Research Nester’s recent market research analysis on “Decorative Concrete Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global decorative concrete market in terms of market segmentation by type, application, end-user industry, and by region.
The surge in Spending for the Construction of Walkways by the Government to Boost the Growth of the Global Decorative Concrete Market
The global decorative concrete industry is expected to expand due to an eco-friendly advantage. Concrete is a more durable material than marble, and as environmental and climate change concerns grow, so does demand for green, beautiful concrete. When marble is formed, around 39% of the waste produced equals the manufactured volume, which is created when the rock debris is deposited nearby in fields, agricultural lands, and river bottoms, posing environmental dangers.
Over the past few years, there has been tremendous growth in the middle class, and as a result, their living conditions have changed to meet the demands of their shifting lifestyles. With socioeconomic advancement, many middle-class areas now own completely unique styles and essences. The middle class has given up using traditional building techniques owing to a lack of resources and a desire to make a life for the least amount of money possible. Additionally, the number of architectures has increased, which is anticipated to support the market's growth over the forecast period. For instance, there were around 1,16,077 architects in India as of 2022, and this number is continuing to rise.
Some of the major growth factors and challenges that are associated with the growth of the global decorative concrete market are:
Growth Drivers:
· Rising Constructive Activities
· Growth in Spending on Renovation
Challenges:
It is anticipated that the irregular nature of the prices for the energy and raw materials used to produce ornamental concrete would continue over the projected time. The price of raw materials, which includes cement, adhesives, sealants, colour pigments, and coatings for ornamental concrete, could increase owing to shifting crude oil and petroleum prices. As a result, the price of these parts directly affects the price of ornamental concrete. In reaction to growing raw material costs, vendors raise the price of their products or reduce their profit margins, which would be detrimental to the market's ability to grow.
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By end-user industry, the market for decorative concrete is segmented into residential, and non-residential. By the end of 2035, it is predicted that the non-residential segment would generate the most revenue. The segment's expansion may be attributable to rising non-residential building investment. In the United States, it was predicted that spending on nonresidential building construction would rise by about 4% in 2022 and then by another 2% to about 5% in 2023. The segment's revenue growth is also predicted to be boosted by rising demand for decorative concrete in non-residential projects for flooring applications. Additionally, growth in the use of decorative concrete to make surfaces in parking lots, retail stores, and pool decks less slippery is predicted to boost the segment's revenue.
By region, the North American decorative concrete market is anticipated to garner the largest revenue by the end of 2035, bolstered by a rise in regional government investment in erecting commercial structures, as well as a growing presence of important firms in this area. This region's metropolitan population is growing, and it is anticipated that this would accelerate market growth over the coming years. North America's urban population reached 306,343,264 in 2021, up 0.4% from 2020. Two other significant factors that are expected to drive market revenue growth are the tendency of nuclear families and the development of residential construction activities as a result of the urban population boom.
This report also provides the existing competitive scenario of some of the key players of the global decorative concrete market which includes company profiling of RPM International Inc., DuPont de Numours, Inc., 3M, PPG Industries, Inc., BASF SE, Huntsman International LLC, The Sherwin-Williams Company, Boral Limited, CEMEX S.A.B. de C.V., Sika AG, and others.
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