The global decorative concrete market is witnessing a propelled growth, owing to rise in renovation and remodeling activities of damaged and outdated structures, and growth in consumer’s interest towards interior decoration to add artisan flair in their infrastructures. Decorative concrete are highly adopted in the construction industry, owing to various features of decorative concrete such as easy to maintain, slip resistance, long span, and radiation absorption. According to the Institution of Civil Engineers, the global construction market is expected to grow to $8 trillion by 2030. Additionally, rise in adoption of sustainable and green building construction is the key factor fuelling the decorative concrete market growth. Green building can enhance the aesthetic appeal of the construction space by incorporating advanced design, and operation practices that use sustainable materials in construction. The global decorative concrete market size was estimated $9.4 billion in 2018, and is anticipated to grow with a CAGR of 6.54%, throughout the forecast period 2019-2025.
Additionally, rise in urban population is projected to result in more number of construction activities thereby increasing the demand of decorative concrete. According to the Population Reference Bureau, approximately 70% of the global population is expected to live in urban areas by 2050. Due to rising number of population around the world, there is an increasing demand for new homes, and the trend of nuclear families, which is further estimated to drive the demand for the decorative concrete market. Diamond polishing of concrete is new trend in the decorative concrete market which can provide smooth finishing to surfaces. In order to maintain visual stature of state of art facilities, commercial buildings such as hotels, offices, and malls are major contributors as end-users of decorative concrete. Increasing number of retail buildings every year is further anticipated to demand for the decorative concrete industry in the upcoming years. Decorative concrete is a regular concrete with an additional touch of exclusive coloring, patterns, and finishes. It is environment-friendly and its oxide pigments do not cause any air pollution, unlike toxic pigments which are used in paints. Due to its aesthetic enhancement, skid resistance, and improvement of indoor air quality. Rise in residential and commercial infrastructure plans and per capita income of population are the factors, which are boosting the demand from construction engineering is a value-added factor to the growth for the decorative concrete.
Europe Holds Major Share in the Decorative Concrete Market
Europe generated approximately 29% of global revenue in the decorative concrete market in 2018. Growing residential constructions in these regions due to urbanization has led to higher usage of decorative concrete in both indoor and outdoor infrastructures. Besides, some prominent European companies such as AkzoNobel, a Netherlands-based Paints and Performance Coatings Company and Italcementi, an Italian-based cement, ready-mix concrete and construction aggregates company are investing more on research-related activities to incorporate nanotechnology for pigments and additives.
The application segment evaluated in the decorative concrete market is stamped concrete. It is projected to grow at a CAGR of 5.23%, through to 2025. Owing to new residential construction and commercial projects, stamped concrete segment is estimated to dominate the decorative concrete market. Stamped concrete is a kind of molded incessant concrete surface, which appears as individual bricks and pavers. It adds an aesthetic finish to concrete areas, commercial roads, and interior floors. Excessive durable property and low cost of material, when compared to natural products makes stamped concrete a great choice for new construction and restoration ventures. Stamped concrete are easy to install and provide high strength to constructions.
The Major Players in the Decorative Concrete Market:
The key players in the decorative concrete market are BASF SE, PPG Industries Inc., 3M Company, DowDuPont, RPM International Inc., Huntsman International, The Sherwin-Williams Company, Boral Limited, Cemex, S.A.B De C.V., Sika AG, Ultratech Cement Limited, and Arkema SA.
Mergers and acquisitions are key strategies adopted by players to stay ahead in market competition. On 11th September 2018, RPM International Inc., an American-based high-performance specialty coating, sealants, and building materials manufacturing company announced its acquisition with Nudura Corporation, manufacturer and distributor of insulated concrete forms in North America. With this acquisition, RPM International can enhance their product base with high quality insulated concrete form which can enhance energy efficiency and resistance to hurricanes, fire, earthquakes, and flooding when compared to traditional construction methods, which in turn, increases its market in building materials manufacturing.
Sika AG, a Switzerland based specialty chemical company announced its acquisition with Index S.p.A. Construction Systems and Products, an Italy based roofing and waterproofing systems manufacturer. With this acquisition, Sika AG extends its products range and considerably strengthens its position in the Italian market. Companies’ product portfolio encompasses advanced bituminous membranes for waterproofing and roofing and products for acoustic and thermal insulation. Such joint ventures aid the market players to expand their geographical boundaries and accentuate their footprint into the market.
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