CLEVELAND, Dec. 24, 2019 /PRNewswire/ — According to the study Hardscaping Products, sales of concrete used in hardscaping applications are forecast to grow 5.6% per year through 2023 to $2.0 billion.
Gains will be driven by:
- consumers’ growing incorporation of outdoor living trends in landscaping, which feature spaces that are frequently constructed with concrete products
- increasing interest in permeable pavers – most of which are made of concrete – resulting in part from building codes and incentives aimed at preventing excess runoff in paved areas
- sales of higher value products like pavers that feature a modern look, including plank pavers
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Further advances will be limited by competition from a variety of alternative materials, especially natural and faux stone and clay brick.
Concrete hardscaping in residential markets is expected to account for 67% of demand gains through 2023. Gains in residential construction and renovation activities will continue to support this market.
Additional opportunities for sales will potentially arise from growing interest and investment in commercial and urban areas for green spaces like parklets.
Contact Corinne Gangloff for an interview with the analyst.
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SOURCE The Freedonia Group