Concrete Bonding Agents Market is Estimated To Witness High Growth Owing To Rising Construction Activities

Concrete Bonding Agents Market


 Market Overview:

Concrete bonding agents are construction chemicals used to bind fresh and hardened concrete surfaces together. They improve adhesion between old and new concrete, thereby increasing the strength of the bond. They provide durability and water resistance to the concrete surfaces. Concrete bonding agents find wide application in repairing cracks, restoring damaged structures, and finishing concrete surfaces.

Market key trends:
The Concrete Bonding Agents Market Share is driven by the rising construction activities worldwide. Rapid urbanization and growing infrastructure development projects are fueling the demand for concrete bonding agents. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. Moreover, repair and rehabilitation of aging infrastructure in developed economies is another key factor accelerating the adoption of concrete bonding agents. They help in extending the life of concrete structures by restoring damaged surfaces. The ability of concrete bonding agents to provide strong adhesion also reduces maintenance cost of structures over the long run. Stringent environmental norms regarding volatile organic compound (VOC) emissions from construction chemicals are prompting manufacturers to develop eco-friendly and low VOC concrete bonding agents, which is shaping the market trends.

Porter’s Analysis
Threat of new entrants: Low capital requirement and established suppliers act as entry barriers for new players in the concrete bonding agents market.

Bargaining power of buyers: Large buyers such as construction companies have high bargaining power due to the availability of substitutes.

Bargaining power of suppliers: A few well-established manufacturers dominate the supply market, giving them strong bargaining power over buyers.

Threat of new substitutes: Concrete bonding agents face threat from substitutes like cement and concrete adhesives. However, superior properties of agents reduce the threat.

Competitive rivalry: The market is consolidated with major players differentiating based on properties and price.

SWOT Analysis
Strengths: Concrete bonding agents provide high bonding strength, durability, resistance to chemicals and cracks.

Weaknesses: Volatility in raw material prices and stringent environmental regulations increase production costs. Requirement of skilled labor for applications.

Opportunities: Rapid infrastructure development and rising repair and rehabilitation activities in emerging nations boost demand. Growth in non-residential construction offers opportunities.

Threats: Economic slowdowns result in reduced spending on infrastructure and construction activities. Substitute products from local players increase competition.

Key Takeaways
The global concrete bonding agents market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing infrastructure development activities across the world. Asia Pacific dominates the global market with the highest concrete bonding agents consumption, mainly driven by China, India, Indonesia, Malaysia and Thailand. These countries are witnessing strong growth in construction activities.

Regional analysis: The Asia Pacific region dominated the global concrete bonding agents market in 2023 and is expected to maintain its dominance over the forecast period. Growth in the region is driven by rapid urbanization and rising disposable income in China, India and other developing countries.

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.

Read More:

https://www.dailyprbulletin.com/market-demand-boosting-growth-of-concrete-bonding-agents/

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