PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1497711
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1497711
Market Highlights
The decorative concrete market was valued at USD 18.0 billion in 2023, and it will increase to USD 26.8 billion, advancing at a 5.9% compound annual growth rate, by 2030.
The surging population as well as the rising urbanization are the key factors for the growing count of building and infrastructure activities, which, in line, boost the industry expansion.
Under the Union Budget of 2023-24, the infrastructure was granted USD 122 billion, which was 3.3% of the Indian GDP and was around three times the amount allowed in the 2019-20 budget.
The continuous expansion of the concrete sector is because of aesthetic appeal and various options provided to customers.
New product developments as well as advancements in technology such as 3-D printing concrete are likely to boost the decorative concrete industry growth.
The rising government programs to boost sustainable development are a key trend being observed in this industry.
The Ministry of Environment, Forests, and Climate Change (MoEFCC) has commenced the draft of the Green Credit Program Implementation Rules 2023.
This inventive provides its individuals, stakeholders, farmer-producer organizations (FPOs), local bodies, and industries, with openings to earn green credits for doing certain activities that contribute to a favorable influence on the environment.
The acceptance of utilizing as well as employing green building components in modern construction is increasing.
Key Insights
North America was the largest contributor to the industry in 2023, with a 40% share. This can be because of the rising populace and technological improvements in the infrastructure area.
APAC is likely to advance at the fastest compound annual growth rate in the years to come.
This region has observed a rise in the residential building sector in India, China, South Korea, Japan, and more.
With time, this expansion is likely to drive the need for decorative concretes employed in commercial and residential structures.
The stamped concrete category accounts for the highest share in the industry. This kind of decorative concreting is more widespread among property owners because of its aesthetic and economical appeal.
The non-residential category is the largest contributor to the industry. The need for goods developed using decorative concrete is greater in non-residential buildings like hotels, parks, and hospitals.
The floors category was the largest contributor to the industry in 2023, with a 45% share, because of factors such as durability, longevity, low maintenance, and appealing appearance.
Decorative concrete is a prevalent option for flooring purposes due to its low maintenance requirements and striking look.
The status category will propel at the fastest compound annual growth rate during this decade. This is because of its pleasing appearance and desired workability, which can be achieved with the assistance of appropriate admixtures.
The PIC category is the largest contributor to the industry.
The two key target audiences for PIC utilization comprise residential clients aiming to surface their patios, driveways, pool sides, walkways, etc., and commercial customers wanting low maintenance, visually pleasing, customizable surfaces, or decorative.
The decorative concrete industry is very fragmented, because of the existence of various global and domestic players.