"Concrete Bonding Agents Market is Anticipated to Witness High Growth Owing to Rising Construction Activities"

The concrete bonding agents market plays a vital role in construction industry as concrete bonding agents are critical components that are used to bind concrete to another surface like metal, wood or stone. Concrete bonding agents provide strong adhesion between new and old concrete surfaces. They are formulated to penetrate and bond permanently to both porous and non-porous surfaces like concrete, masonry, wood or metal.

The global concrete bonding agent market is estimated to be valued at US$ 2,773.5 Mn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period of 2023 to 2030.

Key Takeaways

Key players operating in the concrete bonding agents 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. Concrete bonding agents help constructors achieve the maximum performance and maximize the service life of structures by ensuring a strong bond between old and new concrete. Rising infrastructure development projects across both developed and developing regions is fueling the demand for concrete bonding agents.

The concrete bonding agents market is anticipated to grow at a high single-digit CAGR from 2023 to 2030. Growth momentum will majorly come from the Asia Pacific region owing to rising construction activities in India and China. Key players are focusing on expanding their manufacturing footprints to Asia Pacific region to tap into domestic demands and leverage cost benefits. Moreover, growing repair and maintenance activities of existing structures is also anticipated to drive the global concrete bonding agents market forward.

Market drivers and restrain

Rising construction activities is one of the key drivers of concrete bonding agents market. Global construction industry has been witnessing steady growth rate driven by increasing urbanization, rising disposable income and growing population. According to Global Construction 2030, worldwide construction output is projected to grow by 85% to $15.5 trillion by 2030. Majority of this growth will come from China, USA, and India who are at the forefront of massive infrastructure development. This rising construction activities will propel the demand for concrete bonding agents market.

Fluctuating raw material prices can act as a potential restrain for concrete bonding agents market. Key raw materials used in concrete bonding agents include epoxy resins, cement and polymers whose prices vary consistently depending upon global demand-supply forces and crude oil price fluctuations. Since concrete bonding agents have low-value addition, fluctuations in raw material prices can adversely impact profit margins of market players if adequate price hikes are not undertaken in tandem. This can limit the widespread adoption of concrete bonding agents to some extent over the forecast period.

Segment Analysis

Cementitious segment dominates the concrete bonding agents market holding around 50% share. This is because cementitious bonding agents creates strong and durable bonds between old and new concrete. They result in monolithic concrete structure with high compressive strength. Epoxy based segment is expected to witness fastest growth during forecast period owing to its high mechanical strength, water resistance and adhesion properties. It is increasingly being used in repair works of vehicles, industrial machineries and buildings structures.

Global Analysis

North America leads the global concrete bonding agents market with over 30% share owing to extensive infrastructure development and reconstruction activities in the region. Growth of non-residential construction sector along with government investments in public infrastructure has been driving the market. Asia Pacific is projected to be the fastest growing market during forecast period supported by increasing construction spending, urbanization and industrialization in major countries like China and India. Rising commercial and residential construction in Middle East and Africa region has been propelling the concrete bonding agents demand in the area.