Polymer Concrete Market Estimated to Witness High Growth Owing to Increasing Infrastructure Development Projects
The Polymer Concrete market is estimated to be valued at US$ 795.16 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polymer concrete is a composite material consisting of aggregate, filler and Thermosetting plastic polymer. Polymer concrete has properties like high mechanical strength, thermal stability, abrasion and chemical resistance. It is used in wastewater containment areas, industrial flooring, pump bases, manholes and tanks, containment areas for marine structures, industrial flooring, pump bases and trench drains. Rapid urbanization and infrastructure development projects in emerging economies are expected to drive the demand for polymer concrete.
Market Dynamics:
The key factors driving the growth of the polymer concrete market include increasing infrastructure development projects and growing demand from construction industry. Rapid urbanization in developing nations of Asia Pacific and Latin America has led to increase in infrastructure development projects including buildings, roads, bridges etc. Polymer concrete finds major application in manufacturing precast concrete elements used in these infrastructure projects owing to its high mechanical strength and durability.
Concrete is one of the most widely consumed construction material globally. However, increasing concrete costs and environmental concerns have directed construction companies to adopt sustainable and cost effective alternatives like polymer concrete. Polymer concrete offers benefits like reduced permeability, greater durability in harsh environments and chemical resistance. This has boosted its adoption in industrial flooring, wastewater containment structures and marine applications.
SWOT Analysis
Strength: Polymer concrete has high structural strength and durability which makes it suitable for heavy loading applications. It has high resistance to chemical attacks which increases its lifespan. Its high compressive strength allows it to be used for industrial floors that experience heavy traffic.
Weakness: Polymer concrete has high initial costs due to expensive polymeric materials. It also has low tensile strength which limits its usage. Curing and processing of polymer concrete requires specialized equipment and trained workforce.
Opportunity: Growing construction industry worldwide is driving the demand for durable and maintenance-free construction materials. Increasing investments in infrastructure development also provide growth opportunities.
Threats: Availability of cheaper substitutes like conventional concrete poses threat to polymer concrete market. Fluctuations in raw material prices can impact the production cost of polymer concrete.
Key Takeaways
The global Polymer Concrete Market Growth is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing construction activities across the globe. Rapid urbanization and growing population have boosted infrastructure development in emerging economies, which drives the demand for polymer concrete in applications such as containment, industrial flooring etc.
Regional analysis: North America dominates the global polymer concrete market, accounting for maximum market share. This is attributed to wide acceptance of advanced construction materials in the region. Asia Pacific exhibits the fastest growth rate owing to rising industrial and construction spending in India, China and other developing nations. Increasing construction of roads, bridges, dams and other structures will propel the demand for polymer concrete in Asia Pacific.
Key players operating in the polymer concrete market are BASF SE, Sika AG, Wacker Chemie AG, Dudick Inc., ACO Group, Kwik Bond Polymers LLC, Sauereisen Inc., Hubbell Power Systems Inc., Forte Composites, Inc., Ulma - Architectural Solutions, and Sandmix. These prominent manufacturers are focusing on new product launches, acquisitions and expansion strategies to strengthen their global presence.
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https://cmiinfopiece.blogspot.com/2023/11/civil-infrastructure-is-fastest-growing.html
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