Pigmented Concrete Market Size Projection (2024 – 2030)

The anticipated expansion of the Pigmented Concrete Market suggests a transition from USD 15.51 billion in 2023 to an estimated USD 22.56 billion by 2030, reflecting a robust Compound Annual Growth Rate (CAGR) of 5.5% during the period spanning from 2024 to 2030.

Industry Overview:

Pigmented concrete finds extensive applications in renovation and redesigning within the construction sector, boasting superior moisture resistance and cost-effectiveness compared to traditional materials like marble and granite. Its visually appealing smooth aesthetic is a significant draw for consumers. Typically comprised of iron oxide pigments, concrete pigments are essential for achieving desired coloration, available in both powdered and liquid forms. Various options for concrete coloration are accessible in the market, with numerous manufacturers offering a wide range of trendy color components and tailored color matching services. These concrete pigments exhibit minimal fading risks and are primarily utilized for achieving uniform tones on surfaces such as floors, walls, and countertops, eliminating the need for messy shake-on color application and subsequent cleanup.

The driving forces behind the global market for pigmented concrete include its high-quality finish, aesthetic appeal, and exceptional moisture resistance. Additionally, its cost-effectiveness and superior durability compared to traditional materials further enhance its appeal to consumers. The burgeoning trends in lifestyle and increased investments in home decor contribute significantly to the escalating demand for pigmented concrete, thereby fostering market growth. Moreover, the ease of application on existing surfaces coupled with expedited installation processes minimizes labor costs, further fueling market expansion. The growing preference for customized walls, doors, and flooring solutions also plays a pivotal role in propelling market growth on a global scale.

Impact of COVID-19 on the Pigmented Concrete Market:

The COVID-19 pandemic precipitated a temporary halt in the production of various products within the pigmented concrete industry due to widespread lockdowns across nations, consequently impeding market growth in 2020. While the pandemic adversely affected pigmented concrete sales in the second and third quarters of 2020, a resurgence is anticipated in 2021.

The primary demand for pigmented concrete was previously observed from countries such as the U.S., Germany, Italy, the UK, and India, all of which were significantly impacted by the spread of the coronavirus, resulting in a decline in demand for pigmented concrete.

Furthermore, the potential long-term effects of the lockdown remain uncertain, with the financial recovery of businesses largely dependent on their reserves. While some pigmented concrete manufacturers could sustain a full lockdown for a limited period, others were compelled to adjust their investment strategies. For instance, several market players suspended production activities for extended durations to mitigate costs, while others resorted to workforce layoffs to navigate through the COVID-19 health crisis.

Market Drivers:

Increasing demand for aesthetic enhancements in residential properties is a key driver of market growth.

The burgeoning demand for stamped concrete, particularly for flooring applications in hotels and other commercial establishments, significantly contributes to market expansion. This surge is primarily attributed to the myriad benefits of stamped concrete, including its aesthetic appeal, skid resistance, and durability against heavy foot traffic. Anticipated growth in the Asia Pacific and Middle East & Africa regions can be attributed to substantial investments in housing developments and rapid industrialization. Stamped concrete enhances the visual appeal of establishments, thereby driving demand in the foreseeable future.

Escalating renovation and remodeling activities also fuel market growth.

Rising renovation and remodeling endeavors in non-residential sectors are expected to accelerate the demand for decorative concrete in the coming years. Hotel and resort owners are increasingly refurbishing their properties to attract more patrons and enhance the overall guest experience. For example, the opening of a new JW Marriott hotel in Canberra, Australia, featuring modern design accents and polished concrete flooring, exemplifies this trend. Moreover, increased investments from industry stakeholders in retail and residential sectors are poised to further drive the adoption of decorative concrete.

Market Restraints:

The volatile nature of raw materials poses a significant restraint on market growth.

Fluctuating prices of raw materials and energy used in decorative concrete manufacturing are anticipated to persist throughout the forecast period. The instability of petroleum and crude oil prices may lead to fluctuations in the costs of raw materials, subsequently impacting the prices of coatings, color pigments, cement, adhesives, and sealants used in decorative concrete. Consequently, any increase in raw material costs prompts suppliers to either raise product prices or reduce profit margins, thereby negatively impacting market growth.

Pigmented Concrete Market - Types:

• Stained
• Dyed
• Paint
• Tinted Sealers
• Integral Color
• Dry Shake Color Hardener

Regarding types, dyes represent one of the most favored categories of pigmented concrete in flooring applications. The appeal lies in their aesthetic appearance, coupled with a high-gloss finish, which serves as a significant driving factor for growth in this segment. Pigmented concrete dyes, characterized by their penetrating and translucent nature, differ from stains in that they do not elicit chemical reactions with the cement. Instead, they act as coloring agents that permeate the surface, resulting in a smooth finish. Offering a cost-effective alternative to materials such as granite, marble, and linoleum, pigmented concrete demonstrates excellent durability against foot traffic, requiring minimal upkeep and exhibiting high resistance to moisture. These attributes make them particularly suitable for use in hotels, restaurants, malls, and retail establishments.

Pigmented Concrete Market - Applications:

• Residential Walls
• Floors
• Driveways & Sidewalks
• Pool Decks
• Patios

Concerning applications, the segment experiencing the most significant growth over the forecast period is driveways & sidewalks. The escalating demand for visually appealing driveways, incorporating distinct designs and decorations, is expected to drive growth in this segment. Stained pigmented concrete emerges as the preferred choice for driveways & sidewalks due to its minimal maintenance requirements, preserving both texture and color of the walkway without incurring additional costs.

Pigmented Concrete Market - End-Use:

• Residential
• Non-Residential

In terms of end-use, the residential sector is poised to witness the fastest growth in the coming years. Factors such as expansion in the real estate industry and increasing demand for home remodeling projects are anticipated to stimulate demand in this segment. The growing preference for township homes among consumers, coupled with the trend of renovating pre-owned homes for resale at higher prices, has spurred investments in decorative walls and flooring.

Pigmented Concrete Market - Regions:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East
• Africa

Geographically, the Asia-Pacific pigmented concrete market is projected to capture a significant market share by 2030. The region's growth will be driven by increased infrastructure spending and a rising demand for renovation projects in both residential and non-residential sectors. Government initiatives aimed at refurbishing public infrastructure will further contribute to the growing demand for pigmented concrete.

North America is expected to witness approximately 6.5% growth during the forecast period, fueled by substantial investments in industrial and residential remodeling projects, coupled with government interventions aimed at maintaining building structures for safety purposes.

Pigmented Concrete Market Share by Company:

Leading companies such as:

1. PPG Industries Inc.
2. BASF SE
3. 3M Company
4. The Sherwin-Williams Company
5. RPM International Inc.
6. DUPONT
7. Huntsman International LLC
8. Boral Limited
9. Sika AG
10. Arkema S.A.
11. Ultratech Cement Limited

and others, are pivotal players in the market.

For instance, PPG Industries has initiated the acquisition of Tikkurila, a Finland-based paint and coating manufacturer, with the deal expected to be finalized by the second quarter of 2021. Tikkurila is renowned in European countries for its decorative paint brands, and the acquisition is expected to enable PPG to expand its product offerings into new markets through cross-selling initiatives.

Additionally, CEMEX launched Virtua, its brand of low-carbon ready-mix concrete, in the US market following successful introductions in Mexico and Europe. The range includes Virtua Classic, Virtua Plus, and Virtua Ultra. Notably, Virtua Classic offers a 20–30% reduction in CO2 emissions and is available in select regions of California.

These companies are actively innovating and introducing new technologies, which are anticipated to significantly impact market demand during the forecast period. Their efforts in globalizing their presence through partnerships and strategic acquisitions of local and regional players are facilitating their expansion into emerging markets.

Recent Developments in the Global Pigmented Concrete Market:

• Partnership: In February 2022, PPG Industries announced the completion of its acquisition of Tikkurila, a Finland-based company renowned for manufacturing and distributing decorative paints and coatings in Finland.
• Acquisition: In January 2022, Arkema strengthened Bostik through the acquisition of Ideal Work, an Italian company specializing in decorative flooring technologies. This strategic move aligns with Arkema's growth strategy in adhesives, enhancing its offerings for the construction market with cutting-edge technologies complementing Bostik's existing portfolio.