Concrete Bonding Agents – Insights.
Concrete bonding agents are bonding materials used to bond a new concrete structure with the existing or hardened concrete structure. Concrete bonding agents are used on existing concrete structures to maintain the strength and integrity of the old surface. The cementitious-based latex agents market segment dominated the market of concrete boding agents in 2016, according to the stats provided by Coherent Market Insights. Cementitious-based latex agents is gaining traction over epoxy-based agents due to relatively low cost. Furthermore, cementitious latex-based agents comprise many polymeric resins such as styrene butadiene rubber (SBR), acrylics, and polyvinyl acetate (PVA), which helps in enhancing the durability and flexibility of the concrete overlay and thus, provides substantial adhesion properties to the existing concrete structure. This in turn, is fueling growth of the global concrete bonding agents market, a trend that is expected to sustain over the forecast period.
Repairing was the largest application segment in the global concrete bonding agents market in 2016 and is expected to retain its dominance throughout the forecast period. Currently, there is a significant need for repair and restoration activities for enhancing the quality of roads, bridges, parking areas, and old infrastructure to maintain the strength and integrity of the old constructed surface. This is a key and highly lucrative growth area for manufacturers of concrete bonding agents to capitalize upon and increase revenue gains. Thus, various players in the market are focusing on R&D activities to deploy various concrete bonding agents for repairing applications. Also, other emerging applications such as flooring and decorative are also gaining traction and spurring growth of the global concrete bonding agents market. Concrete bonding agents are highly preferred for flooring application due to their high bond strength and flexibility. They are also very helpful in increasing compressive, flexural and tensile strength of cementitious systems.
The global concrete bonding agents market was valued at US$ 2,773.5 million and 4,287.7 kilo tons in 2016 and is estimated to expand at a CAGR of 7.3% in terms of revenue and 5.6% in terms of volume during 2017 – 2025.
Figure 1. Global Concrete Bonding Agents Market, By Application
Decorative segment is expected to be the fastest growing application area in the concrete bonding agents market
Among application, decorative segment is expected to witness fastest growth in the global concrete bonding agents market over the forecast period and is expected to witness fastest growth over the following decade. Growing urbanization and rising disposable income of people in Asia Pacific and Latin America regions leading to growing need for well-furnished homes and luxurious residential apartments is one of the major factors driving growth of the segment in the global concrete bonding agents market.
Regional Insights
Asia Pacific, followed by North America and Europe, respectively accounted for major share in the global concrete bonding agents market both in terms of revenue and volume in 2016 and the trend is estimated to remain the same over the forecast period. In 2016, Asia Pacific held a market share of 50.3% in terms of value in the global concrete bonding agents market. Demand for repairing, flooring, and decorative activities in Asia Pacific is gaining unparalleled traction due to the flourishing building & construction sector and the region emerging as a major economic hub has led to increasing development of commercial and industrial buildings. This in turn has positioned Asia Pacific as the growth engine for the global concrete bonding agents market over the forecast period. According to a study conducted by Coherent Market Insights, the Asia Pacific region is expanding at a CAGR of 8.1% in the global concrete bonding agents market during the forecast period. Growing urbanization and increasing construction activities especially in emerging economies of India and China is a major factor fueling demand for effective repairing works, flooring and decorative activities, subsequently fueling growth of the concrete bonding agents market in the region. For instance, as per statistics released by India Brand Equity Foundation (IBEF)—a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—the Indian government plans to invest US$ 376.53 billion in infrastructure development over the following three years.
Multinational players
Major players in the global 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.
Concrete bonding agents are synthetic and natural compounded materials that are used to enhance the bonding strength of a new concrete structure with the old structure without applying mechanical fasteners. These bonding agents are usually used for repair applications such as bonding of new concrete with old or hardened concrete and mixing it with cement repair mortar. This will enhance the strength and maintain the integrity of the old constructed surface.
There are two major types of concrete bonding agents, namely, cementitious latex-based agents and epoxy-based agents. These types of bonding agents are used in various applications such as repairing, flooring, decorative, and marine. Cementitious latex-based agents was the largest segment in the global concrete bonding agents market in 2016, and the trend is expected to remain the same during the forecast period. The key driver for the major preference of these agents by end users is their low cost as compared to epoxy-based agents. Population explosion in Asia Pacific is subsequently fueling growth in residential & commercial construction activities emerging economies in Asia Pacific, Latin America, and Africa are fueling demand for these agents in repairing, flooring, and decorative applications. Moreover, due to the high adhesion they impart when applied onto old or hardened concrete and high compatibility of these agents with Portland cement and other hydraulic cements is a key factor fueling growth of the global concrete bonding agents market at a CAGR of 7.3% during 2017–2025.
Market Dynamics
Most players, especially small-scale companies, in the industrial sector are inclined towards repairing and retrofitting of their existing infrastructure, as opposed to investing in setting up of new facilities. This scenario is especially prevalent in emerging economies of India, China, and Brazil, in turn creating a highly conducive environment for growth of the concrete bonding agents market. Also, major investments made by private and public sector organizations for the repair and restoration of bridges, parking areas, and tunnels, among other public infrastructure provides further impetus for growth of the market. For instance, the government of Alberta has initiated a Strategic Transportation Infrastructure Program (STIP), which will commence during 2017-2018 fiscal year for an estimated budget of US$ 119 million to support rehabilitation and construction of roads and bridges in Alberta’s smaller municipalities. Furthermore, a further investment of US$ 4.6 billion has been sanction the government for highway expansion, safety upgrades and large scale projects such as Edmonton and Calgary Ring Roads.
Asia Pacific, followed by North America and Europe is expected to dominate the market in 2016 and the trend is expected to remain the same during 2017-2025. Continuous infrastructure development and the growing need for building new houses due to increasing population in China and India, results in a major demand for repairing, flooring, and decorative applications. This in turn, is projected to position Asia Pacific as the largest and fastest-growing region in the global concrete bonding agents market. The market in Latin America too, is expected to witness a CAGR of 7.5% in terms of value, during the forecast period.
Market Taxonomy
This report segments the global concrete bonding agents market on the basis of agent and application. On the basis of agent, the market is segmented as cementitious latex based agents and epoxy based agents. On the basis of application, the global concrete bonding agents market is segmented as repairing, flooring, decorative and marine. However, repairing is the largest application segment, accounting for over 40% share of the global concrete bonding agents market in 2016, while, decorative is projected to be the fastest growing application segment and expected to grow at a CAGR of 8.2% in terms of revenue during the forecasted period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Note- We will profile top 10 companies’ profiles. Also, we will provide the exhaustive list of domestic players for every region.
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