The concrete bonding agents market is estimated to be valued at US$ 56.26 Bn in 2022 and is expected to exhibit a CAGR of 4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Concrete bonding agents are used to bond fresh or hardened concrete to a prepared concrete, masonry or wood substrate. They are available in liquid, powder, and spray form and improve the bond between patching materials and the base concrete. Concrete bonding agents find widespread usage in construction activities such as repairs, overlay construction, and structural strengthening. They are applied between existing concrete surfaces and new concrete poured or placed over it to achieve high bond strength.
Concrete bonding agents market is primarily driven by rising infrastructure projects worldwide. Governments across major economies are heavily investing in infrastructure development which includes construction of roads, bridges, buildings, and other structures. This is positively impacting the demand for concrete bonding agents. Furthermore, aging infrastructure is necessitating renovation and repairs of existing structures. Concrete bonding agents play a crucial role in concrete repairs and are seeing increased consumption.
The increasing renovations and remodeling activities in residential and commercial buildings is another key factor fueling the concrete bonding agents market growth. Homeowners and facility managers are regularly undertaking renovation projects to modernize structures and improve aesthetics. Concrete bonding agents facilitate structural modifications without dismantling existing concrete frameworks. Their usage allows for cost-effective and less disruptive renovations.
- Strength: Concrete bonding agents offer strong adhesion between old and new concrete structures. They enhance the longevity of repaired structures. Their ease of application reduces labor costs.
- Weakness: Volatile raw material prices increase production costs. Curing requirements necessitate proper surface preparation and timing of application.
- Opportunity: Growing infrastructure development and repair activities in Asia Pacific and Latin America present new revenue avenues. Technological advancements can help design eco-friendly products.
- Threats: Stringent environmental regulations impose limits on VOC emissions. Substitute products like epoxy also compete in the market.
The Global Concrete Bonding Agents Market Growth is expected to witness high, exhibiting CAGR of 4% over the forecast period, due to increasing infrastructure development activities across the globe. Rapid urbanization is compelling governments to focus on renovating and expanding transport networks, buildings, and other structures.
Regional analysis: The concrete bonding agents market in Asia Pacific is projected to witness the fastest growth through 2030 led by large-scale investments in highways, metros, bridges, and affordable housing projects in China, India, and Southeast Asian countries. North America currently dominates the market owing to substantial refurbishment of aging structures in the United States and Canada.
Key players operating in the concrete bonding agents market are BASF SE, Fosroc International Ltd., Sika AG, DowDuPont Inc., Saint-Gobain Weber S.A., GCP Applied Technologies Inc., Mapei S.p.A, The Euclid Chemical Company, and LafargeHolcim. They have implemented new product launches and partnerships with construction businesses to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it