Rapid Strength Concrete Market worth around $424 Bn by 2026
Published Date: July 6, 2020 Authors: Kiran Pulidindi, Sayan Mukherjee
Rapid Strength Concrete Market size is forecast to exceed USD 424 billion by 2026; according to a new research report by Global Market Insights.
Growing construction industry in emerging nations shall propel market growth
The concrete industry in emerging economies is on the boom and the construction industry is growing in developing and emerging countries, where cement consumption has been growing at high rates. The global construction market was estimated to be around USD 8 trillion in 2017 will grow to surpass USD 15.5 trillion by 2030 which will be mainly driven by China, U.S. and India. According to Global Construction 2030, more than 57% of the global growth for construction sector will largely come from China, U.S. and India.
Growing public expenditure in emerging countries, large infrastructure projects are increasing in South Asia, which is primarily due to healthy injection of investment, which will have subsequent positive impact on the rapid strength concrete market size in the coming years. Unlike developed countries which are redeveloping existing infrastructure, the emerging countries provide a good environment for construction sector. The demand for cement will grow for the projected period of time due to various government initiatives such as housing for all by 2022, investment in construction of dedicated freight corridor and ports and other infrastructure projects.
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Rapid strength concrete market demand is expected to increase due to rising construction output in Middle East & Africa and increasing infrastructure projects in Asia Pacific. However, lack of product awareness in emerging market shall act as restraining factor during forecast period. Moreover, currently going covid-19 pandemic has severely affected product demand and disrupted the supply chain. To contain the pandemic spread countries have adopted to lockdown, travel restrictions and partial or complete halt on international trade. This has affected the construction sector thus subsequently hindering product demand from major applications.
Browse key industry insights spread across 272 pages with 289 market data tables & 26 figures & charts from the report, “Rapid Strength Concrete Market Size By Strength (0 To 40 MPa, 40 To 80 MPa, Above 80 MPa), By Application (Roads/Bridges, Building/Floors, Tunnels, Airfields, Highways), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Growth in transportation infrastructure shall drive rapid strength concrete market demand
Rapid strength concrete with compressive strength more than 40 MPa and less than or equal to 80 MPa in 24 hours finds extensive applications in constructing tunnels, road, bridges, etc., as it becomes operational within 24 hours, which is highly effective in areas where traffic cannot be controlled for a longer time. Additionally, it is very durable and can resist climate change and heavy weathering caused due to heavy vehicles. Thus, rapid strength concrete with 40 to 80 MPa strength expected to grow over 7% CAGR during the forecast period.
Growing highway projects in Asia Pacific will augment the product demand
The rapid strength concrete increasingly being used in construction highways due to its rapid setting time and strength gaining properties. Emerging economies are focusing on building highways owing to its economic important.
For instance, in spite of considerable investment in road sector, the roads and highways in China is still inadequate to support its transport infrastructure which is hindering its economic activity. Therefore, the Chinese government is investing in road and highway construction through private sector participation to form a network of interprovincial expressways of 35,500 km. The aforementioned trends are likely to boost rapid strength concrete market which is useful during such large-scale construction projects to be able to carry them out in limited time due to traffic and other issues. Therefore, highways segment is likely to hold a demand share of close to 15% in 2026.
North America’s recovering building & construction industry will augment the market growth
The redevelopment project in Detroit, Michigan is quickly transforming the city with its rapid progress towards construction of the tallest building in the city. The new project which will be an 800-foot-tall tower with around 1 million square feet of retail, office, residential, and public space. The project is estimated to cost around USD 1 Billion and will be completed by 2022. Such large construction project will further boost demand for rapid strength concrete and will have subsequent positive impact on the overall business size for the projected period of time. North America held 30% market share by volume in 2019.
Market players are investing in venture capital for new market opportunities
Rapid strength concrete market is fragmented owing to the presence of a large number of medium-scale players. In March 2017, the company launched CEMEX Ventures which is an innovation and venture capital unit designed to lead the evolution of the construction industry. Major players engaged in the industry are Sika Corporation, Cemex S.A.B., Sakrete, Instarmac, BASF SE, Holchim, CTS Cement, etc.
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