PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1618300
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1618300
Global polished concrete market is projected to witness a CAGR of 5.54% during the forecast period 2025-2032, growing from USD 2.70 billion in 2024 to USD 4.15 billion in 2032. The polished concrete market has experienced substantial growth on a global scale. Polished concrete is required for residential, commercial, and industrial purposes due to its aesthetic versatility, low maintenance, and energy efficiency. The increase in the demand for solid and sustainable flooring solutions by all sectors drives the demand and growth for the polished concrete market. Moreover, rapid urbanization fuels construction activities, increased focus on green building materials, and new construction are the primary growth drivers for the market as architects and builders increasingly adopt polished concrete to offer a modern look and performance benefits. Recent advancements in polishing technology and equipment have improved the quality and efficiency of the finishing process, thereby contributing to increased adoption rates. Crack fillers polish concrete, and densifiers improve durability and aesthetics, enhancing and repairing the attractiveness of floors. The densifiers are used in the modification stage of slab polishing, which increases the density of the slab's surface by filling its pores and driving the market growth. In addition, the developed construction industries focusing on sustainable practices are located mainly in North America and Europe. However, the Asia-Pacific and Africa region will likely face the maximum growth rate as it experiences fast-paced urbanization and more significant investment in infrastructure projects. Therefore, companies have launched several innovative products on a global scale for Polish concrete and flooring systems.
For instance, in February 2024, Euclid Chemical Company, a leading manufacturer of polished concrete and masonry construction products, announced the launch of INCRETE STONECRAFT ELEGANCE, an innovative self-leveling, seamless epoxy flooring system. This combines the robustness of 100% solids and low VOC resin with customized aggregates. Beautiful and durable, this interior seamless flooring mimics the refined look of terrazzo and polished concrete-but at a fraction of the cost. Available in 19 stunning colors, this product offers versatile aesthetics with its wide range of texture and sheen options, boosting the demand for polished concrete.
Increasing Demand for High-Performance Materials Bolsters the Market Growth
The growing demand for innovative and high-performance materials is a significant driver for the growth of the polished concrete market. Owing to polished concrete's resistance to heavy load and environmental stresses, it is preferable for residential and commercial purposes. With the growing requirements from homeowners and business operators to enhance and thereby reduce their energy consumption, this demand for polished concrete continues to grow exponentially. The increasing trend of long-lasting and durable materials enhances the value of polished concrete for customers and the aesthetics of new construction or renovation activities.
For instance, in April 2022, Sika Group unveiled SikaCem 190 Concrete Control, marking the industry's openness and responsiveness to emerging trends and needs. This non-filming, low VOC, amorphous colloidal silica topical additive is designed for freshly placed concrete, helping maintain adequate moisture levels while minimizing the risk of premature setting. Ideal for all types of concrete, including colored and dry shake hardener applications, SikaCem-190 is applied during the floating and troweling stages. It controls moisture loss, promotes proper cement hydration, and extends workability, ensuring a smoother and faster finishing process even under challenging conditions. This advancement exemplifies ongoing innovations in the polished concrete market, addressing both performance and aesthetic demands.
Rising Commercial Real Estate Expands the Market Growth
The polished concrete market is primarily driven by the growth in commercial real estate, because it can offer various advantages, such as a smooth finish, as well as resilience to wear from high foot traffic. Meanwhile, significant investments in housing developments and industrialization in developing countries are expected to further boost the demand for polished concrete globally. The material's inherent water resistance and low-maintenance characteristics align well with the needs of customers in both commercial and residential properties. Additionally, construction and renovation projects require aesthetically appealing flooring solutions that are affordable, driving the demand for polished concrete in these sectors. As builders and homeowners seek durable and visually attractive options, polished concrete is becoming a preferred choice, ensuring its continued growth in the market. As these trends continue, companies in the industry are responding by introducing a variety of advanced flooring systems and products to meet the evolving market needs of customers.
For instance, in September 2023, DECO CRETE was picked to supply the materials and solutions for the polished concrete floors of the LEGO project in Vietnam. The LEGO factory is one of the largest and most prestigious industrial projects in recent years. LEGO Group has chosen AGGREGATE SHEELD, with 3 nano silica-based key products, deco SIL, decoPINFIX, and decoFINISH.
New Construction Segment Holds the Major Market Share
The new construction segment dominates the global polished concrete market, driven by surging demand for green building materials, which are energy-efficient, highly durable, and have fewer maintenance requirements. The increasing demand for sustainable building materials in newly constructed buildings enhanced the demand for polished concrete, known for its energy efficiency, durability, and low maintenance requirements. Polished concrete is well-suited for industrial and commercial applications due to its ability to accommodate varied temperatures. This versatility makes it an ideal choice for newly constructed commercial buildings. Additionally, polished concrete is highly cost-effective, providing long-term savings in both installation and maintenance. As rapid urbanization and infrastructure development continue to rise globally, the demand for polished concrete in new residential and commercial projects is expected to grow significantly. Hence, the polished concrete market is anticipated to experience massive growth due to the growing infrastructure projects either commercial or industrial.
For instance, in December 2022, under the Global Water Partnership (GWP), the management strictly focused on incorporating the 2020-2025 strategy plans, where USD 368.86 million was invested. In 2022, GWP encouraged the mobilization of USD 1.5 million for Southern African Development Community (SADC) countries. The European Construction Industry Federation published data in July 2023. It stated that new household buildings account for around 20.6% of the total construction investment made in Europe.
North America Dominates the Polished Concrete Market
North America polished concrete market is fueled by strong real estate investment in North America by public and private entities. The construction industry in the region has had strong developments in residential, commercial, and infrastructure sectors, creating a demand for polished concrete materials for both aesthetic purposes and decorative applications like flooring and driveways. Polished concrete, with its aesthetic appeal and durability, increases the market's interest. The activities of home and commercial upgrades, along with awareness of the cost-effectiveness and maintenance profile of decorative concrete, are fueling demand. With form and function driving the new priority for architects and homeowners, the polished concrete solution market is expected to boom.
For instance, in October 2024, the U.S. Census Bureau announced that USD 1,220 billion had been spent in August 2024 in Non-residential construction compared to an approximate spending of USD 800 billion in residential construction. During the first eight months of this year, construction spending amounted to USD 1,428.5 billion, 7.6 % (+-1.2 %) above the USD 1,327.0 billion for the same period in 2023. The growing construction market in North America, especially the United States, is poised to boost the demand for the polished concrete market.
Future Market Scenario (2025-2032F)
Government initiatives promoting sustainable construction practices are expected to drive demand for eco-friendly manufacturing processes. This focus on sustainability will encourage the adoption of polished concrete by customers.
Innovations in technology are transforming the polished concrete market, allowing for greater customization and aesthetic appeal. The ability to create intricate designs and textures will expand the application beyond traditional uses.
Moderate growth is anticipated in European markets as consumer investments in home renovations continue to rise, coupled with an increasing focus on aesthetics and sustainability.
Rapid urbanization in emerging markets will stimulate demand for new building materials to accommodate growing populations.
Key Players Landscape and Outlook
Companies are anticipating numerous business opportunities, poised to benefit from government initiatives like the Infrastructure Investment and Jobs Act (IIJA) in the United States and the Inflation Reduction Act (IRA). These initiatives, aimed at rejuvenating American infrastructure and addressing climate change, are expected to unlock investments in significant infrastructure projects, as well as the expansion of energy and water facilities. Moreover, the polished concrete market is shaped by several companies that propel its expansion and innovation. The Sherwin-Williams Company is well known for its wide range of concrete stains and coatings, which highlight long-lasting beauty and quality.
For instance, in September 2023, Smith Paints introduced a brand-new assortment of decorative concrete stains. The well-known paint and coatings manufacturer Smith Paints has launched a new line of decorative concrete stains to enhance the appearance of concrete surfaces and expand business in all regions. The stains are available in a wide range of colors and can be used to create a few effects, including aged appearances and fake finishes.
For instance, in April 2022, RCR Industrial Flooring and BGSB Express Concrete Limited teamed up to create a Joint Venture named RCR- BGSB Africa specializes in industrial flooring to tackle increased business opportunities in Kenya and neighboring countries Rwanda, Uganda, Tanzania, Zambia, Malawi, and Sudan.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.