The Global Polished Concrete Market size is projected to grow from USD 2.2 billion in 2020 to USD 3.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast year.
COVID-19 impact on global polished concrete market
The global polished concrete market is expected to witness the impact of the pandemic on its demand, in 2020-2021. In 2020, the polished concrete market has a nominal impact due to COVID-19 and expected to witness a nominal decline in demand in 2020. Moreover, due to the COVID-19, the market is being hampered owing to slowing raw material production, supply chain disruption, hampered trade movements, declining construction demand, and reduced demand for new projects.
Polished Concrete Market Dynamics
Driver: Increased demand for polished concrete for flooring applications
The high demand for polished concrete, especially for constructing hotel flooring and other commercial buildings, is a primary factor resulting in an upsurge in demand. This is mainly due to the widespread benefits of the polished concrete, such as good esthetic appeal to floors, along with its resistance to skidding and wear & tear caused by heavy footfall. The demand is expected to grow significantly in Asia Pacific and Middle East & Africa. High investments in housing developments and rapid industrialization in developing countries of these regions are expected to boost the demand for polished concrete. Polished concrete improves the esthetic appeal of an establishment or facility, thereby enhancing its demand over the coming years.
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Challenge: Environmental concerns associated with polished concrete
A major component of concrete is cement, which has its own environmental and social impacts and contributes largely to those of concrete. The cement industry is one of the key producers of carbon dioxide, a potent greenhouse gas. Furthermore, the production of Portland cement accounts for approximately 5% of the anthropogenic CO2 emissions worldwide and about 2% of total CO2 emissions in the United States.
Dry segment is estimated to be the largest segment in the polished concrete market in 2019.
Dry, by method, accounted for the greatest demand for polished concrete in 2019, in terms of value and volume. Furthermore, dry segment is projected to be the fastest-growing method for the polished concrete, by 2025, in terms of value as well as volume. The high demand can be attributed to the higher shine and durability it offers to the polished concrete floors. For the dry concrete polishing method, the surface of the concrete is ground using commercial-scale polishing machines. Each stage of the process requires a different abrasive polishing disk, often incorporating diamond grit, with coarser textures for earlier stages and finer ones to get the final shine.
New construction segment to dominate the polished concrete market in 2019.
New construction, by construction type, accounted for the largest demand for polished concrete in 2019, in terms of value and volume. Furthermore, new construction is projected to be the fastest-growing segment for the polished concrete, by 2025, in terms of value as well as volume. 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. This in turn, boosts the demand for polished concrete for newly installed flooring systems of residential as well as non-residential buildings.
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