Non-Residential Polished Concrete Market to exceed $10 Bn by 2027
Published Date: January 15, 2021 Authors: Kiran Pulidindi, Akshay Prakash
Non-Residential Polished Concrete Market size is set to surpass USD 10 billion by 2027, according to a new research report by Global Market Insights, Inc.
Shift in flooring trends across commercial sector will be driving the share of global non-residential polished concrete industry. These concrete have been preferred in flooring due to their affordability, aesthetic look, easy of maintenance and sustainability. Many manufacturers have promoted use of polished concrete as a green movement as it can provide them to achieve LEED ratings for their organization. This can be attributed to its high reflectivity, neutral impact on indoor air quality and longer lifespan.
Increase in non-residential construction spending in developed countries will enhance the non-residential polished concrete market growth rate over 2021 to 2027. According to the U.S. Census Bureau, the U.S. non-residential renovation market crossed a value of USD 800 billion in 2019 and has reported approximately a 10% growth since the year 2016.
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European countries are witnessing substantial growth in international tourists over past few years. This has further created need for building hotels & lodging facilities in major countries. Iceland have reported more than 10% YoY growth in new hotels in 2017, while countries including Germany, Denmark, Netherlands, Poland, Portugal, etc. have witnessed moderate growth in terms of new hotel construction. Increasing construction activities to accommodate new visitors in developed countries along with rising focus on revamping ageing infrastructure will proliferate the market growth.
Browse key industry insights spread across 190 pages with 160 market data tables & 30 figures & charts from the report, “Non-Residential Polished Concrete Market Size By Application (New Floors, Retrofit Floors), By End-user (Industrial, Commercial, Institutional), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Retrofit floors segment is projected to witness around 5.2% CAGR in global non-residential polished concrete market through 2027. Increasing investment by government in replacing ageing infrastructure in the U.S. will pave way for product companies. Globally, top companies facing liquidity crisis and limited availability of funds may slowdown or delay in construction activities of new projects. This will be further paving way for polished concrete manufacturers to serve remodeling companies.
Industrial sector will be accelerating at more than 4% CAGR throughout forecast timeframe. Growing investment in expansion of warehouse & logistics facilities across different countries will propel market revenue. Huge shift in online purchasing has created necessity for expanding existing storage facilities over past few years. The U.S. leased more than 40 million square feet of logistics & distribution facilities till Q3 of the year 2020, which is expected to further grow over coming years.
Remodeling activities will witness product success in North America
North America held around 13% of the global non-residential polished concrete market share in 2020. Presence of large number of non-residential buildings in the U.S. is driving product consumption in the region. Additionally, many end-users are planning to modernize their commercial spaces. Revamping activities of brick-and-mortar space to ecommerce has significantly attracted the capital investment from large retailers, which is likely to create considerable opportunities for polished concrete across the region.
Apart from these, Canada is also considered to be a key country in global market. Canada’s construction output has been estimated to cross USD 250 billion mark in 2018. The country has also seen significant increase in investment related to non-residential buildings, which will be providing growth opportunity to polished concrete by 2027. Canada witnesses around USD 25 billion in non-residential sector during first six months of 2017.