The Polished Concrete Market size was USD 2.5 Billion in 2022 and it is anticipated to grow over USD 4.1 Billion by 2032, at a CAGR of over 5.0% during the forecast period.
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Polished concrete is created by physically honing, polishing, and grinding a concrete floor with bonded abrasives to smooth up the surface. After that, it is altered for each cut until the appropriate level of look is obtained. In this procedure, a penetrant substance known as a hardener is also utilized. After penetrating the concrete, the concrete hardener triggers a chemical process that hardens and dust-proofs the surface. Concrete polishing involves processing the surface over several steps using progressively finer grinding instruments.
Key Drivers & Trends
The rising demand for renovation and remodeling is the key driver propelling the growth of polished concrete market. The expanding demand for polished concrete, especially for constructing hotel flooring and other non-residential buildings, is also the main factors responsible for the growth of the polished concrete market. The factors like durable, low maintenance and easy to clean and advancement in technologies, and also the applications in the usage of glossy and attractive flooring are driving the use of polished concrete non-residential construction. For instance, home improvement and repair spending in the USA grew by nearly 3% to $420 billion in 2020. Therefore, rising demand for renovation and remodeling will drive the polished concrete market growth.
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Key Restraints & Challenges
The cost of the raw materials and energy used to manufacture polished concrete is volatile, and this tendency is expected to continue during the forecast period. The cost of raw materials could increase due to fluctuations in the price of crude oil and petroleum products, which would subsequently increase the cost of cement, sealants, and adhesives used in polished concrete. As a result, the cost of these components has a direct impact on the cost of polished concrete. Vendors boost the price of their product’s profit margins in reaction to rising raw material costs, limiting the potential of the polished concrete market share to grow.
Market Segments
The Polished Concrete Market has been segmented into Construction Type, Method, End-Use Industry, Product Type, and Region. Based on the Construction Type, the Polished Concrete market is bifurcated into New Construction and Renovation. On the basis of Method, the market is bifurcated into Dry and Wet. Based on End-Use Industry, the market is bifurcated into Residential and Non-Residential. Based on Product Type, the Polished Concrete market is segmented into Densifiers, Sealers & Crack Fillers, and Conditioners. Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and the Rest of the World (RoW).
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Key Players
The Polished Concrete Market report includes players such as 3M Company (US), Sika AG (Switzerland), CPC Floor Coatings (US), Polished Concrete Company (US), McLean Company (US), The Sherwin-Williams Company (US), Boral Limited (Australia), Solomon Colors, Inc. (US), The Euclid Chemical Company (US), and DMF Stone Restoration, LLC. (US).
Market Segments
By Construction Type
- New Construction
- Renovation
By Method
- Dry
- Wet
By End-Use Industry
- Residential
- Non-Residential
By Product Type
- Densifiers
- Sealers & Crack Fillers
- Conditioners
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