by Market Overview:
Polymer concrete is a composite material comprising of an aggregate, a continuous polymer phase, and any additives. It provides high strength, good chemical resistance, and durability. It is predominantly utilized in the construction of industrial floors, containment, and structural components owing to its ability to withstand heavy loads. It offers dimensional stability, good abrasion resistance, impermeability, and durability under severe chemical attacks. These characteristics make it suitable for applications requiring chemical containment and corrosion resistance.
The polymer concrete market is estimated to be valued at US$ 795.16 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The polymer concrete market is primarily driven by the rising construction activities worldwide. Rapid urbanization and industrialization have propelled the demand for modern infrastructure, which is fueling the construction of airports, highways, railways, and other commercial buildings. Polymer concrete finds widespread usage in these construction projects owing to its high mechanical strength and durability. Furthermore, growing investments in wastewater and water management infrastructure in developing nations are also boosting the market growth. According to the World Bank, the global investment in water supply and sanitation was over $153 billion in 2019. Polymer concrete helps in developing sustainable and durable infrastructure for water and wastewater management systems due to its corrosion and chemical resistance properties. Meanwhile, stringent government regulations pertaining to wastewater treatment are compelling end-users to utilize advanced polymer concrete materials for water treatment facilities and industrial containment applications. These factors are expected to accelerate the polymer concrete market expansion over the forecast period.
Segment Analysis
The polymer concrete market is segmented by type into epoxy, latex, and polyester. The epoxy type segment currently dominates the market and will continue its dominance over the forecast period. This is due to epoxy polymers offering strong adhesion and resistance to petroleum, corrosion, and chemicals.
PEST Analysis
Political: The growth of infrastructure and construction activities globally is driving the polymer concrete market. Supportive government policies and regulations regarding use of advanced materials are further boosting adoption.
Economic: Emerging economies are witnessing high economic growth and investments in infrastructure development which is presenting lucrative opportunities. However, fluctuations in raw material prices can impact the market.
Social: Increasing spending power and changing consumer preferences towards durable and sustainable construction materials are favoring market growth.
Technological: Developments in polymer concrete formulations to offer enhanced mechanical, physical, and chemical properties without compromising on cost is a key trend. Investments in R&D for new product innovations are also influencing the market.
Key Takeaways
The Global Polymer Concrete Market Size is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing investments in infrastructure development projects globally.
The North America region currently dominates the market and is expected to maintain its position over the forecast period. This is attributed to large presence of major players and increasing spending on construction activities in the region.
Asia Pacific polymer concrete market is projected to grow at the fastest rate owing to rising industrialization and economic development in countries such as China and India. Significant investments planned under the China’s One Belt One Road initiative will further drive future growth.
Key players operating in the polymer concrete market are BASF SE, Sika AG, Wacker Chemie AG, Dudick Inc., ACO Group, Kwik Bond Polymers LLC, Sauereisen Inc., Hubbell Power Systems Inc., Forte Composites, Inc., Ulma – Architectural Solutions, and Sandmix. Companies are focusing on new product launches and facility expansions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
