Decorative Concrete Market Analysis by Type (Stamped Concrete, Polished Concrete, Concrete Overlay, Stained Concrete, Colored Concrete, and Concrete Dye); by Application (Footpath & Driveway, Patio, Pool Deck, and Floor Wall); and by End-User Industry (Residential, and Non-Residential) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4831 | Published Date: Apr 17, 2023
The global decorative concrete market size is estimated to reach ~USD 50.8 Billion by the end of 2035 by growing at a CAGR of ~8.90% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of decorative concrete was ~USD 18.26 Billion. The growth of the market can be attributed to growing construction of architecture buildings. This could be owing to growing preference of people for architectural homes and surge in middle class population in urban region. For instance, more than 26% of India's middle class presently were residing in the 63 largest cities in India in 2022. Also, they were producing about 28% of the nation's disposable income, which increases demand for goods and services and stimulates the economy. Hence, this factor is estimated to boost the demand for decorative concrete.
The middle class has grown significantly over the past few years, and their living conditions have evolved to accommodate their changing lifestyle demands. These middle-class locations now have wholly diverse styles and essences as a result of the social progress. Owing to a lack of resources and a desire to earn a living with minimal expense, middle-class have abandoned conventional building methods. Moreover, there has been growth in number of architectures, which is also estimated to boost the growth of the market over the forecast period. For instance, as of 2022, there were approximately 1,16,077 architects in India, and this number keeps rising.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~8.90% |
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Base Year Market Size (2022) |
~ USD 18.26 Billion |
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Forecast Year Market Size (2035) |
~ USD 50.8 Billion |
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Regional Scope |
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Growth Drivers
Surge in Spending for Construction of Walkways by Government - Three routes leading to the Ram temple in Ayodhya is estimated to be finished by a certain date; the Yogi Adityanath government in India has approved about 10 Million for this purpose. Walkways could be decorated with colors, stamps, and other design elements to give them a distinctive appearance that would go well with any building, residential or commercial. Any landscaping design could benefit from the use of decorative concrete walkways to provide charm and interest. Hence, with growing construction of walkways the demand for decorative concrete is estimated to increase.
Growing Constructive Activities - From 2002 and 2021, the value of public residential construction investments increased significantly in the US. In residential development projects in 2021, the public sector made an estimated 10 billion USD in investments.
Rise in Spending on Renovation - In the US in 2020, a household spent more than USD 13,000 on renovations on average, and around 50% of respondents said they had renovated their homes.
Decorative Concrete is an Environmental Friendly - Decorated concrete is good for the environment. Concrete is a more resilient material than marble, and as concerns about the environment and climate change grow, so does demand for green beautiful concrete. When marble is formed, about 39% of the waste produced equals the manufactured volume, which is created when the rock debris is deposited nearby in fields, agricultural lands, and river beds, creating environmental risks.
Upsurge in Disposable Income - In the United States, disposable personal income climbed to about USD 19706 billion in February 2023 from approximately USD 19616 billion in January 2023. Hence, with the growing disposable income, people are estimated to invest more on architectural house. Therefore, the market in estimated to boost over the forecast period.
Challenges
The global decorative concrete market is segmented and analyzed for demand and supply by end-user industry into residential, and non-residential. Out of which, the non-residential segment is anticipated to garner the highest revenue by the end of 2035. The growth of the segment can be attributed to growing spending on non-residential construction activities. Spending on nonresidential building construction was anticipated to increase by about 4% in 2022 and then further to approximately 5% in 2023 in the United States. Also, growing demand for decorative concrete in non-residential structures for flooring purposes is anticipated to enhance the segment's revenue growth. Also, it is anticipated that the segment's revenue would grow as a result of a rise in the usage of decorative concrete to provide slip resistance to surfaces in parking lots, commercial outlets, and pool decks. Moreover, growing number of tourist visit is estimated to boost the growth for hotels. Hence, the demand for decorative concrete is estimated to boost to encourage consumer presence, drive brand value, and enhance the lodging experience.
The global decorative concrete market is also segmented and analyzed for demand and supply by type into stamped concrete, polished concrete, concrete overlay, stained concrete, colored concrete, and concrete dye. Amongst which, the stamped concrete segment is expected to have a significant growth over the forecast period. Given its outstanding resistance to traffic, stamped concrete is one of the most resilient floor coverings available. This is the reason why this material is so popular for covering streets, parks, garages, and residential area entrances. Also, it could tolerate ongoing temperature variations and UV radiation as a decorative covering. It adjusts to various weather conditions, including frost. Also, stamped concrete may be installed quickly and easily. Compared to other options on the market, the execution times are shorter since it's a continuous mortar. Moreover, stamped concrete requires less maintenance than other types of material to keep it in its ideal condition. Hence, their preference is high in construction of various residential and non-residential activities.
Our in-depth analysis of the global decorative concrete market includes the following segments:
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By Type |
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By Application |
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By End-User Industry |
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The market share of decorative concrete in North America, amongst the market in all the other regions, is projected to have the highest growth, backed by growing presence of key players in this region, along with surge in investment by regional governments in order to construct commercial buildings. There has been rising urban population in this region which is also estimated to boost the market growth over the forecast period. The urban population in North America in 2021 increased by 0.4% from 2020 to about 306,343,264. This growth in urban population has further boosted residential construction activities, and the trend of nuclear families are the two additional important aspects that are anticipated to propel market revenue growth. Also, increasing government regulations on environmental safety and the recycling of materials with little construction waste are anticipated to fuel revenue growth in the North American decorative concrete market. Furthermore, increasing technological development in the building and construction sector is increasing demand for decorative concrete and is predicted to fuel market revenue growth in this region.
The Asia Pacific decorative concrete market is estimated to be the second largest, to have the highest growth. Asia-Pacific has seen rapid increases in residential development in countries such as India, China, the Philippines, Vietnam, and Indonesia. The central government's demand for infrastructure investment as a means of sustaining economic growth led to a rapid development of the construction industry in China. In addition, there are many airport construction projects that are either in the planned or development stages in China. Hence, throughout the projection period, this is projected to lead to an increase in demand for decorative concrete used in residential and non-residential applications. Also, the market in Asia Pacific for decorative concrete is being driven by the growing acceptance of using and incorporating green building components in newer structures. Several environmentally conscious builders are using various types of concrete to make their structures safer, cleaner, eco-friendlier, and more energy-efficient.
Additionally, the market in Europe region is also estimated to have significant growth over the forecast period. Rapid urbanization and rising population in this area are driving revenue growth. The need for hand-carved and customized decorative concrete is anticipated to grow, which would boost market revenue in Europe. The expansion of government regulations governing the use of environmentally and energy-friendly building materials is another reason that is anticipated to encourage the usage of decorative concrete in Europe. Additionally, it is anticipated that prompt repair and renovation of existing government structures would fuel market revenue growth in the area.
Sika AG has increased its production capacity in the quickly expanding Chinese construction sector by building a new mortar production facility in Jiaxing City, in the province of Zhejiang in Eastern China. Sika is responding to the area's high demand by commissioning the new facility. This phase also ensures improved logistics, a reduction in CO2 emissions, and shorter transit routes for raw materials and finished items.
PPG Industries, Inc. announced the introduction of PPG Flooring coatings, which was anticipated to be a comprehensive line of coating systems that comprise primers, bases, and topcoats and are customized to deliver the best performance based on the unique work environment. Customers had the choice of selecting one of four flooring coating systems: general purpose, wear resistance, chemical resistant, and urethane cement.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The major factors driving the growth of the market are surge in spending for construction of walkways by government, growing construction activities, rise in spending on renovation, and others.
Ans: The market size of decorative concrete is anticipated to attain a CAGR of ~8.90% over the forecast period, i.e., 2023 – 2035.
Ans: Volatility in prices for raw material, lack of awareness among people regarding decorative concrete, and difficult to repair decorative concrete are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are RPM International Inc., DuPont de Numours, Inc., 3M, PPG Industries, Inc., and more.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, end-user industry and by region.
Ans: The non-residential segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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