Decorative Concrete Market

The Global Decorative Concrete Market size is projected to grow from USD 18.3 billion in 2023 to USD 24.3 billion by 2028, at a CAGR of 5.8% from 2023 to 2028.

Decorative concrete is used to cover residential and non-residential spaces, which include offices, educational institutions, hotels, healthcare facilities, recreation centers, and retails outlets to decorate and enhance the interior appearance. The growth of the decorative concrete market is attributed to the growing interest of consumers in home décor, the booming housing construction sector, rise in renovation & remodeling activities, and rapid urbanization & globalization.

Attractive Opportunities in the Decorative Concrete Market

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Decorative concrete Market Dynamics

Driver: Increasing demand for stamped concrete for flooring applications

Stamped concrete is a continuous concrete surface that has been molded or stamped to appear very much like individual pavers, bricks, stone, or even wood. It is widely used in exterior applications such as pool decks, driveways & sidewalks, and patios. The demand and rapid growth of stamped concrete are supported by its easy installation and higher strength. The high demand for stamped concrete, especially for constructing hotel flooring and other commercial buildings, is a primary factor resulting in an upsurge in demand.

Restraint: Higher cost

Materials, such as admixtures, asphalt/bitumen, cement, and additives that are used in the manufacturing & installation process of decorative concrete, are relatively more expensive than their traditional alternatives. Decorative concrete used in the construction industry has undergone many changes and advancements in terms of concrete types and applications. Additives that are added in the concrete mix to give it the desired texture are high in cost, thus making decorative concrete expensive. In addition to that, labor costs also add up to the total cost of installing decorative concrete for repair and renovation purposes. This factor might restrict the desired growth of this market during the forecast period.

Opportunity: Rise in renovation and remodeling activities

The surge in renovation and remodeling activities presents a significant market opportunity for the decorative concrete industry. As homeowners and businesses increasingly seek to enhance the aesthetics and functionality of existing spaces, decorative concrete emerges as an attractive solution. Its versatility allows for the revitalization of various surfaces, including floors, driveways, patios, and countertops, offering a cost-effective alternative to traditional remodeling materials. The customizable nature of decorative concrete, with options such as stamped patterns, colored finishes, and textured surfaces, aligns perfectly with the growing demand for unique and personalized design choices in renovation projects. Additionally, the relatively quicker installation process of decorative concrete compared to some traditional materials makes it an appealing option for those looking to achieve transformative changes efficiently. This, in turn, creates opportunities in the decorative concrete market.

Challenge: Lack of awareness about decorative concrete in developing economies

The construction industry is slow and conservative in adopting innovative and new technologies. The construction sector comprises numerous small suppliers; its R&D budget is also limited in comparison to other sectors. There is a lack of awareness among consumers as well as building professionals about decorative concrete. The decorative concrete market has a positive outlook due to high growth in the construction industry. However, in some developing or underdeveloped countries of the Asia Pacific region as well as in Africa and South America, people are less aware of the benefits of decorative concrete.

ECOSYSTEM

By Type stamped concrete segment to have highest share in the forecast period

Stamped concrete holds the highest market share in the decorative concrete market due to its exceptional versatility and ability to replicate the appearance of high-end materials. This decorative concrete technique involves impressing patterns and textures onto freshly poured concrete, creating surfaces that mimic the look of natural stone, brick, or tile. The popularity of stamped concrete can be attributed to its aesthetic appeal, providing property owners with a cost-effective means to achieve luxurious and sophisticated finishes. Moreover, stamped concrete offers a durable and low-maintenance solution, making it a preferred choice for both residential and commercial applications. Increased longevity and low maintenance cost are the factors responsible for the highest share of stamped concrete among the type of decorative concrete material.

By application, the floors segment led the market in 2022.

In 2022, the floors segment stood out as the largest application of decorative concrete, commanding the largest share of the market. Concrete floors are the most versatile and commonly used flooring in residential and non-residential sectors. It is referred to as polished concrete, which provides stylish contemporary flooring. It is easy to install, especially in instances where a concrete slab is available for staining, polishing, or application of a decorative coating or overlay.

By end-use industry, the non-residential segment was the largest segment in 2022.

According to OECD, “a building is regarded as a non-residential building when the minor part of the building (i.e., less than half of its gross floor area) is used for dwelling purposes.” Non-residential buildings can be classified into healthcare, education, hospitality, retail, and office. The non-residential segment dominated the global decorative concrete market in 2022. In this sector, the demand for decorative concrete is expected to be driven by increasing spending on office spaces and other commercial and institutional constructions where concrete is used extensively.

North America dominated the market in 2022.

The North American region accounted for the largest share in 2022, in terms of value, followed by Europe and Asia Pacific. The growth of the decorative concrete market in North America is driven by technological advancements in the building & construction industry. In the US, single-family homes are growing, especially in Florida, Georgia, North Carolina, Washington, Utah, Tennessee, Ohio, California, Idaho, and South Carolina. The usage of decorative and esthetic appeal flooring systems in residential applications has been a key factor driving the decorative concrete market. There is also growth in the number of non-residential buildings in North America, especially in the US, due to robust manufacturing and a vast and varied industrial base.

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Key Market Players

The Decorative concrete market comprises key manufacturers such as PPG Industries Inc. (US), BASF SE (Germany), The Sherwin-Williams Company (US), RPM International Inc. (US), Sika AG (Switzerland), Boral Limited (Australia), UltraTech Cement Limited (India), and others. Expansions, collaborations, and deals were some of the major strategies adopted by these key players to enhance their positions in the decorative concrete market. A major focus was given to the expansions and deals.

Read More: Decorative Concrete Companies

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Scope of the Report

This research report categorizes the decorative concrete market based on type, application, end-use industry,  and region.

Decorative concrete Market, By Type

• Stamped Concrete
• Stained Concrete
• Concrete Overlays
• Colored Concrete
• Polished Concrete
• Epoxy Concrete
• Others (Concrete dyes, engravings, and knockdown finish)

Decorative concrete Market, By Application

• Floors
• Walls
• Driveways & sidewalks
• Patios
• Pool decks
• Others (Ceilings and countertops)

Decorative concrete Market, By End-Use Industry

• Residential
• Non-residential

Decorative concrete Market, By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Recent Developments

• In Nov 2023, Sika acquired a 30% stake in Concria Oy, a Finnish startup specializing in innovative concrete floors. Concria's technology, which includes special dry shake hardeners and a unique procedure and tools for grinding and polishing concrete floors, offers numerous advantages to contractors, architects, and property owners.
• In Nov 2023, Sika expanded its production capacity for concrete admixtures in the USA, with a focus on polymer production at its Sealy site in the state of Texas. This marked Sika's second polymer investment in Texas within a span of five years.
• In Feb 2022, the Sherwin-Williams Company officially signed an agreement with the state of North Carolina, Iredell County, and the city of Statesville, marking a significant expansion of its architectural paint and coatings manufacturing capacity. Additionally, the agreement included the establishment of a larger distribution facility in Statesville, North Carolina.
• In Sep 2021, RPM acquired a manufacturing plant in Texas as part of its strategy to meet growing customer demand and optimize operational efficiencies. The addition of the Corsicana plant will enable the company to increase production capacity for several high-growth product lines, while also enhancing manufacturing processes and overall operational efficiency.

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