Opportunity and Restraints of the Polished Concrete Market 2020 to 2027
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The global polished concrete market is experiencing tremendous growth, owing to a considerable surge in the construction activities across the globe. Moreover, introduction of new and improved polished concrete products along with strategic acquisitions among industry participants are the factors estimated to boost the growth of the global polished concrete market in the projected timeframe 2020-2027. Besides, construction projects are growing dramatically in emerging economies such as China and India, owing to the rising population. As a result, these factors are driving the demand for low-maintenance, resilient flooring with polished and appealing surfaces in both residential and commercial areas. These aforementioned factors are expected to propel the growth of the market in the upcoming years.
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Furthermore, development and remodeling activities in the commercial and residential sectors are expected to drive the polished concrete market growth throughout the forecast period due to raising demand for smooth and aesthetically pleasing flooring at a low cost. The rise in reconstruction and remodeling projects can be majorly attributed to changing customer preferences for improving the aesthetic appearance of their houses, reducing energy use, and replacing old heating and cooling equipment. For example, the demand for polished concrete is predicted to rise due to the rapid growth of smart cities and megaprojects such as Hudson Yards in New York, Masdar City in the United Arab Emirates, and other similar projects. The market is expected to grow as a result of these types of renovation, remodeling, reconstruction, and new building projects.
Restraints of the Market
During the forecast period, the global polished concrete market is likely to be restrained by the environmental effect associated with the use of polished concrete. Cement, which is the largest emitter of greenhouse gases and carbon dioxide, is a fundamental component of polished concrete. This factor is anticipated to have a negative influence on market growth during the projected timeframe.
Key Players of the Market
Some of the leading players of the global polished concrete market, such as 3M, The Euclid Chemical Company, Solomon Colors Inc., Pittsburgh Plate Glass Industries, Inc., The Sherwin Williams Company, BASF SE, Vexcon Chemicals Inc., Boral Limited, Sika AG, and others are taking various business growth initiatives such as acquisitions and mergers, collaborations & partnerships, investments in R&D, and new product launches. These initiatives have helped these firms in obtaining a competitive-edge in the market in the recent period.
Market Forecast
As per a report by Research Dive, the global polished concrete market held $1,832.9 million in 2019 and is anticipated to garner $2,920.0 million by 2027, and surge at a CAGR of 6.1% during the forecast period 2020-2027.
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