Exploring the .4 Billion Valuation in Global Concrete Restoration Market During 2021-2026
Posted by Jack Martin on September 22nd, 2023
Concrete restoration involves repairing, restoring, and/or protecting concrete structures. It is a process that is typically done to maintain the structural integrity of concrete structures and to extend their service life. Concrete restoration can be used to repair cracks, seal joints, patch holes, and restore the surface of the concrete. It is also used to protect the concrete from the elements, such as water, wind, and extreme temperatures. The demand for concrete restoration is increasing due to the need for more durable and long-lasting structures. It is also becoming more popular due to its cost-effectiveness and environmental benefits.
The global concrete restoration industry size is estimated to be USD 15.0 billion in 2021 and 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, offer heavy competition to the existing market players.
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Concrete restoration market by material type is segmented into quick setting cement mortar, shotcrete, fiber concrete and others. Quick setting cement mortar accounted for the largest market share in 2020. It is a special cement formulation that develops a rapid compressive strength and significantly reduces the waiting on cement (WOC) time compared to traditional cement systems. It is used in underwater construction like river bridge construction. Part of bridge construction like a pier, foundation, pier cap, pile cap, and piles, all those constructions use quick setting cement mortar in concrete.
Concrete restoration market by target application is segmented into roads, highways & bridges, buildings & balconies, industrial structures, water & wastewater treatment, marine, dams & reservoirs, and others. 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.
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.
The key players in the concrete restoration market are Sika (Switzerland), Mapei S.p.A (Italy), Master Builders Solutions (Germany), Fosroc (UAE), BASF SE (Germany), Pidilite Industries (India), RPM International (US), Fyfe (US), Saint-Gobain Weber S.A. (France), and The Euclid Chemical Company (UK).
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Sika AG is a specialty chemicals company that provides construction and industrial solutions. The company manufactures and sells products for bonding, sealing, damping, reinforcing, and protecting applications in the building and automotive industries. The company's key focus is concrete, roofing, waterproofing, flooring, sealing & bonding, industry, and refurbishment, which are predicted to be high growth areas. The company manages its operations under these business segments, construction industry products and industrial manufacturing products. Sika has a strong geographical presence with manufacturing facilities in North America, Europe, and APAC, covering over 100 countries.
Fosroc is a British company headquartered in Dubai, UAE, specializing in manufacturing specialized chemicals mainly for building and civil engineering applications. It primarily caters to infrastructure, power, marine, residential, commercial, and industrial sectors. It offers a range of concrete restoration products. Fosroc has manufacturing facilities in Europe, Africa, the Middle East, India, North, South, and East Asia.
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About the AuthorJack Martin
Joined: August 7th, 2017
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