Non-Residential Polished Concrete Market Size

Non-Residential Polished Concrete Market Size

Non-Residential Polished Concrete Market size exceeded USD 7.78 billion in 2020 and will grow at 4.3% CAGR from 2021 to 2027. Superior product features including higher reflectivity, excellent durability and cost-effectiveness as compared to other concrete solutions is driving the industry growth.

Polished concrete has witnessed tremendous demand in overall building & construction sector over past few years. This can be attributed to its ability to cope up heavy foot traffic along with reasonable cost. Polished concrete surfaces, if maintained at regular interval, may eliminate need for replacement for 20 to 30 years. Growing need for improving aesthetic features of hotels, supermarkets, airports, healthcare facilities, etc. is expected to contribute in success of product’s growth.

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Another key growth enabling factor is increasing construction activities in Asia Pacific related to non-residential sector. In 2019, China has reported to spend over USD 4 trillion in construction activities, in which commercial sector accounted for 40%. China accounts for around 20% of global construction investment, which also makes the country one of the largest buildings market.

Growing population along with increasing disposable income in different countries has attracted investment in Asia Pacific non-residential construction sector. The region is also experiencing investment from industrial companies, which includes upgradation of existing warehouse and designing & constructing new custom facilities. Such trends will further drive need for installation of new flooring, which will increase product demand over 2021 to 2027.

Although industry is growing at rapid rate, the challenges associated with adverse impact of concrete on environment may slowdown product demand during 2021 to 2027. According to National Ready Mixed Concrete Association (NRMCA), the production of 1 Kg of concrete generates approximately 0.93 kg of carbon emission. Such trends will create necessity of stringent regulations for manufacturing of concrete products, which will again hamper industry growth by 2027.

Ongoing coronavirus pandemic is likely to decline sales volume of non-residential polished concrete market from 2019 to 2020 due to temporary suspension of non-residential construction activities. Globally, building materials have faced significant losses in terms of revenue owing to international trade restriction and stoppage in construction activities across the world. Regionally, Europe and North America are projected to see significant drop in growth rate of polished concrete industry during pandemic year. This will be subjected to construction output in their respective countries for 2020. The Construction Product Association estimated that construction output in the UK will drop by around 25% and commercial construction output by 36% in 2020. Such trends are poised to slowdown market growth rate through 2027.