Decorative Concrete Market size is expected to cross USD 22.9 billion by 2028, according to a new research report by Global Market Insights Inc.
Increased spending on home renovations and remodeling is likely to boost product consumption. For instance, the remodeling industry is poised to exceed USD 4.9 billion by 2027. Product penetration in the market is prompted by an increasing focus on energy efficiency and green buildings. As the existing subfloor can be easily treated with decorative concrete, it leads to low waste generation. Furthermore, this form of concrete is regarded as an excellent choice for flooring in hot places due to its ability to remain cool when exposed to heat. As a result of these factors and the material's aesthetic appeal, homeowners are increasingly opting for decorative concrete.
Cost-effectiveness of exposed concrete than other decorative materials
The exposed concrete segment is projected to acquire more than 45% of the decorative concrete market share by 2028. The market revenue is underpinned by various characteristics offered by the product such as low maintenance cost, durability, and reliability. Chemical & weather resistance and structural integrity are other features which will complement the business scenario.
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Browse key industry insights spread across 200 pages with 166 market data tables & 32 figures & charts from the report, “Decorative Concrete Market Size By Product (Exposed [Quartz, Basalt, Granite], Stamped, Polished, Engraved, Stained), By Application (Walls, Floors, Patios), By End-user (Residential, Non-residential), COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 – 2028”, in detail along with the table of contents:
Patios application segment to fuel the consumption of stamped concrete
Among the various applications of decorative concrete, the patios segment is anticipated to emerge as the fastest-growing market while observing a CAGR of around 6.9% from 2022 to 2028. Stamped concrete can be obtained in various design patterns and customized options that are preferred for visual enhancement, especially in outdoor spaces. Moreover, the patios segment is slated to experience further demand led by the rising consumption of decorative concretes that provide weather resistance and superior durability.
North America to bank upon the growing commercial construction sector
North America decorative concrete market is estimated to register a growth rate of above 6.5% till 2028 on account of proliferating commercial construction areas in line with a substantial increase in renovation & remodeling projects in the region. According to the JCHS, at least 40% homes in the country are at least 50 years old, contributing significantly to the demand for materials used in remodeling & renovation activities. This factor, in turn, will generate lucrative opportunities for industry participants.
Growing urbanization is the main growth engine for the residential sector
Decorative concrete consumption is predicted to remain dominant in the residential end-use segment witnessing over 6.1% gains through 2028. Expansion in the market is owing to the rising urbanization, particularly in emerging nations, which is aided by an increase in private & public investments. According to the UN forecasts, the global urban population is set to reach 68% by 2050, up from 55% in 2018. As a result of these population transitions, decorative concrete is most likely to undergo exponential growth in the residential segment.
Some of the prominent players in the decorative concrete market include WG Wearne Limited, Summit Materials, Vicat, U.S. Concrete, Inc., Breedon Group Plc, UltraTech Cement Ltd., CEMEX S.A.B. de C.V., Boral, HeidelbergCement AG, and LafargeHolcim Ltd., among others.