Decorative Concrete Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The decorative concrete market is expected to witness a CAGR of above 6% during the forecast period. The major factors driving the growth of the market studied are the increasing demand for remodeling and refurbishment activities, strong demand for stamped concrete for flooring, and the growing demand for green buildings. On the flip side, high capital expenditure serves as one of the stumbling blocks in the growth of the studied market.

• The stamped concrete segment dominated the market and is likely to grow during the forecast period, with growing demand from the residential sectors, especially in Asia-Pacific.
• The incorporation of nanotechnology in the production process is likely to provide opportunities for the studied market, during the forecast period.

Key Market Trends

Residential Segment to Dominate the Market Demand

• The trend of using decorative concrete in residential homes and buildings has led to the growth in demand for decorative coatings market, across the world.
• Asia-Pacific has been witnessing strong growth in the residential construction in countries, such as India, China, Philippines, Vietnam, and Indonesia, which is further likely to increase the demand for decorative concrete for residential application, during the forecast period.
• The increase in the middle-class population, coupled with their increasing disposable income, has facilitated the expansion in the middle-class housing construction activities in the region, which further drives the demand for the decorative concrete market.
• Besides, the residential construction is also strong in North America, owing to high housing demand because of the growing populations' demand for homes, and the trend of nuclear families, which is further projected to drive the demand for the decorative concrete market, during the forecast period.
• Besides, Europe has been witnessing the healthy recovery of construction activities, which is expected to further increase the demand for decorative concrete in the years to come.

China to Dominate the Asia-Pacific Region

• China’s construction industry developed rapidly, due to the central government’s push for infrastructure investment, as a means to sustain economic growth.
• “Made in China 2025” was introduced by the government, the initiative is aimed at improving industry efficiency, product quality, and brand reputation. This may spur the development of domestic manufacturers and may increase competitiveness.
• The Chinese government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years, despite efforts to rebalance its economy to a more service-oriented form.
• Besides, there are numerous airport construction projects, which are either in development or planning stage. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Chongqing Jiangbei International Airport, Guangzhou Baiyun International Airport, etc.
• Therefore, with all such investments in construction and projects coming up in the country, the demand for the decorative membrane is also expected to increase for construction purposes in the coming years.

Competitive Landscape

The decorative concrete market is fragmented, where numerous players hold insignificant share of the market demand to affect the market dynamics individually. Some of the noticeable players in the market include BASF SE, PPG Industries Inc., RPM International Inc., Sika AG, and The Sherwin-Williams Company amongst others.

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