The global Concrete Bonding Agents Market is estimated to be valued at US$ 56.26 Bn or Mn in 2022 and is expected to exhibit a CAGR of 4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Concrete bonding agents are used to bond fresh/new concrete to hardened concrete. They fill pores and capillaries in existing concrete surfaces and enhance the bond between old and new concrete. Concrete bonding agents provide required strength to structures and prevent delamination. They improve bonding strength in challenging environmental conditions.
Market key trends:
One of the key trends in the concrete bonding agents market is the rising demand for repair and rehabilitation of deteriorating infrastructure. Old infrastructure needs frequent repair and rehabilitation which drives the use of concrete bonding agents. According to the American Road & Transportation Builders Association, more than 45% of America’s major roadways were in poor or mediocre condition in 2020, costing U.S. motorists $130 billion a year in extra vehicle repairs and operating costs. The increasing spending on repair and maintenance of roads is expected to continue boosting demand for concrete bonding agents over the forecast period.
- Threat of new entrants: The threat of new entrants in the concrete bonding agents market is medium as it requires considerable investment to set up an effective production and supply chain network.
- Bargaining power of buyers: The bargaining power of buyers is high due to the presence of a large number of established players operating in this market. Buyers can negotiate on price and demand better quality products.
- Bargaining power of suppliers: The bargaining power of suppliers is medium as there are many suppliers for raw materials used in concrete bonding agents. However, compliance with strict industry standards restricts easy switch of suppliers.
- Threat of new substitutes: The threat of substitutes is low as concrete bonding agents have distinct performance advantages over alternatives. They provide excellent adhesion and increase the durability of concrete.
- Competitive rivalry: The competitive rivalry in the industry is high owing to the presence of numerous international and regional players competing on pricing and product differentiation.
The Global Concrete Bonding Agents Market Size is expected to witness high growth, exhibiting a CAGR of 4% over the forecast period of 2023-2030, due to increasing infrastructural development and industrialization globally.
Regional analysis: Asia Pacific dominates the global concrete bonding agents market and is expected to grow at the fastest rate during the forecast period. This can be attributed to rapid infrastructural development and industrialization activities in China and India. North America and Europe will continue to retain a major market share over forecast period owing to high growth in construction activities.
Key players: Key players operating in the concrete bonding agents market are BASF SE, Fosroc International Limited, Sika AG, The Dow Chemical Company, Arkema Group, Saint Gobain Weber S.A, MAPLE, and Pidilite Industries Limited.
The concrete bonding agents market in Asia Pacific is expected to grow at a high pace during 2023-2030, supported by rapid urbanization and increasing construction spending in developing countries like China and India. Key industry players are focusing on expanding their geographic footprint in high-growth markets through acquisitions and collaborations.