The concrete bonding agents market has been gaining traction over the recent years owing to the increasing repair and renovation activities across the residential and commercial sectors. Concrete bonding agents are utilized for bonding fresh concrete to hardened concrete structures. They find wide applications in repairing cracked or damaged concrete surfaces as well as joining newly poured concrete to existing structures. Furthermore, concrete bonding agents help in overcoming the major issues associated with weakened or deteriorated surfaces such as delamination and spalling.
The global concrete bonding agents market is estimated to be valued at US$ 3250.01 Mn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 To 2031.
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. These players are focusing on new product launches and mergers & acquisitions to strengthen their market position.
The Concrete Bonding Agents Market Demand is expected to witness lucrative growth opportunities owing to the rising demand from infrastructure and construction industry across the developing economies of Asia Pacific and Latin America. Furthermore, the increasing usage of green and sustainable construction materials is also estimated to boost the demand.
Globally, the North American region holds a significant share in the concrete bonding agents market owing to the presence of major players and rapid growth of the residential construction sector in the US and copyright. Moreover, the demand is also increasing from European countries such as Germany, Italy, and France. The construction industry in China, India and other South Asian countries is anticipated to accelerate the consumption of concrete bonding agents during the forecast period.
Market Drivers
Rising construction activities globally mainly in the residential and commercial sectors is the major factor augmenting the growth of the concrete bonding agents market. Furthermore, rapid urbanization and growing infrastructure development projects are also driving the product demand. Rehabilitation of old structures and modernization of existing buildings require concrete bonding agents to join new construction with previously set structures, which is further propelling the market growth.
PEST Analysis
Political: Concrete bonding agents market is impacted by regulations and policies regarding construction industry and environment protection. Government investments and projects influence demand.
Economic: Concrete bonding agents demand is directly linked to construction industry performance which relies on GDP growth and infrastructure spending. Cost of raw materials affects producers.
Social: Population growth and urbanization increases residential and commercial construction needs. Changing lifestyles raise demand for advanced building materials. Safety and sustainability are important qualities.
Technological: Innovation leads to bonding agents with better bonding strength, curing speed and durability. Digital technologies help maximize efficiency in production and distribution. New materials replace conventional alternatives.
Geographical concentration of the market
Asia Pacific currently holds the largest share of the global concrete bonding agents market in terms of value due to significant infrastructure development and construction activities in China, India and other developing countries. Growth in urban population and rising disposable income levels in the region support ongoing construction of buildings, roads and other projects.
Fastest growing regional market
The concrete bonding agents market in Middle East and Africa is projected to expand at the fastest pace through 2031 on account of huge government investments for new cities, airports and other infrastructure in Gulf countries. Mega projects like Expo 2020 in Dubai are also propelling concrete bonding agent consumption. Supportive economic conditions and population growth translate to sustained demand upsurge.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)