The market for concrete bonding agent is expected to register a CAGR of about 4%, globally, during the forecast period. The growing application in building and construction is driving the market growth. On the flip side, dearth of awareness among the consumers is expected to hinder the growth of the market.
- The concrete bonding agent market is expected to grow during the forecast period, owing to the increasing demand from the building and construction companies.
- The Asia-Pacific region dominates the global market, with the largest consumption being registered in China, India, and Japan.
Key Market Trends
Increasing Demand from the Building and Construction Sector
- Bonding agents are natural, compounded, or synthetic materials used to enhance the joining of individual members of a structure, without employing mechanical fasteners. Concrete bonding agents are often used in repair applications such as the bonding of fresh concrete, sprayed concrete or sand/cement repair mortar to hardened concrete.
- The building and construction sector leads the way in the application of concrete bonding agents. The increasing construction and renovation activities in the developing countries are increasing the demand for concrete bonding agents.
- The Chinese government has rolled out massive construction plans, including making provisions for the movement of 250 million people to its new megacities, over the next ten years.
- In building and construction, these bonding agents are used for repairing, flooring, decorative, and a few other applications, which, in turn, helps renovate the buildings.
- These bonding agents improves cohesion, its positive adhesion exceeds that of the tensile strength of the host concrete.
- Hence, owing to the growing construction activities, the demand for concrete bonding agents is expected to increase over the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia Pacific region is expected to dominate the market for concrete bonding agents, during the forecast period. In countries, like China, India, and Japan, with the growing construction activities, the market for concrete bonding agents has been increasing rapidly.
- The largest producers of concrete bonding agents are located in the Asia-Pacific region. Some of the leading companies in the production of concrete bonding agents are Fosroc, Inc, Flowcrete Group Ltd., Sika AG, BASF SE.
- The Indian government has announced an investment worth USD 31,650 billion for the construction of 100 cities, under the smart cities plan. 100 smart cities and 500 cities are likely to invite further investments of worth INR 2 trillion (~USD 28.18 billion), over the coming five years creating scope for the application of these concrete bonding agents.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for concrete bonding agents during the forecast period.
The global concrete bonding agent market is partially fragmented in nature, with a few major players holding a significant portion of the industry. Some of the major companies are Fosroc, Inc., Sika AG, MAPEI SpA, BASF SE, and The Euclid Chemical Company.
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