Concrete Bonding Agents Market to Surpass US$ 5.23 Billion by 2025
Concrete bonding agents are bonding materials used to bond a new concrete structure with the existing or hardened concrete structure. Concrete bonding agents are used on existing concrete structures to maintain the strength and integrity of the old surface. The cementitious-based latex agents market segment dominated the market of concrete boding agents in 2016, according to the stats provided by Coherent Market Insights. Cementitious-based latex agents is gaining traction over epoxy-based agents due to relatively low cost. Furthermore, cementitious latex-based agents comprise many polymeric resins such as styrene butadiene rubber (SBR), acrylics, and polyvinyl acetate (PVA), which helps in enhancing the durability and flexibility of the concrete overlay and thus, provides substantial adhesion properties to the existing concrete structure. This in turn, is fueling growth of the global concrete bonding agents market, a trend that is expected to sustain over the forecast period.
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Repairing was the largest application segment in the global concrete bonding agents market in 2016 and is expected to retain its dominance throughout the forecast period. Currently, there is a significant need for repair and restoration activities for enhancing the quality of roads, bridges, parking areas, and old infrastructure to maintain the strength and integrity of the old constructed surface. This is a key and highly lucrative growth area for manufacturers of concrete bonding agents to capitalize upon and increase revenue gains. Thus, various players in the market are focusing on R&D activities to deploy various concrete bonding agents for repairing applications. Also, other emerging applications such as flooring and decorative are also gaining traction and spurring growth of the global concrete bonding agents market. Concrete bonding agents are highly preferred for flooring application due to their high bond strength and flexibility. They are also very helpful in increasing compressive, flexural and tensile strength of cementitious systems.
The global concrete bonding agents market was valued at US$ 2,773.5 million and 4,287.7 kilo tons in 2016 and is estimated to expand at a CAGR of 7.3% in terms of revenue and 5.6% in terms of volume during 2017 – 2025.
The decorative segment has emerged as the fastest growing application area for concrete bonding agents
Decorative segment is estimated to be the fastest-growing application in the global concrete bonding agents market over the forecast period and is expected to witness fastest growth over the following decade. The growing need for well-furnished homes, highly luxurious residential apartments due to growing urbanization and rising disposable income of the people in Asia-Pacific and Latin America is a key factor fueling growth of the decorative application segment in the global concrete bonding agents market.
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Asia Pacific, followed by North America and Europe, respectively accounted for major share in the global concrete bonding agents market both in terms of revenue and volume in 2016 and the trend is estimated to remain the same over the forecast period. In 2016, Asia Pacific held a market share of 50.3% in terms of value in the global concrete bonding agents market. Demand for repairing, flooring, and decorative activities in Asia Pacific is gaining unparalleled traction due to the flourishing building & construction sector and the region emerging as a major economic hub has led to increasing development of commercial and industrial buildings. This in turn has positioned Asia Pacific as the growth engine for the global concrete bonding agents market over the forecast period. According to a study conducted by Coherent Market Insights, the Asia Pacific region is expanding at a CAGR of 8.1% in the global concrete bonding agents market during the forecast period. Growing urbanization and increasing construction activities especially in emerging economies of India and China is a major factor fueling demand for effective repairing works, flooring and decorative activities, subsequently fueling growth of the concrete bonding agents market in the region. For instance, as per statistics released by India Brand Equity Foundation (IBEF)—a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—the Indian government plans to invest US$ 376.53 billion in infrastructure development over the following three years.
Major players in the global concrete bonding agents market include 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.
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