Concrete bonding agents are used to bond concrete surfaces like old and new concrete or between cement and concrete surfaces. They help in improving the adhesion and strength of concrete. Concrete bonding agents come in liquid, paste and powder forms and are used for bonding freshly poured concrete with hardened concrete surfaces in repair works, construction of overlays and providing protection from cracks.
The Concrete Bonding Agents Market is estimated to be valued at US$ 2,773.5 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends fueling the growth of the concrete bonding agents market is the rising infrastructure development activities across both developed and developing regions. According to the Global Infrastructure Hub, the world needs to invest $94 trillion in infrastructure by 2040, with around $8 trillion required for road infrastructure alone. This rising focus on infrastructure modernization and development is propelling the demand for concrete and associated bonding agents for construction activities. Also, repair and renovation of existing structures provides significant opportunities for concrete bonding agent sales. The increasing commercial and residential construction due to rapid urbanization is further supporting market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the concrete bonding agents market is a consolidated industry with major players dominating. Significant capital investments are required for R&D and production facilities deter new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. There are several concrete bonding agent brands available giving buyers alternatives thus reducing dependence on a single supplier.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Raw materials required for concrete bonding agents manufacturing such as cement and aggregates are available from multiple suppliers thus reducing reliance on a single supplier.
Threat of new substitutes: The threat of new substitutes is low as concrete bonding agents possess unique properties that enhance bonding and durability making substitutes difficult to develop.
Competitive rivalry: Intense competition exists among major players to gain market share through product innovation, expansion to emerging markets and strategic partnerships.
SWOT Analysis
Strengths: Sika AG, Fosroc International Ltd., and BASF SE have strong brand recognition and global footprint.
Weaknesses: High R&D costs add pricing pressures. Requirement of specialized application equipment increases installation costs.
Opportunities: Rapid infrastructure development in Asia Pacific and Middle East creates demand. Product innovations suiting evolving construction needs.
Threats: Stringent environmental regulations increase compliance costs. Volatility in raw material prices impacts profitability.
Key Takeaways
The global concrete bonding agents market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing infrastructure development activities worldwide. Rapid urbanization and government initiatives to develop smart cities in developing nations drive the market.
Regionally, Asia Pacific dominates the market and is expected to maintain its lead through 2030. China, India, and Southeast Asian countries are witnessing significant investments in transportation, energy, and commercial construction projects augmenting demand.
Europe and North America are other major markets undergoing revamp of aging infrastructure. The Middle East region is poised to offer lucrative opportunities for concrete bonding agent suppliers on the back of megaprojects associated with diversification of oil-dependent economies.
Key players operating in the concrete bonding agents market are Sika AG, Fosroc International Ltd., BASF SE, Saint-Gobain Weber S.A., Mapei S.p.A., Dow Construction Chemicals, Lafarge Holcim, The Euclid Chemical Company, GCP Applied Technologies Inc, Dow Corning Corporation, and The Quikrete Companies, Inc. Major companies are focusing on expanding production capacities and introducing eco-friendly product ranges to strengthen market position.
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