Concrete bonding agents are coating materials used for bonding fresh/green concrete to hardened concrete and other substrates like steel, wood, masonry etc. They enhance the adhesion of concrete to various substrates. Concrete bonding agents provide a thin film that seals and protects concrete from water ingress and contaminants. They improve workability, durability and extend the life of the structure. The demand for concrete bonding agents is increasing in construction industry for repairing and restoration of building 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:
One of the key trends in the concrete bonding agents market is the rising demand for eco-friendly and green products. With increasing focus on sustainability, manufacturers are developing bio-based and low VOC concrete bonding agents. Soy-based and other plant-derived concrete bonding agents offer comparable performance with reduced environmental footprint. Advancements in adhesive technologies is another trend where new generations of super strong yet flexible concrete bonding agents are being introduced in the market. Their ability to withstand extreme weather conditions is increasing their popularity in construction of industrial and commercial buildings.
Threat of new entrants: The threat of new entrants into the Concrete Bonding Agents market is low due to the presence of well-established players and the requirement for high capital investments in R&D and production facilities.
Bargaining power of buyers: The bargaining power of buyers in the Concrete Bonding Agents market is high as the products are commoditized and buyers have a good availability of substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of a large number of suppliers for raw materials in the market.
Threat of new substitutes: The threat of substitutes is low in the Concrete Bonding Agents market as there aren’t many alternatives available that have the same functionality.
Competitive rivalry: The competitive rivalry among the existing players is high due to their global presence and expansion of their product offerings.
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 globe.
Regional analysis: The Asia Pacific region is expected to dominate the global Concrete Bonding Agents market over the forecast period. This is attributed to high construction activities in emerging economies like India and China. North America is anticipated to grow at a steady pace on account rising infrastructure investments in the US.
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. Key players are focused on developing sustainable and advanced bonding agent solutions to strengthen their foothold in the market.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it