Concrete Bonding Agents Market Is Estimated To Witness High Growth Owing To Rising Infrastructure Development Projects
Market Overview:
Concrete bonding agents are specially formulated products used to bond freshly poured or cured concrete to old surfaces. They are used for repairing cracks and gaps in concrete structures as well as bonding new concrete layers over old surfaces. Concrete bonding agents find applications in infrastructure projects such as buildings, bridges and highways. They enhance the durability and lifespan of structures by protecting them from erosion, chemical damage and water penetration.
Market Dynamics:
The growth of the concrete bonding agents market is primarily driven by rising infrastructure development projects around the world. Rapid urbanization coupled with growing investments in building new roads, bridges and residential & commercial complexes is expected to propel the demand for concrete bonding agents over the forecast period. Furthermore, concrete bonding agents aid in reducing construction timelines as they allow fastening repair works, thus gaining popularity among construction contractors. Stringent environmental regulations regarding emissions from repairs using conventional demolition and recycling methods also works in favor of the market. Additionally, ongoing R&D to develop bio-based and green concrete bonding agents will present new opportunities for market players during 2023-2030.
SWOT Analysis
Strength: Concrete bonding agents provides strong adhesion between old and new concrete substrates which enhances the longevity of concrete structures. They offer high durability and chemical resistance. Concrete bonding agents also improves workability as it allows easy placement of fresh concrete on hardened surfaces.
Weakness: Concrete bonding agents requires surface preparation for achieving optimum bond which increases time and cost of the project. Certain concrete bonding agents are costly and needs specialized skills and equipment for application.
Opportunity: Growing construction industry worldwide due to rapid urbanization and infrastructure development projects offers significant growth opportunities for concrete bonding agents market. Rising repair and rehabilitation activities of old concrete structures also boost the demand for concrete bonding agents.
Threats: Volatility in raw material prices may negatively impact the concrete bonding agents market. Stringent environmental regulations pertaining to VOC emissions of certain concrete bonding agents is a major challenge.
Key Takeaways
The Concrete Bonding Agents Market Share Agents market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing construction activities across both residential and non-residential sectors. Rapid urbanization coupled with growing population has led to increased infrastructure development projects worldwide which drives the demand for concrete bonding agents.
Regional analysis - Asia Pacific dominates the global concrete bonding agents market and is expected to continue its dominance, growing at a CAGR of around 9% during the forecast period. This can be attributed to increasing building & construction activities and growing infrastructure development projects in countries like China, India. Europe and North America are other major markets owing to repair and rehabilitation activities of aging concrete structures in these regions.
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. Key players are focusing on new product development and expansion in emerging markets to strengthen their market position.
Read More:
https://www.marketwebjournal.com/the-new-avenue-for-concrete-bonding-agents-market/
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