Decorative Concrete Market Trends

Growth Drivers

• Residential & Commercial Renovations - Renovation and remodeling projects often require the use of materials that can both enhance the aesthetic appeal of the space and provide cost-effective solutions. Decorative concrete has emerged as a popular choice for these projects due to its versatility, durability, and affordability. 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

• Increasing Construction Activity-Growth in the construction industry, both residential and commercial, drives the demand for decorative concrete as property owners seek attractive and durable flooring and paving solutions. 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.

•  Technological Advancements: In recent years, decorative concrete has experienced a surge in popularity, owing to the advancements in technology and the application techniques employed in its creation. This has opened up a world of design possibilities, enabling individuals to create unique and intricate patterns that were previously impossible to achieve. Additionally, the improved quality of decorative concrete means that it is now more durable and long-lasting than ever before, making it a fantastic choice for a range of different applications.

Challenges

• Volatility in Prices for Raw Material - The cost of producing decorative concrete is affected by fluctuating energy and raw material prices. This could lead to an increase in the overall cost of decorative concrete, as coatings, pigments, cement, adhesives, and sealants are all affected. Vendors may respond by raising prices or reducing profit margins, which could negatively impact decorative concrete market growth.

• Lack of Awareness Among People Regarding Decorative Concrete

• Difficult to Repair Decorative Concrete