Apr 27, 2022   SOURCE: BusinessWire

The Worldwide Concrete Restoration Industry Is Expected to Reach $20.4 Billion by 2026 - ResearchAndMarkets.com

The "Global Concrete Restoration Market by Material Type (Shotcrete, Quick Setting Cement Mortar, Fiber Concrete), Target Application (Roads, Highways & Bridges, Buildings & Balconies, Industrial Structures) and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global concrete restoration market size is estimated to be USD 15.0 billion in 2021 and is projected to reach USD 20.4 billion by 2026, at a CAGR of 6.2%.

The high growth of concrete restoration can be attributed to the growing number of construction repair projects globally due to the rising population, rapid urbanization, and increased economic growth in some regions. Emerging markets like China, the UAE, and India are showing remarkable growth due to the aforementioned factors. This has been a decisive factor in the concrete restoration market growth, especially in regions like North America and Europe, where concrete restoration products' usage is relatively high. By 2026, many new companies will emerge from China, having low-cost concrete restoration products and, thus, offer heavy competition to the existing market players.

The concrete restoration market in the quick setting cement mortar segment is expected to hold the largest share during the forecast period

Quick-setting cement accounted for the largest market share in 2020. It is a special cement formulation that develops a rapid compressive strength and significantly reduces the waiting on cement (WOC) time compared to traditional cement systems. It is used in underwater construction like river bridge construction. Part of bridge construction like a pier, foundation, pier cap, pile cap, and piles, all those constructions use quick setting cement mortar in concrete.

The concrete restoration market in the marine segment is projected to register the highest CAGR during the forecast period

The marine application is projected to register the highest CAGR, in terms of value, during the forecast period. The concrete used in the marine industry is exposed to numerous harsh conditions, including physical and chemical attacks. The projected growth shows that most target applications will grow at a high CAGR from 2021-2026, overcoming the adverse effects of global lockdowns and economic standstill caused by the COVID-19 pandemic.

Asia Pacific concrete restoration market is estimated to register the highest CAGR during the forecast period

Asia Pacific is expected to witness the highest growth at a CAGR of 7.2% between 2021 and 2026. The increasing economic growth and rapid increase in population are expected to boost the concrete restoration market in this region significantly. In terms of value, Europe is the second-largest market for concrete restoration worldwide and is projected to witness a CAGR of 5.9% during the forecast period.

Market Dynamics

Drivers

  • Pressure on Existing Infrastructure due to Rising Population
  • Deteriorating Condition of Existing Infrastructure
  • Need to Increase the Life Span of Existing Buildings

Restraints

  • Stringent Regulations in Developed Markets

Opportunities

  • Growing Trend of Shifting to Renewable Energy Generation

Challenges

  • Rise of New Construction Technology as a Replacement for Restoration Materials
  • Impact of COVID-19 on the Construction Industry

Companies Mentioned

  • Adhesive Technology Corp.
  • Aquafin, Inc.
  • Ardex GmbH
  • BASF SE
  • Chembond Chemicals Limited
  • Concrete Craft
  • Dayton Superior
  • Flexcrete Technologies Ltd.
  • Fosroc
  • Fyfe
  • Garon Products Inc.
  • Mapei S.P.A
  • Master Builders' Solutions
  • Mc Building Chemicals
  • Perma Construction Aids Pvt. Ltd.
  • Pidilite Industries Limited
  • Remmers Baustofftechnik GmbH
  • Ronacrete Ltd.
  • Rpm International Inc.
  • Saint-Gobain Weber S.A.
  • Schomburg GmbH & Co. Kg.
  • Sika Ag
  • TCC Materials
  • The Euclid Chemical Company
  • W. R. Meadows, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/kr6cy4