February 29, 2024

The Global Concrete Bonding Agents Market is Driven by Growing Construction Industry

Concrete bonding agents are utilized as an adhesive in projects related to repair, restoration, and construction of concrete surfaces. These agents are applied to freshly laid concrete or existing concrete surfaces to enhance the bonding of new concrete layers poured over it. They improve the adhesive strength of concrete by filling pores and irregularities in the substrate. This ensures a durable bond and prevents de-bonding. Rising infrastructural development across both commercial and residential sectors globally has propelled the demand for concrete bonding agents in new construction activities. Major applications include bonding of overlays and toppings, repair of spalled or honeycombed concrete, bonding of precast concrete elements, and anchoring of bolts and rods in concrete structures. The global concrete bonding agents market is estimated to be valued at US$ 2,773.5 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The key trend gaining traction in the concrete bonding agents market is the rising popularity of epoxy-based concrete bonding agents. Epoxy resins form very strong adhesive bonds and provide excellent adhesion to a variety of substrates including concrete, metals, and wood. They exhibit high mechanical strength, chemical resistance, and are immune to water penetration. The epoxy bonding system persists even under harsh environmental conditions and has a long shelf life. These advantages have increased the adoption of epoxy concrete bonding agents in structural repair works of bridges and buildings involving decks, columns, beams and other load-bearing elements. Another notable trend is the increasing demand for cementitious latex-based concrete bonding agents. These agents have good alkali resistance, are environment-friendly with low VOC emissions, and provide a flexible bond. Product innovation towards the development of green, superior performance concrete bonding agents with low carbon footprint will further support the market growth over the forecast period.

Porter’s Analysis

  • Threat of new entrants: The threat of new entrants is moderate as the concrete bonding agents market requires high initial investment and R&D for product development. However, there are low switching costs for customers.
  • Bargaining power of buyers: The bargaining power of buyers is high due to the availability of numerous suppliers providing concrete bonding agents. Buyers can negotiate on pricing and product quality.
  • Bargaining power of suppliers: The bargaining power of suppliers is moderate as major players dominate the supply market. However, suppliers still have some control over pricing.
  • Threat of new substitutes: The threat of new substitutes is low as concrete bonding agents have good performance and substitutes are not widely available and accepted.
  • Competitive rivalry: The competitive rivalry is high among the key players to gain higher market share through product innovation, technical advantage, and marketing strategies.

Key Takeaways

The global Concrete Bonding Agents market is expected to witness high growth over the forecast period.

Regional analysis: Asia Pacific is expected to dominate the global market over the forecast period. The growth of the region is driven by massive infrastructure development and construction activities in developing countries like China and India. Additionally, the rapid urbanization is further propelling the demand for concrete bonding agents.

Key players: 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 key players are focusing on expansion, new product development, and partnerships with construction companies to gain a competitive edge in the market.