ID: MRFR/CO/1285-CR | March 2019 | Region: Global | 185 pages
Shotcrete/Sprayed Concrete Market is projected to be worth USD 15.24 billion by 2028, registering a CAGR of 8.45% during the forecast period (2021 - 2028), The market was valued at USD 8.41 billion in 2020.
The global sprayed concrete market is expected to witness substantial growth during the forecast period. Europe is estimated to be a prominent region for sprayed concrete market due to the development of infrastructure and the construction of residential, commercial, and municipal buildings. Similarly, the growing construction industry and the various tunneling projects that are pipelined in North America and Asia-Pacific are projected to drive the sprayed concrete market during the forecast period. In 2017, North America held the second-largest market share in the sprayed concrete market. Commercial buildings such as commercial complexes and offices are increasing as business hubs are becoming overpopulated and creating a demand for new complexes. This is driving the sprayed concrete market in this region.
The global sprayed concrete market is segmented based on process, system, and application. On the basis of process, the sprayed concrete market is divided into wet process and dry process. The wet process segment is dominating the market, owing to various advantages such as controlling on water content, easy spraying, and adding admixtures as per design requirement during the preparation of the mix.
On the basis of system, the sprayed concrete market is divided into robotic spraying system and manual system. The robotic spraying system is the dominating segment, owing to the growing demand for simplifying the tasks of the operator and the lack of trained spraying equipment operators.
On the basis of application, the global sprayed concrete market is segmented into underground construction, protective coatings, water-retaining structures, retaining walls, strengthening & repair, and specialty construction. The underground construction segment holds the maximum market share, owing to the increasing underground construction, across the globe.
Region-specific analysis of the low-speed vehicle market spans across North America, Europe, Asia-Pacific (APAC), the Middle East & Africa, and South America.
The key players of global sprayed concrete market are BASF SE (Germany), HEIDELBERGCEMENT AG (Germany), CEMEX S.A.B. de C.V. (Mexico), LafargeHolcim (Switzerland), Sika AG (Switzerland), LKAB (Sweden), KPM Industries Ltd (Canada), The QUIKRETE Companies (US), GCP Applied Technologies Inc. (US), U.S. Concrete, Inc. (US).
Global Sprayed Concrete Market, by Region, 2017
Source: MRFR analysis
The construction sector is one of the most important sectors in the European economy. According to EUROPEAN BUILDERS CONFEDERATION, the construction industry in Europe contributes around 9% to the total GDP of the EU, owing to the presence of 3 million enterprises, which employs a total direct workforce of 18 million people. The residential construction segment had the highest contribution in the construction industry in 2016 and grew by 5% compared to 2015. The upgrade of infrastructure and the construction of residential, commercial, and municipal buildings drive the construction industry in Europe, which provides traction for the sprayed concrete market to grow steadily.
Germany has experienced an increase in immigration, which has resulted in a substantial population boost and an urgent need for affordable housing. The low-interest rates introduced by the European Central Bank have transformed the mortgage loan process, which increased the construction of residential buildings. In the UK, the value of the construction industry in both, public and private sectors, has increased. The growing construction industry can be attributed to the increasing construction of private housing buildings and commercial and industrial infrastructure and the rising of privately funded projects in the healthcare industry. The significant growth of the construction industry is expected to drive the sprayed concrete market.
The global sprayed concrete market has been segmented on the basis of process, system, application, and region. On the basis of process, the market is divided into wet process and dry process. The wet process segment is expected to dominate the sprayed concrete market due to the advantages it offers, including controlling the water content, easy spraying, and adding admixtures as per the design requirement during the preparation of the mix.
In January 2019, BASF SE launched its Virtual Design and Construction (VDC) resource center, which offers Building Information Modeling (BIM) content and other digital services for its clients in the construction industry.
In March 2019, Sika AG acquired KPM Industries Ltd, an independent Canadian manufacturer of dry shotcrete and mortars for concrete repair. This acquisition enables it to expand its business footprint in Canada
Key Questions Addressed by the Report
|Market Size||2028: USD 15.24 billion|
|CAGR||8.45% CAGR (2021-2028)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Technology, by Application, by Material|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), HEIDELBERGCEMENT AG (Germany), CEMEX S.A.B. de C.V. (Mexico), LafargeHolcim (Switzerland), Sika AG (Switzerland), LKAB (Sweden), KPM Industries Ltd (Canada), The QUIKRETE Companies (US), GCP Applied Technologies Inc. (US), U.S. Concrete, Inc|
|Key Market Opportunities||Growing construction industry|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The CAGR would be 8.45% for the sprayed concrete market during the forecast period of 2021 to 2028.
The valuation would be for sprayed concrete market USD 15.24 billion by 2028.
Sprayed concrete market would be led by robotic spraying.
The wet process segment would dominate sprayed concrete market.
The underground construction segment would lead sprayed concrete market.