The anchors and grouts market is estimated to register a CAGR of over 6%, during the forecast period.
- The market is driven by factors, such as growth in the petrochemical plant expansions, and robust growth of the construction sector in the Asia-Pacific region.
- The decline in construction sectors of Brazil and Argentina is acting as a restraint to the market growth.
- Shifting of focus toward manufacturing units in India and China is likely to act as an opportunity for the anchors and grouts market.
Key Market Trends
Growing Demand in the Industrial Sector
- Epoxy grouts are known for their extremely high strength, which needs minimal surface preparation for anchoring and installing heavy industrial machinery. Industries that use grouts include food plants, pharmaceutical plants, chemical plants, battery plants, institutional facilities, and pulp and paper mills.
- The industrial construction sector is increasing in Asia-Pacific, especially in developing countries, like India, China, etc., due to the rapid pace of industrialization in these countries.
- Owing to the ‘Make in India’ initiative by the Indian government, the industrial activities are witnessing growth in the country.
- China’s 13th five-year plan also focuses on increased industrial activities, with high safety and environmental standards. This is expected to enable the growth of the industrial sector in the country, and, in turn, lead to increased demand for anchors and grouts in the country.
- Therefore, owing to the aforementioned points, the demand for anchors and grouts from the industrial sector is expected to increase during the forecast period.
Asia-Pacific to Dominate the Market
- The emerging economies in the Asia-Pacific region, such as China, India, Indonesia, Vietnam, and the Philippines, have been witnessing robust growth in the construction activities. The robust economic performance is expected to further accelerate the expansion of housing construction activities in the region.
- Across the region, the prices of conventional residential properties have increased beyond the reach of the working-class population. Due to this, the governments have been coming up with various policy initiatives, to open up the market for large-scale construction of affordable houses
- The construction sector is one of the major contributors to the GDP of China. China’s construction industry developed rapidly, due to the central government’s push for investment in infrastructure, as a means to sustain economic growth.
- The significant development of rail and road infrastructure by the Chinese government, in order to withstand the expanding industrial and service sectors, has resulted in considerable growth of the Chinese construction industry in the recent years. As state-owned enterprises dominate the construction industry, increased government spending is boosting the sector in the country.
- Japan's construction sector is expected to witness moderate growth, owing to the increased investments over the past few years. The 2020 Olympics is expected to boost the new commercial construction in the country, thus driving the anchors and grouts market.
- From the above-mentioned points, the demand for anchors and grouts is expected to increase during the forecast period.
The anchors and grouts market is fragmented in nature. Some of the major players of the market studied include Saint-Gobain Weber, Fosroc Inc., Sika AG, MAPEI SpA, BASF SE.
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