Builders and designers worldwide are seeing decorative concrete demand grow as the desire to enhance the aesthetic appeal of buildings increases. Technological innovations in construction tools and the use of concrete stains and dyes to obtain different patterns and textures have made concrete one of the most versatile and cost-effective home decor materials on the market.
Utilizing decorative concrete is one of the fastest-growing trends in residential projects for floors, patios and more. From luxurious new homes with elegant concrete driveways to budgeted one-room remodels featuring stylish or colorful floors, the popularity and application of designed concrete continues to grow. Global Market Insights, Inc., estimates that global decorative concrete market size will cross US$23.8 billion in value by 2026.
Stamped concrete products to gain traction in homes
Stamped concrete is increasingly becoming a popular choice. This is because of its ability to mimic high- end construction materials such as bricks and stone pavers. And it does it at a fraction of their costs. The product is available in a wide range of patterns. It is also available in various textures and colors and acts as a budget-friendly option to add a decorative touch to the landscape.
In residential settings, stamped concrete is extensively used as a paving material for patios. It is also used in entryways, driveways, walk ways and pool decks as an alternative to bricks or natural stone. Properly installed decorative concrete offers the same strength and durability in all climatic conditions. This makes it a pocket-friendly, low-maintenance and effective choice of decorative material.
Continuous infrastructure development in developing economies and rising home renovation activities in developed regions will accelerate the decorative concrete demand for stamped concrete in the coming years.
Increasing renovation activities across the U.S. market
There has been a significant rise in the number of housing starts, particularly single-family houses, in the U.S. Increasing disposable incomes of consumers is allowing them to invest in home renovation and remodeling projects. In fact, American homeowners and landlords invested a staggering $424 billion on home improvements during 2017.
Analysts believe that renovation and remodeling activities go hand in hand with house sales. Homeowners are likely to do some work and spend on home improvements when they are preparing their homes for sale. Moreover, new homeowners tend to spend a little extra on remodeling or renovation. They do this mainly before moving in, to customize the home to fit their needs.
Investments in remodeling and revamp of non-residential spaces are anticipated to increase in the coming years. This presents favorable opportunities for regional decorative concrete manufacturers and also suppliers.
Booming construction sector in the Asia Pacific region
Asia Pacific, led by China, India, and Japan holds a dominant share in the global construction sector. Robust economic growth in recent years in the region has fueled investment in construction and infrastructure development projects. The Asian Development Bank (ADB) predicts that emerging economies in Asia Pacific need to invest approximately $26 trillion over 2016-2030 to maintain the current growth momentum.
Rapid industrialization and urbanization are major factors boosting infrastructure investments. A growing APAC population has created strong demand for basic infrastructure facilities. These facilities include schools and hospitals along with modern transport and utilities infrastructure. In addition, evolving living standards and increased purchasing powers of consumers will encourage residential infrastructure renovation activities across the region, further complementing the regional outlook for decorative concrete suppliers.
There is a strong demand for new and durable decorative materials to enhance the aesthetic appearance appeal of residential as well as commercial infrastructure. Evolving trends in both remodeling and growing investment in renovation activities will propel decorative concrete industry forecast to a great extent.
Report Link – www.gminsights.com/industry-analysis/decorative-concrete-market