The global polished concrete market size is projected to grow from USD 2.2 billion in 2020 to USD 3.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast year. According to The Concrete Polishing Association of America (CPAA), “polished concrete is a process of converting a concrete floor surface, with or without aggregate exposure, to achieve a specified level of gloss using bonded abrasive polished concrete, burnished polished concrete or hybrid polished concrete.
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The polished concrete market has thousands of companies which thrive in their domestic market. A few of the major material manufacturers are, BASF SE (Germany), 3M Company (US), Sika AG (Switzerland), The Sherwin Williams Company (US), PPG Industries, Inc. (US), UltraTech Cement Limited (India), and Boral Limited (Australia), amongst others. These players have adopted various growth strategies, such as acquisitions, expansions, investments, agreements, partnerships, and new product developments, to increase their market shares and enhance their product portfolios.
Expansions accounted for the largest share of all the strategic developments that took place in the polished concrete market between 2017 and 2020. Key players such as BASF SE (Germany), and SIKA AG (Switzerland), adopted these strategies to enhance their market presence and strengthen their manufacturing and distribution capabilities in the polished concrete market.
PPG Industries is a global manufacturer and supplier of specialty materials, paints, optical products, and coatings. It caters to a large customer base in various markets, such as consumer products, industrial, construction, and transportation. The company is financially and strategically well placed and has a strong customer base. It gives increasing importance to R&D activities. It focuses on expanding its existing distribution network to serve customers better. Further, it focuses on innovating and expanding its existing product portfolio for industrial and performance coatings business segments.
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BASF SE is one of the leading chemical companies with a portfolio that provides chemicals, plastics, performance products, and crop protection products to the oil and gas industry. It has a broad product portfolio, which has encouraged sustained investment in new product developments. The immense strength of the company in R&D activities and expertise in construction and specialty chemical applications are the major factors that are projected to encourage its growth in the next five years.
Projected to dominate in value and volume through 2025, North America spearheads the polished concrete market, propelled by technological strides in construction. Notably, the surge in single-family home construction, particularly in states like Florida, Georgia, North Carolina, and others, fuels market growth. Additionally, the preference for sleek floorings in non-residential sectors contributes significantly to the rising prominence of polished concrete.
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