Trowel Market Size, Share, Growth, And Industry Analysis, By Type (V-Notch, U-Notch, Square Notch, Margin, Flat and Bucket), By Application (Floor, Wall and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 13 November 2023

Trowel Market Report Overview

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The global trowel market size was USD 29.34 million in 2021 and is expected to reach USD 47.84 million in 2031, exhibiting a CAGR of 5.01% during the forecast period.

Power trowels are commonly used for smoothing concrete surfaces of all sizes in building projects all over the world, primarily to meet safety standards and produce superior level surfaces. Through different finishing and floating operations, ride-ons have become an important piece of construction equipment for achieving outstanding concrete surfaces. For obtaining the better concrete finishes necessary for huge construction projects like those in warehousing, industrial buildings, and airports, this mechanized equipment is becoming more and more in demand in various countries. The demand for innovative ride-on technologies for high production finishing jobs in big areas is also intensifying due to the requirement for high-tolerance smooth, concrete surface in gigantic warehouse development.

The high speed of industrialization in developing regions and the dramatically increasing infrastructure development in many emerging economies are important factors creating attractive opportunities for market players for ride-on. The requirement for affordable ride-on that simultaneously offer higher fuel efficiency and better lever controls, however, poses significant difficulties. Even said, this might present players with fascinating prospects in the years to come.

COVID-19 Impact: Government Restrictions to Hamper Market Supply

The global COVID-19 pandemic has been unprecedented and staggering, with trowel experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Due to mandatory lockdowns and other restrictions set by the relevant regulating bodies in the wake of the recent COVID-19 outbreak, the activities of various industries have either been temporarily suspended or are running with small personnel. The growth of the revenue for this industry is expected to be substantially hampered by this issue in the global market for this technology. Over the course of this forecast period, the market for the technology may have revenue growth challenges due to the high installation and maintenance costs associated with this equipment.

Latest Trends

"Increased Industrialization to Propel Market Growth"

A significant increase in the construction of industrial buildings is anticipated over the next seven years, especially in emerging economies. This is due to the rapid industrialization and urbanization that have resulted in an increase in the need for open space or landfills, among other things.

Trowel Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into v-notch, u-notch, square notch, margin, flat and bucket.

In terms of product, v-notch are the largest segment.

• By Application Analysis

Based on application, the market can be divided into floor, wall and others.

In terms of application, wall is the largest segment.

Driving Factors

"Easy Maneuverability and Maintenance to Augment Market Growth"

The market is largely divided into mechanical and hydraulic based on the kind of steering. The mechanical ride-on trowel segment, out of the two, had the largest market share globally and is anticipated to continue to hold that position during the evaluation period. Mechanical techology demand is skyrocketing, in large part because to the tools' superior maneuverability, increased operator comfort, and low maintenance needs. In both developed and emerging countries, stricter enforcement regulations are a major driver driving their adoption during the projection period.

"Petrol Fuel Powered by Ride-On Trowels to lead the Market"

There are three main fuel types available on the market for this technology: gasoline, diesel, and electricity. On the global market, this technology powered by gasoline now hold the most market share and are predicted to continue doing so. However, it is anticipated that the market powered by diesel would grow significantly. The growing requirement for affordable machines that can also match the high demand for exceptional concrete surface finishes is a major factor in the market for these items. Their demand is receiving a strong boost from the dropping cost of diesel in some areas.

Restraining Factors

"Long processing time to Impede Market Expansion"

It takes around five days to install the floor in its entirety (including drying time). Comparatively speaking, this cast floor is quite long. A skilled floor installer is advised; a floor must be laid by a professional. Leave this to the experts, is our advice. The addition of gravel or quartz grains in the floor gives it a more industrial appearance. Of course, there may also be a benefit to this. This is anticipated to restrict trowel market growth.

Trowel Market Regional Insights

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"Asia Pacific to Dominate the Market Due to Existence of Several Construction Firms"

Over the course of the forecast period, Asia Pacific is anticipated to maintain its dominance of the ride-on power trowel market share. The existence of several construction firms and rising investments in the construction of residential and commercial infrastructure are expected to boost product demand. In addition, countries worldwide are spending more money on infrastructure development as a result of expanding population and fast urbanization. Over the next eight years, it is anticipated that this factor will favorably affect industry growth. The Asia Pacific region accounted for more than half of total revenue due to the region's high construction activity, which is driving infrastructure developments such as building construction for residential complexes/homes, commercial buildings (shopping malls), roads and others, and thereby fueling product demand. Emerging economies account for the majority of this activity.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Multiquip Inc. (U.S.)
• Polished Concrete Solutions (U.S.)
• Bon Tool Co. (U.S.)
• BOMAG GmbH (Germany)
• Curry Tool Company (U.S.)
• Pavan (U.S.)
• BetonTrowel (Belgium)
• Allen Engineering (U.S.)
• Saint-Gobain Weber (France)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.