The market for shotcrete accelerator is expected to grow at a CAGR of about 6% globally during the forecast period. Growing demand from the construction and infrastructure industry along with increasing demand from the mining sector are driving the market. On the flip side, limited performance of alkali-free shotcrete accelerators coupled with unfavorable conditions arising due to the COVID-19 outbreak are hindering the market growth.
- The shotcrete accelerator market is expected to grow during the forecast period owing to the growing demand from the construction and infrastructure industry.
- Asia-Pacific region to dominate the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Growing Demand form the Construction and Infrastructure Industry
- The shotcrete accelerators are widely used in a variety of construction activities and are expected to be the fastest-growing market during the forecast period.
- Shotcrete often referred to as sprayed concrete, before being sprayed, concrete is fed through a nozzle jet at a high speed. The other constituents such as water, setting accelerators, compressed air, etc., are introduced at the nozzle and are projected onto the surface where it adheres to the substrate immediately.
- Shotcrete is widely used in excavation & protective lining for tunneling, underground construction, concrete repair, restoration of buildings, slope stabilization, lightweight structures, and other applications.
- Accelerators control the setting of shotcrete after it is applied onto the substrate. The uniformity and consistency of accelerator in the shotcrete increases the quality and stability of the structure. The chemical composition and characteristics of accelerators influence on the settling of concrete.
- The growing need for infrastructure activities due to rapid urbanization and increasing population in emerging economies is expected to drive the market for the shotcrete accelerator during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for the shotcrete accelerator market during the forecast period due to an increase in demand from countries like China and India.
- The Indian government has allocated USD 63 billion for the infrastructure sector in 2019-20 and is planning to spend USD 1.4 trillion over the next five years. Furthermore, the construction industry in India has received a major boost by the investment of USD 1.4 billion through private equity and venture capital investments during October 2019.
- Globally, India is the second-largest producer of coal with around 730 million tons of coal in FY19 and fourth-largest in iron ore with 187 million tons in FY19. According to the Ministry of Mines, India has the seventh-largest bauxite reserves in the world. The growing infrastructure and the need for metals as well as minerals are expected to drive the mining industry during the forecast period.
- Moreover, according to the National Development and Reform Commission of China, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019 which are expected to be completed by 2023. The growing infrastructure investment and building of complex structures are expected to drive the market for a shotcrete accelerator.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for the shotcrete accelerator market in the Asia-Pacific during the forecast period.
The global shotcrete accelerator market is partially fragmented with players accounting for a marginal share of the market. Few companies include BASF Group, Sika Limited, MAPEI S.p.A, The Euclid Chemical Company, and CHRYSO India.
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