concrete into buildings to make them safer, cleaner, friendlier for the environment, and more energy-efficient (in that they utilize less energy than previous generations of buildings did!)
This world is urbanizing rapidly. This is especially true in developing nations. As these nations are urbanizing, their middle classes are growing and they are demanding to live and work in buildings that are safer, cleaner, and use energy more efficiently, among other things. This has been a recent trend in India and China. This phenomenon is driving demand for decorative concrete. This is also driving rapid growth in the market.
Many people around the world also want flooring systems that are easy to maintain. Once again, decorative concrete is capable of achieving this.
There is money to be made in the market. Many companies are realizing this. That’s why they’re investing heavily in research and development to come up with newer generations of decorative concrete that have more innovative applications, are more aesthetic, and are friendlier for the environment.
Decorative concrete tends to be more expensive. This is a key factor that’s holding back growth in the market. Another key restraint is that the key markets for decorative concrete happen to be in developing nations where awareness of the benefits of this type of concrete is minimal to nonexistent.
Perhaps the biggest challenge that companies in the decorative concrete market face lie in educating the masses in developing nations about the benefits of decorative concrete. These companies also face the challenge of ensuring that the price of decorative concrete remains affordable. This is the only way that they will see continued growth in this market.
Cumulative growth analysis
The CAGR for the decorative concrete market is 6.2% until 2027. The market value is projected to be USD 24.18 billion in 2024.
PPG Industries Inc is a major American player in the global market. It has managed to retain a superior market position by investing heavily in research and development. This has allowed it to create the sustainable competitive advantage that it needed to become an industry leader.
The decorative concrete market can be divided into the following sub-segments based on type:
The stamped concrete sub-segment accounts for the largest market share. Stamped concrete never ends and can be manufactured to resemble individual pavers, bricks, stone, or wooden materials. It’s used widely in pool decks, driveways, sidewalks, and patios.
Stamped concrete is stronger and more durable than other types of decorative concrete. Hence, it lasts longer. It’s also a more economical option than other types of decorative concrete are. Stamped concrete is growing in popularity for these reasons.
The market can be divided into the following sub-segments based on application:
The residential sub-segment has the greatest market share. What accounts for this is the fact that this world is rapidly urbanizing, even in developed nations. This has lead to the increased popularity and demand for various types of decorative concrete for various residential units.
The commercial segment is expected to have the highest market growth rate. The reason for this is that governments and enterprises are investing more in new construction projects and in bringing older buildings up to code/renovating them.
The market can be divided into the following sub-segments based on end-user:
The flooring sub-segment had the highest market share. Incidentally, it also had the highest CAGR of all of the sub-segments in the end-user segment.
The European Union has the highest regional market share in the decorative concrete market. This was according to 2016 statistics. The North American region had the second-highest market share according to 2016 statistics. The Asia-Pacific region came in third place in terms of regional market share.
The reason why the European Union leads in terms of market share is that national governments are placing enormous pressure in the form of green building codes, regulations, and requirements on businesses to make their buildings safer and more energy-efficient. The result is massive investment in renovating, remodeling, repairing, and rehabilitating existing buildings.
Germany and the United Kingdom are two European nations where the CAGR and market share in the market are the strongest. Their national governments and enterprises - both public and private - are investing massively in the renovation and up-gradation of existing buildings. They are also using decorative concrete in new buildings in an attempt to make them prettier, safer, more energy-efficient, and friendlier for the environment.
The North American region has a high CAGR because it is a major producer of decorative concrete. High growth in the key nations in the European Union in terms of demand for decorative concrete is fueling growth in the North American decorative concrete market at breakneck speed. The American and Canadian governments have also passed more stringent building codes that require all buildings to be greener. This is leading to massive investments in the commercial and residential markets in both nations.
The Asia-Pacific religion is expected to have the highest market growth rate (CAGR.) The reason for this is that the key nations in this region are China, India, and Japan. These nations have seen a boom in construction in both the residential and commercial sectors in recent years. The same is occurring in Indonesia which also happens to be a key economy and nation in the Asia-Pacific region.
Most nations in the Asia-Pacific region are industrializing and urbanizing rapidly. China, especially, is essentially a manufacturing hub to the major retailers around the world (especially American ones!) The same is increasingly the case in India. This is leading to an increase in commercial and residential construction units. The result is strong demand for decorative concrete.
The Chinese government has eased the borrowing rules for middle-class Chinese who want to buy new homes by allowing them to take out secondary loans. This is also fueling growth in the market.
The decorative concrete market is highly competitive. What makes it that way is its lucrative nature. The fact that there are few barriers to entry is encouraging many global, national, and regional firms to enter the market. Companies find that they must invest heavily in research and development if they want to continue to make the newer types of decorative concrete that are prettier, safer for the environment, and have more innovative applications.
Firms also find that merging with and acquiring successful companies gives them an edge because it gives them resources - especially human and financial - that they may not have been able to access previously. It also gives them more knowledge which they can use to do intensive research and development. The result is more innovative products that can give them a sustainable competitive advantage with the right digital and traditional marketing strategies, plans, and campaigns. Incidentally, strategic partnerships with other successful companies accomplish the same thing.
PPG Inc is a major American company that has been successful because it has invested heavily in research and development to come up with and market superior products with newer and more innovative uses in more innovative ways.
The CAGR for the decorative concrete market is 6.2%. The European Union leads in terms of market share but the Asia-Pacific region leads in terms of CAGR.
|CAGR||6.2% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Technology, by Application, by Material|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Sika AG (Switzerland), HeidelbergCement AG (Germany), LafargeHolcim Ltd (Switzerland), Boral Limited (Australia), Bomanite India (India), BASF SE (Germany), PPG Industries, Inc. (U.S.), Mcknight Custom Concrete, Inc.(U.S.), Deco-Crete, LLC (U.S.), Seacoast Concrete (U.S.)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Decorative concrete market is projected to grow at a 6.2% CAGR between 2022-2030.
The Asia Pacific is expected to lead the decorative concrete market.
The floor segment will dominate the decorative concrete market.
Growing construction sector and increasing remodeling activities are the key factors driving the decorative concrete market.
High cost of treatment may limit the decorative concrete market growth.