by Market Overview:
Concrete bonding agents are chemical formulations that are applied to concrete surfaces to enhance bonding between new and old concrete. They enhance the physical and mechanical strength of the bonding between old and new concrete. Concrete bonding agents are available in liquid, paste, and spray forms and are suitable for both interior and exterior applications. Epoxy-based concrete bonding agents provide high tensile strength and are resistant to water and chemicals. Their adoption is growing in construction of commercial buildings, roads, bridges, and industrial facilities.
Market Dynamics:
The increasing construction activities across Asia Pacific are expected to fuel the demand for concrete bonding agents over the forecast period. Rapid urbanization and industrialization in countries such as China, India, Indonesia, and Vietnam have accelerated infrastructure development. For instance, according to the World Bank, China’s infrastructure spending was around USD 35 billion in 2020 and is projected to reach USD 44 billion by 2023. Moreover, demand for repair and restoration of old structures is also contributing to the market growth. Concrete bonding agents provide a cost-effective solution for Concrete repairs with minimal surface preparation. Epoxy-based concrete bonding agents form very strong long-lasting bonds and help extend the lifespan of structures by decades. The emerging repair and rehabilitation market is therefore expected to drive the concrete bonding agents market during the forecast period.
Segment Analysis
The Concrete Bonding Agents Market Share is dominated by cementitious bonding agents segment. Cementitious bonding agents hold around 60% market share owing to their easy availability and low cost as compared to other bonding agent types. Cementitious bonding agents are polymer-enhanced mortar-based adhesives made with cement, sand, and polymers. Their low cost and compatibility with cement makes them a preferred solution for bonding concrete or repairing cracks and pores in concrete structures.
PEST Analysis
Political: Government investments in infrastructure development programs across major economies are driving the demand for concrete bonding agents for construction activities. Various stimulus packages aimed at reviving the construction sector post-COVID are also boosting market growth.
Economic: Growth in construction spending, recovery in commercial and industrial construction sectors, and rise in infrastructure projects globally are fueling the consumption of concrete bonding agents. However, volatility in raw material prices remains a challenge.
Social: Increasing population and rapid urbanization are leading to the need for more residential and commercial buildings. This is positively impacting the market. Also, rising consumer awareness about superior products is propelling the demand for bonding agents.
Technological: Advances in bonding agent formulations help in improving product properties like early strength, water resistance, bonding to damp surfaces, etc. Innovation is allowing viable solutions for various construction applications.
Key Takeaways
The global Concrete Bonding Agents market is expected to witness high growth, exhibiting a CAGR of 8.2% over the forecast period, due to increasing infrastructure development activities around the world. The market size for concrete bonding agents was valued at USD 3002.31 Mn in 2023 and is projected to reach over USD 5000 Mn by 2030.
Regionally, Asia Pacific dominates the global market and is expected to maintain its lead through 2030. Rapid construction growth in China and India has been driving demand. In India, government initiatives like Smart Cities Mission and boost to affordable housing are propelling the APAC concrete bonding agents market.
Key players operating in the 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. Major players focus on cementitious bonding agent formulations owing to their widespread acceptability across regions. The market is characterized by moderately consolidated competition.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
