Polished Concrete Market

According to Stratistics MRC, the Global Polished Concrete Market is accounted for $2.36 billion in 2021 and is expected to reach $3.95 billion by 2028 growing at a CAGR of 7.6% during the forecast period. Polished concrete is being used instead of conventional floor coverings because of its aesthetic and attractive look. This process can be done by two methods, which are, dry and wet methods. Polished concrete floors are required in housing sectors, stores, hotels, and restaurants. Polished concrete floors are used to make dull-looking concrete floors bright, polished, shiny, and attractive. These are used to convert a concrete floor surface and bring it to a unified level by removing stains or any rough or uneven surface. The floor is first polished with a coarse grit abrasive disc, and then polished with a fine-grit abrasive disc, which gives the floor a glossy and sleek look, and finally polishing is done by concrete grinder with an extra-fine grit abrasive disc on the entire surface.



Market Dynamics:

Driver:

Rising Construction Activities to Surge the Market Growth

Many manufacturers have promoted the use of polished concrete as a green movement as it can provide them to achieve LEED ratings for their organization. This can be accredited to its high reflectivity, neutral impact on indoor air quality, and longer lifespan. This, in turn, boosts the demand for polished concrete for newly installed flooring systems of residential as well as non-residential buildings. For instance, flooring contractors and designers become more familiar with polished concrete. Designers are continually coming up with new ways to use polished concrete as a design element. These all factors help to grow the polished concrete market all over the globe. The polished concrete industry is rising promptly due to the rise in new construction, renovation, remodeling activities of residential and non-residential places. Polished concrete finds wide applications across warehouses, institutional, office buildings, retail stores, and various other sectors. As stated in Flash Flooring, on December 26, 2020, polished concrete floors are much better than other flooring solutions due to high durability, slip resistance, excellent finish, and aesthetically pleasing properties. Flash Flooring is the Australia-based leading new age flooring company. These benefits are majorly owing to the use of a densifier that fills the floor giving a smooth aesthetic feeling, grinding tools that endure shine and light-reflecting effect. During the application of the first densifier layer, 80 grit grinding tools are used and one more light application layer is provided after coloring the floor. During the second densifier application layer 400 grit grinding tools are used to endure shine and lock the color. Polished concrete is much economical compared to other flooring options such as vinyl flooring, ceramic tile, linoleum, and others.

Restraint:

High Cost & Environmental Impact of Polished Concrete 

The environmental impact related to the use of polished concrete is restraining the growth of the market as the key component of polished concrete is cement, which is the largest producer of carbon dioxide and greenhouse gases. This aspect may create a negative impact on the growth of the market. Polished concrete is expensive. Sealing concrete costs more than the total installation cost for carpet tile, while polishing can cost twice as much as sealing. A thin decorative layer applied to the surface of an existing slab made up of any combination of cement, sand, or other additives blended with polymer resin can double the cost of polished concrete.

Opportunity:

Fast Suburbanization and Growing Demand for Reasonable Houses

Factors such as technological advancements in manufacturing techniques and rapid urbanization and industrialization are creating opportunities. Furthermore, there has been an abrupt rise in the demand for smart buildings and smart homes and consumers are inclining towards green energy and eco-friendly construction activities owing to rising environmental concerns. These factors along with the latest trend for redevelopment and advanced flooring for aesthetic look and increasing adoption of automation across the globe. Additionally, government schemes and increasing investments to develop enhanced products are expected to open favorable growth opportunities going ahead. For instance, the Affordable Rental Housing complexes (ARHC) under the Pradhan Mantri Awas Yojana, offer decent living at an affordable price to the urban poor population of India. All these factors are accelerating the growth of the polished concrete market.  The benefits associated with the use of polished concrete floors such as high reflectivity, slip resistance, cost-effectiveness, stain resistance may further lead to creating opportunities for market players in the upcoming years. The polished concrete floors are LEED (Leadership in Energy and Environmental Design) friendly and facilitate sustainable building construction without the emission of VOCs (Volatile Organic Compounds). Such key benefits may also lead to lucrative market opportunities for the market players in the upcoming years.

Threat:

Environmental Concerns Related with Polished Concrete

As the major component of concrete is cement, which has its own environmental and social impacts and contributes largely to those of concrete. The cement industry is one of the key producers of carbon dioxide, a potent greenhouse gas. Additionally, the production of Portland cement accounts for approximately 5% of the anthropogenic CO2 emissions worldwide and about 2% of total CO2 emissions in the United States.

Dry segment is expected to be the largest during the forecast period

The high demand can be accredited to the higher shine and durability it offers to the polished concrete floors. For the dry concrete polishing method, the surface of the concrete is ground using commercial-scale polishing machines. Each stage of the process needs a different abrasive polishing disk, often incorporating diamond grit, with coarser textures for earlier stages and finer ones to get the final shine.

The non-residential segment is expected to have the highest CAGR during the forecast period

The application of polished concrete in this sector is driven by growing installations in new non-residential buildings, restructuring, and renovations. The use of polished concrete on floors enhances its appearance and esthetic appeal. Additionally, the usage of glossy and attractive floorings in industrial as well as commercial applications has been a key factor motivating the demand for polished concrete across the non-residential segment.

Region with largest share:

The Asia Pacific is projected to hold the highest market share owing to emerging economies in APAC as a result of the expansion of the construction industries due to rapid economic development and government initiatives toward infrastructural development. The growing population in these countries represents a strong customer base. The increase in demand for polished concrete can be largely attributed to the growing infrastructure and building & construction industries and durable, attractive and sustainable flooring systems. For instance, during the pandemic, the China State Construction Engineering Corporate (CSCEC) had constructed 2 hospitals in Wuhan within 10-12 days. This is one of the largest construction companies in China. Such rapid construction activities and developments will increase the market growth, which will eventually boost the Asia-Pacific polished concrete market in the upcoming years.

Region with highest CAGR:

North America is projected to have the highest CAGR due to technological advancements in the building & construction industries. Furthermore, the usage of glossy and attractive floorings in non-residential applications, rapid advancements in the e-commerce industry has increased the demand for the construction of new warehouses and logistics hubs in North America. In the US, single-family homes are growing, especially in Florida, Georgia, North Carolina, Washington, Utah, Tennessee, Ohio, California, Idaho, and South Carolina. For instance, The Atlanta Business Chronicles developers in the metro Atlanta area have built 18 million square feet of warehouse space to attract leading e-commerce companies like Amazon and Home Depot. All these factors will ultimately drive the demand in the polished concrete market across North America. 



Key players in the market:

Some of the key players profiled in the Polished Concrete Market include ChemMasters, Inc, The Euclid Chemical Company, Solomon Colors Inc., UltraTech Cement Limited, Sika AG, Boral Limited, Sherwin-Williams Company, The 3M Company, BASF SE, PPG Industries Inc.

Key developments:

In July 2020: ChemMasters, Inc. acquired Vexcon Chemicals Inc. Vexcon Chemicals is a manufacturer of construction materials for applications including concrete protection and repair, decorative and polished concrete, moisture control, new construction, waterproofing, corrosion management, and high-performance floor and all coatings

In January 2020: Euclid Chemical launched three innovative new products for the concrete industry. Eucoweld 2.0 is a liquid latex bonding agent for concrete repairs and toppings. Level Top PC-AGG is a polishable, self-leveling overlayment with natural aggregate, that's easy to use and designed for new or worn concrete substrates. Kurez DR VOX is a dissipating curing compound that provides an excellent initial cure for concrete.

In March 2021; Sika acquired the flooring adhesives business of DriTac, a US-based floor covering Adhesives Company with an especially strong position in wood floor bonding. The acquisition contribute to Sika’s increased presence among floor covering installers and distributors, while accelerating Sika’s expansion in the Interior Finishing market in the USA.

Products Covered: 
• Densifier & Hardeners
• Sealer & Crack Filler
• Conditioner 

Methods Covered:
• Dry
• Wet 

Construction Types Covered:
• New Construction
• Renovation

Types Covered:
• DNA Sequencing
• Fish
• Gene Chip
• New Floors
• Polished Concrete and Restoration (PCR)
• Retrofit Floors
 
Applications Covered:
• Automotive Shops
• Clinical Diagnosis
• Drug Screening
• Factories
• Hotel Lobbies
• Offices
• Research
• Warehouses

End Users Covered:
• Commercial
• Institutional
• Non-Residential
• Residential

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances