The global decorative concrete market size is projected to grow from USD 15.4 billion in 2020 to USD 20.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast year. Decorative concrete refers to the use of concrete as not only a utilitarian medium for construction but as an aesthetic enhancement to a building structure, while still serving its function as an integral part of the building itself such as floors, walls, driveways, and patios. It is created through a finishing process that is intended to provide an aesthetic quality. Various patterns, textures, and colors are applied to provide decorative effects that enhance as well as beautify concrete. The design experts use these decorative concrete as a cost-effective substitute for natural stone, brick, and other more expensive construction elements.
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The decorative concrete market has thousands of companies which thrive in their domestic market. A few of the major players are, PPG Industries, Inc. (US), 3M Company (US), BASF SE (Germany), RPM International Inc. (US), The Sherwin-Williams Company (US), UltraTech Cement Limited (India), SIKA AG (Switzerland) and CEMEX, S.A.B. de C.V. (Mexico). These players have adopted various growth strategies, such as acquisitions, expansions, investments, agreements, partnerships, and new product developments, to increase their market shares and enhance their product portfolios.
Expansions accounted for the largest share of all the strategic developments that took place in the decorative concrete market between 2017 and 2020. Key players such as BASF SE (Germany), HeidelbergCement AG (Germany), and SIKA AG (Switzerland) adopted these strategies to enhance their market presence and strengthen their manufacturing and distribution capabilities in the decorative concrete market.
PPG Industries is a global manufacturer and supplier of specialty materials, paints, optical products, and coatings. It caters to a large customer base in various markets, such as consumer products, industrial, construction, and transportation. The company is financially and strategically well placed and has a strong customer base. It gives increasing importance to R&D activities. It focuses on expanding its existing distribution network to serve customers better. Further, it focuses on innovating and expanding its existing product portfolio for industrial and performance coatings business segments.
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BASF SE is one of the leading chemical companies with a portfolio that provides chemicals, plastics, performance products, and crop protection products to the oil and gas industry. It has a broad product portfolio, which has encouraged sustained investment in new product developments. The immense strength of the company in R&D activities and expertise in construction and specialty chemical applications are the major factors that are projected to encourage its growth in the next five years
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