Increasing Adoption of Advanced Materials to Fuel Growth in the Concrete Restoration Market| MarketsandMarkets™

Posted by Jack Martin on May 8th, 2023

The global concrete restoration market size is projected to reach USD 20.4 billion by 2026, at a CAGR of 6.2%. The high growth of concrete restoration can be attributed to the growing number of construction repair projects globally due to the rising population, rapid urbanization, and increased economic growth in some regions. Emerging markets like China, the UAE, and India are showing remarkable growth due to the aforementioned factors. This has been a decisive factor in the concrete restoration market growth, especially in regions like North America and Europe, where concrete restoration products' usage is relatively high. By 2026, many new companies will emerge from China, having low-cost concrete restoration products and, thus, offering heavy competition to the existing market players.

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Based on material type, the concrete restoration market is segmented into shotcrete, quick-setting cement mortar, concrete fiber, and others. Quick-setting cement mortar dominated the concrete restoration market in terms of value. This market is divided into water & wastewater treatment, dams & reservoirs, roads, highways & bridges, marine, buildings & balconies, and others based on target applications. Roads, highways & bridges dominated the concrete restoration market in terms of value.

Based on target application, the marine application is projected to register the highest CAGR, in terms of value, during the forecast period. The concrete used in the marine industry is exposed to numerous harsh conditions, including physical and chemical attacks. The projected growth shows that most target applications will grow at a high CAGR from 2021–2026, overcoming the adverse effects of global lockdowns and economic standstill caused by the COVID–19 pandemic.

The Asia Pacific is expected to witness the highest growth at a CAGR of 7.2% between 2021 and 2026. The increasing economic growth and rapid increase in population are expected to boost the concrete restoration market in this region significantly. In terms of value, Europe is the second-largest market for concrete restoration worldwide and is projected to witness a CAGR of 5.9% during the forecast period