The Decorative Concrete market to grow at a CAGR of 6.7% from 2016 to 2023
The decorative concrete market is driven by factors such as increasing urbanization, increasing demand for green buildings and increasing interest of consumers towards decoration. However, high cost of treatment of decorative concrete is restraining the growth of the market.
Stamped Concrete segment by type is presently dominating the market and is expected to continue dominating the decorative concrete market owing to new residential construction and commercial projects. Whereas, residential segment is dominating the market by end-use owing to increasing urbanization and world population. This traction leads to the increasing demand for residential constructions. However, floors segment is expected to be fastest growing during forecast period owing to its numerous benefits such as skid-resistance and high strength that can withstand heavy foot traffics.
Geographically, Europe region is currently dominating the decorative concrete market followed by North America and Asia Pacific. Strong development in residential and commercial structures in the U.S. is expected to fuel the demand for the decorative concrete market in the region. Whereas, Asia Pacific region is expected to be the fastest growing during the forecast duration owing to increasing construction activities in countries such as China, India, Indonesia and Japan.
The major market players of the Decorative Concrete Market are 3M Company (U.S.), BASF SE (Germany), E.I. Du Pont De Nemours and Company (U.S.), Heidelbergcement AG (Germany), Mcknight Custom Concrete, Inc. (U.S.), PPG Industries, Inc. (U.S.), Sika AG (Switzerland), Ultratech Cement Limited (India) and Others.
Product innovation and expansion is the key strategy adopted by the companies in the Decorative Concrete market. BASF has developed a new epoxy resin that improves the properties of Palusol fire protection panels. The epoxy resin is being used in Palusol production from 2016.