Non-residential polished concrete market estimated to reach $10 Billion by 2027
The Global Market Insights, Inc., suggests that the non-residential polished concrete market may surpass USD 10 billion by 2027.
This growth can also be credited to the leading commercial sector in terms of revenue, owing to a rise in retail store and supermarket construction.
Increasing demand for robust raw materials in commercial building and construction activities could drive non-residential polished concrete market growth. Changing consumer preferences towards reliable and low maintenance flooring options is likely to raise the share of polished concrete businesses. Factors like gaining green building concepts, favourable government norms regarding polished concrete, and the highly fragmented nature of the industry could support overall market share.
Non-residential polished concrete is available in several colours and patterns and has high reflective properties. It has the ability to help increase the ambient lighting, which can help reduce energy bills and provide a beautiful look to the environment, especially in office spaces. Surge in refurbishing activities of old infrastructure with advanced state-of-the-art textures and designs coupled with novel remodelling technologies is anticipated to fuel industry expansion.
Driven by surging application, non-residential polished concrete manufacturers are working on new product development. For example, in 2020, major industry player, CEMEX announced the Mexico launch of its low carbon and net-zero carbon dioxide concrete for all products, with an aim to help firms to significantly reduce their construction carbon dioxide footprint.
The key trends that may propel non-residential polished concrete market outlook:
Robust demand from new floors application
The new floors application segment is projected to hold the highest market share over the forecast period.
This can be credited to product benefits such as cost effectiveness and superior aesthetics compared to other concrete types.
Moreover, the yearly maintenance cost for polished concrete is lower, hence making it the preferred option for customers.
Growing adoption across institutions
The institutional end-user segment is expected to witness a CAGR of above 3.5% owing to rise in expenditure in educational and healthcare facilities throughout emerging economies.
There is increasing product acceptance in public spaces such as hospitals, schools, and small commercial projects, given its modernity, simplicity, easy to clean and dust-proof slate for styling.
Europe emerging as a lucrative revenue ground
The Europe non-residential polished concrete market is likely to grow significantly and register more than USD 1,950 million in the upcoming years on account of large number of old buildings and infrastructure in the region.
As per the European Parliament, around 110 million buildings require renovations and up to 35% of the EU’s buildings are above 50 years old.
Additionally, the growing number of immigrants and international tourists across different countries could drive the need for commercial spaces.
