The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Decorative Concrete Market.
It was estimated prior to this unanticipated outbreak that the Decorative Concrete Market was likely to witness an impressive CAGR of 6.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Market Share Analysis
Decorative Concrete Market Share: By Type
Based on the type, the market is segmented as stamped concrete, stained concrete, concrete overlays, colored concrete, polished concrete, epoxy coating, and others. Stamped concrete is estimated to be the largest segment of the market as it has been observed that there is a surge in the adoption of stamped decorative concrete on account of the new residential construction and commercial projects. Decorative concrete provides lucrative features, such as aesthetic enhancement, improvement of indoor air quality, and skid resistance. Stamped concrete can be installed easily and has a higher strength, which in turn, increases its demand and growth rapidly. Additionally, the growth of the construction industry also provides an opportunity to the decorative concrete market to grow further.
Decorative Concrete Market Share: By Application Type
Based on the application type, the decorative concrete market is segmented as floors, walls, driveways and sidewalks, patios, and others. The floors segment is expected to be the fastest-growing segment of the market during the forecast period. Floors offer various benefits which increase their demand. A wide variety of textures, patterns, designs, and logos can be imparted to decorative concretes, which enhances the aesthetic appeal of floors. The capability of decorative concrete to offer skid-resistance and high strength makes it more preferable, as it withstands heavy foot traffic, which in turn, increases its demand for the floors’ segment.
Decorative Concrete Market Share: By Region
In terms of regions, Europe held the largest share of the market in 2016, with Germany, France, and the UK being the major countries with lucrative growth opportunities. Germany accounted for the largest share of the market in the region in the year 2016, followed by France. On the other hand, the UK is estimated to be the fastest-growing country in the European region, owing to the increase in the number of housing activities in the country during the forecast period. The European market has been a leader, considering the factors such as product innovations, in terms of quality and application development processes. Asia-Pacific and North-America are also expected to offer substantial growth opportunities during the forecast period.
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