by Concrete Bonding Agents Market is Estimated to Witness High Growth Owing to Increasing Construction Activities
The concrete bonding agents market has witnessed significant growth over the past few years owing to the wide range of advantages offered by concrete bonding agents such as high bonding strength, moisture resistance, thermal compatibility etc. Concrete bonding agents are used for bonding freshly poured concrete or cement to hardened concrete and also for repairs and renovation of old concrete structures. These agents form strong adhesive bonds between old and new concrete surfaces. Key functions performed by concrete bonding agents include enhancing adhesion, sealing cracks and ensuring long term durability. The global concrete bonding agents market is estimated to be valued at US$ 2,773.5 Mn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.
Key Takeaways
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 opportunities in the market include infrastructure development and repair activities in emerging economies of Asia Pacific and Latin America. Technological advancements include development of bonding agents with advanced adhesion properties, zero/low VOC formulations and ones suitable for 3D concrete printing.
Market Drivers
The concrete bonding agents market is driven by increasing construction activities globally. Rapid urbanization and infrastructure development projects in developing nations are boosting the demand for concrete bonding agents. Furthermore, rising repairs and rehabilitation of old structures are supporting the market growth. stringent environmental norms favoring green and sustainable construction materials is another factor fueling the concrete bonding agents market.
Current Challenges in Concrete Bonding Agents Market
The concrete bonding agents market is facing challenges due to rising prices of raw materials such as cement, aggregates, and admixtures. The prices of these raw materials fluctuate widely due to inconsistent supply and high demand. This significantly increases production costs for concrete bonding agents manufacturers. Additionally, stringent environmental regulations regarding VOC emissions during production and curbing the use of hazardous chemicals is compelling manufacturers to invest heavily in R&D to develop eco-friendly bonding agents. This further increases costs. The market is also challenged by the availability of alternative adhesives and lack of awareness about the benefits of concrete bonding agents among end users.
SWOT Analysis
Strength: Easy availability of raw materials required to manufacture concrete bonding agents. Concrete bonding agents offer excellent adhesion, durability and protection to concrete surfaces.
Weakness: High installation and material costs. Vulnerable to price fluctuations in raw material prices.
Opportunity: Growing construction industry worldwide driven by rapid urbanization offers significant opportunities. Increasing uptake in repair and restoration projects of old structures also provides growth avenues.
Threats: Strict environmental regulations pose compliance challenges. Threat from substitute products like epoxies and polyurethanes limits market potential.
Geographical Regions with Highest Market Value
North America accounts for the largest share of the global concrete bonding agents market, both in terms of value and volume. This is mainly attributed to the extensive construction activities in the residential, commercial and infrastructure sectors in the US and Canada. Europe is another major region boosted by ongoing and planned infrastructure projects particularly in the UK, Germany, France and Italy.
Fastest Growing Geographical Region
Asia Pacific region is poised to witness the fastest growth during the forecast period driven by rising construction expenditures, industrialization and mega infrastructure development projects underway in China and India. Government initiatives to develop smart cities and housing for all are boosting concrete construction in the region, thereby propelling the demand for concrete bonding agents.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
