Underwater Concrete Market: Industry Size and Growth Trends [2028] Analyzed by TechSci Research

Posted by Kumar on June 13th, 2024

Introduction

The Global Underwater Concrete Market has been experiencing substantial growth, driven by the increasing demand for robust infrastructure and the expanding offshore renewable energy sector. According to the TechSci Research report titled “Underwater Concrete Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the market was valued at USD 2.08 billion in 2022 and is anticipated to grow at a CAGR of 5.19% during the forecast period from 2024 to 2028. This comprehensive analysis aims to explore the key trends, drivers, and competitive landscape shaping the Global Underwater Concrete Market, while also highlighting the multifaceted benefits of underwater concrete.

Recent Trends in the Global Underwater Concrete Market

1. Expanding Offshore Renewable Energy Sector

One of the most significant trends driving the underwater concrete market is the rapid expansion of the offshore renewable energy sector, particularly offshore wind farms. Offshore wind turbines require sturdy foundations to support the massive structures in challenging marine environments. This has led to an increased demand for underwater concrete, which is essential in constructing these foundations, including monopiles, jackets, and gravity-based structures.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Underwater Concrete Market.” 

The global emphasis on clean and sustainable energy sources has propelled the growth of offshore wind projects. As these projects continue to proliferate, the demand for underwater concrete is expected to rise substantially. Additionally, the growth of the offshore renewable energy sector is driving innovation in underwater concrete technology. Researchers and manufacturers are developing specialized concrete formulations and installation techniques to meet the unique demands of offshore wind projects, such as enhanced corrosion resistance and durability in seawater.

2. Development and Protection of Coastal Infrastructure

The development and protection of coastal infrastructure represent another significant driver of the global underwater concrete market. Coastal areas are increasingly susceptible to erosion, sea-level rise, and extreme weather events, necessitating the construction of resilient structures. Underwater concrete is essential for building coastal defense structures such as seawalls, breakwaters, and revetments. These structures mitigate the impact of waves and storms, protecting coastal communities and infrastructure.

Ports and harbors, crucial for global trade, often require expansion and modernization, which involve underwater concrete construction. Quay walls, berths, and harbor structures are integral components of port infrastructure that rely on underwater concrete. Coastal projects frequently occur in environmentally sensitive areas, prompting the development of underwater concrete formulations that meet strict environmental regulations, focusing on reduced ecological disruption and improved sustainability.

3. Innovations in Underwater Concrete Technology

The underwater concrete industry is witnessing significant advancements in technology and materials. There is a growing focus on developing specialized cement formulations that enhance the durability, corrosion resistance, and overall performance of underwater structures. For instance, supplementary cementitious materials (SCMs) such as fly ash, slag, and silica fume are increasingly used in combination with Portland cement to improve workability, reduce heat generation during curing, and offer environmental benefits.

Drivers of Market Growth

1. Economic and Demographic Transformations

Vietnam, among other regions, is currently undergoing economic and demographic transformations that provide significant potential for the dietary supplements industry, including underwater concrete. The high expenditure on healthcare indicates rising health concerns and an extended focus on healthcare by the Vietnamese population, impacting the demand for robust infrastructure.

2. Expanding Offshore Wind Energy Projects

The offshore renewable energy sector, particularly offshore wind farms, is a key driver of the underwater concrete market. The increasing global emphasis on clean and sustainable energy sources has led to a surge in offshore wind projects. These projects require sturdy foundations for wind turbines, driving the demand for underwater concrete.

3. Development and Protection of Coastal Infrastructure

The need for resilient coastal infrastructure to combat erosion, sea-level rise, and extreme weather events is driving the demand for underwater concrete. Coastal defense structures, ports, and harbors rely heavily on underwater concrete for construction and modernization.

4. Technological Advancements

Innovations in underwater concrete technology are also propelling market growth. The development of specialized cement formulations and installation techniques to meet the unique demands of marine environments is driving the market forward.

Impact of Underwater Concrete on Marine and Coastal Projects

Underwater concrete plays a crucial role in various marine and coastal projects, offering a range of benefits that support the construction and maintenance of essential infrastructure. Its application in offshore wind energy projects, coastal defense structures, ports, and harbors highlights its versatility and importance.

Download Free Sample Report

Benefits of Underwater Concrete

1. Durability: Underwater concrete is designed to withstand harsh marine environments, offering long-lasting durability.
2. Corrosion Resistance: Specialized formulations enhance the concrete’s resistance to corrosion, crucial for marine structures.
3. Strength: Underwater concrete provides the necessary strength to support large structures such as wind turbine foundations and coastal defenses.
4. Versatility: It can be used in a variety of applications, including offshore wind farms, ports, harbors, and coastal defense structures.
5. Sustainability: Modern formulations focus on reducing environmental impact, aligning with sustainability goals.
6. Adaptability: It can be adapted to meet specific project requirements, including different types of foundations and environmental conditions.
7. Workability: Advances in admixtures and formulations have improved the workability of underwater concrete, facilitating easier placement and finishing.
8. Cost-Effectiveness: Long-term durability and reduced maintenance needs make underwater concrete a cost-effective solution for marine projects.
9. Environmental Compliance: Formulations are being developed to meet strict environmental regulations, ensuring minimal ecological disruption.
10. Support for Renewable Energy: Its use in offshore wind energy projects supports the global transition to renewable energy sources.

Market Segmentation

The Global Underwater Concrete Market is segmented by raw material, application, and region.

1. Based on Raw Material

• Cement Segment: The cement segment had the largest market share in 2022 and is expected to maintain its dominance during the forecast period. Portland cement, known for its versatility, availability, and compatibility with various underwater construction applications, remains the preferred choice. Recent focus on developing specialized cement formulations aims to enhance the durability, corrosion resistance, and overall performance of underwater structures. Supplementary cementitious materials (SCMs) such as fly ash, slag, and silica fume are increasingly used to improve the properties of underwater concrete.

2. Based on Application

• Marine Segment: The marine segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. This segment is closely tied to the expansion and modernization of port and harbor infrastructure. Ports, essential for global trade, rely on underwater concrete for the construction of quay walls, breakwaters, and piers. The marine segment is also witnessing significant growth due to the development of offshore wind energy projects, where underwater concrete is used for constructing wind turbine foundations, transition pieces, and substations.

Competitive Analysis

The Global Underwater Concrete Market is characterized by the presence of several key players competing for market share. Major companies operating in the market include:

• Sika AG
• RPM International Inc.
• Mapei S.P.A
• Fosroc International Ltd
• HeidelbergCement AG
• Baltic Industries
• Buzzi Unicem S.p.A
• Cemex SAB de C.V.
• LafargeHolcim Ltd
• Sankosha Co. Ltd

These companies are actively engaged in product innovation, strategic partnerships, and expansion initiatives to maintain their competitive edge in the market.

Recent Developments

1. Sika AG

• May 2023: Sika AG acquired the MBCC Group to strengthen its footprint across all regions and reinforce its range of products and services across the entire construction industry.
• March 2022: Sika AG acquired Sable Marco Inc., a manufacturer of cementitious products and mortars in Canada.
• June 2022: Sika AG opened a new manufacturing site for concrete admixtures in Stafford, Virginia, to cater to the demand from the construction industry in North America.
• June 2020: Sika AG launched a new underwater concrete admixture called Sika ViscoCrete-2100 AD, designed to increase the workability, pumpability, and performance of underwater concrete.

2. Mapei S.P.A

• November 2022: Mapei S.P.A invested in constructing its headquarters in Germany and upgrading its existing R&D center.

3. RPM International Inc.

• July 2021: RPM International Inc. acquired a chemical manufacturing plant from ChampionX Corporation, based in the United States and managed by Tremco Construction Products Group.

4. HeidelbergCement AG

• February 2021: HeidelbergCement AG debuted its unique underwater concrete solution, ENERMAR, developed specifically for underwater building projects to lower carbon emissions and increase sustainability.
• September 2019: HeidelbergCement Group purchased Giant Cement's Keystone Cement facility, boosting its position in North America.

5. Conmix

• December 2018: Conmix set up a new blender for admixture manufacturing in its Sharjah plant to speed up production.

The Global Underwater Concrete Market is poised for significant growth, driven by the expanding offshore renewable energy sector, the ongoing need for coastal infrastructure development and protection, and technological advancements. As the demand for durable and environmentally responsible underwater concrete solutions continues to rise, key players in the market are leveraging innovation and strategic initiatives to strengthen their market position. By understanding and addressing the evolving needs of the marine and coastal construction sectors, stakeholders in the underwater concrete industry can capitalize on emerging opportunities and drive sustained growth in this dynamic market landscape..

Download Free Sample Report

Customers can also request for 10% free customization on this report.

“The Global Underwater Concrete market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The global Underwater Concrete market is significantly driven by the rapid growth of offshore renewable energy ventures, particularly offshore wind farms. These projects demand robust underwater concrete foundations to secure massive wind turbines in challenging marine environments. As the world embraces cleaner energy sources, the offshore wind sector continues to flourish, bolstering the demand for underwater concrete. This driver spurs innovation in concrete technology, fosters market growth, and positions underwater concrete as a critical component in sustainable energy infrastructure, offering lucrative opportunities for industry stakeholders worldwide. Therefore, the market of Underwater Concrete is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Underwater Concrete Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Raw Material (Admixtures, Aggregates, Cement), By Application (Marine, Hydro Projects, Tunnels, Underwater Repairs, Swimming Pools, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Underwater Concrete Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Underwater Concrete Market.

Download Free Sample Report - https://www.techsciresearch.com/sample-report.aspx?cid=20430

Read Blog-  How Risk Analytics Is The Key Behind Successful Businesses: Exploring Its Potential

Contact

US -

Techsci Research LLC

420 Lexington Avenue, Suite 300,

New York, United States- 10170

Tel: +13322586602