Decorative concrete market size is expected to reach USD 53 Billion by the end of 2035, growing at a CAGR of 8.90% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of decorative concrete was USD 19 Billion. The market's expansion can be attributable to the increase in architectural building construction. This could be a result of people's increasing taste for architecturally designed homes and an increase in the middle class's population in urban areas. 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.
There is prompting adaptations in the living arrangements of middle-class society to match evolving lifestyle preferences. These middle-class areas now feature diverse styles and atmospheres due to social progress. To economize and make a living more affordable, middle-class individuals have shifted away from traditional construction methods. Additionally, the increasing number of architectural innovations is expected to contribute to market growth in the foreseeable future. For instance, as of 2022, there were approximately 1,16,077 architects in India, and this number keeps rising.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~8.90% |
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Base Year Market Size (2023) |
~ USD 19 Billion |
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Forecast Year Market Size (2036) |
~ USD 53 Billion |
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Regional Scope |
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Type (Stamped Concrete, Polished Concrete, Concrete Overlay, Stained Concrete, Colored Concrete, and Concrete Dye)
Decorative concrete market from the stamped concrete segment is expected to have 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.
End-User Industry (Residential, and Non-Residential)
The non-residential segment is anticipated to garner the highest revenue by the end of 2036 accounting for 60% share of the decorative concrete market. 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.
Our in-depth analysis of the global decorative concrete market includes the following segments:
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Type |
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End-User Industry |
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Application |
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North American Market Forecast
The decorative concrete market in North America, amongst the market in all the other regions, is projected to have the highest growth accounting 30%, 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. region.
APAC Statistics
The Asia Pacific decorative concrete market is estimated to be the second largest, to have the highest growth. Residential development is booming in India, China, the Philippines, Vietnam, and Indonesia. Asian economies are expected to grow by 1.2% in 2023 and 1.3% per year from 2024 to 2027. China's government is investing heavily in infrastructure, leading to rapid growth in the construction industry. With many airport projects planned or underway, demand for decorative concrete will increase in both residential and non-residential sectors.
Author Credits: Rajrani Baghel
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