Concrete Bonding Agents Market - Forecast(2024 - 2030)
Concrete Bonding Agents Market Overview
The Concrete Bonding Agents Market size is forecasted to reach US$5.6 billion by 2027,
after growing at a CAGR of 6.5% during 2022-2027. Concrete
bonding agents are natural or synthetic materials used to join the old and new
concrete surfaces using polyvinyl acetate, styrene-butadiene
latex, acrylic latex and epoxy resin-based concrete
bonding agents. This agent can also be used to join the successive concrete
layers as it helps to improve adhesion between the layer of concrete and the tensile, as well as, the flexural and bond strength of the concrete or mortar. The
increase in the construction and building maintenance activity would drive the concrete
bonding agent industry. According to the U.S. Department of Commerce,
the U.S construction spending was estimated at a seasonally adjusted annual
rate of US$1,779.8 billion during May 2022 and is 9.7% above the May 2021
estimate of US$1,621.9 billion. Therefore, the rise in construction
spending would increase construction activity and, in turn, would drive the
demand for concrete bonding agents during the forecast period. However,
the global economic downturn caused by the
COVID-19 pandemic resulted in a huge drop in demand for concrete bonding
agents in building construction and maintenance activity all across the world, which had a significant impact on the growth of
the Concrete Bonding Agents industry.
Concrete Bonding Agents Market Report Coverage
The “Concrete Bonding
Agents Market Report – Forecast (2022 - 2027)” by Industry ARC, covers an
in-depth analysis of the following segments in the Concrete Bonding Agents industry.
By Type: Cementitious Latex
Based [Acrylic Latex, Styrene Butadiene (SBR) Latex and Polyvinyl Acetate (PVA)
Latex] and Epoxy Based.
By Application: Repairing, Flooring, Decoration and Others.
By End-use
Industry: Residential
Building (Independent Home, Large Appartements and Row Houses), Commercial
Building (Hospital & Healthcare, Educational Institutes, Hotels &
Restaurants, Banks & Financial Institutions, Airports, Shopping Malls, Hyper
& Super Market and Others), Industrial Building and Others.
By
Geography: North America (the
USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands,
Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea,
Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South
America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of
the World: the Middle East (Saudi Arabia, the UAE, Israel and the Rest of the Middle East) and
Africa (South Africa, Nigeria and the Rest of Africa).
Key Takeaways
- The Asia-Pacific region dominates the Concrete Bonding Agents Market share
with an estimated CAGR of 7.2% during the forecast period 2022-2027. This is due to the rising growth in the development of high-rise towers and
commercial buildings in various countries such as China, India, Japan and South
Korea.
- Increasing ownership for constructed
residential houses involves repairing and remodeling works on a large scale,
consequently driving the epoxy resin and polyvinyl acetate latex-based Concrete Bonding Agents market
growth and boosting the revenue output.
- Rising environmental concerns drive park and community garden construction in urban areas which would facilitate the rise in Concrete Bonding Agents, thereby elevating the public demand for the niche market.
Concrete Bonding Agents Market Segment Analysis – by Type
The cementitious latex-based Concrete Bonding Agents segment held
the largest Concrete Bonding Agents
Market share in 2021 and is expected to grow at a CAGR of 6.7% during 2022-2027. The cementitious latex-based
concrete bonding agents such as polyvinyl acetate latex, styrene-butadiene latex and acrylic latex have high adhesion
and bonding strength. This is widely used globally due to its lower cost as
compared to epoxy resin-based concrete bonding agents. The concrete
bonding agent is applied over walls, ceilings, columns and other surfaces of
buildings using a brush, broom, roller, or spray. The growing building
construction and repair & maintenance activity would drive the concrete bonding agents industry. According to
the Associated General Contractors of America (AGC), the construction sector is one of the largest
consumers for manufacturing, mining and a variety of services and is a major
contributor to the U.S., economy with US$1.4 trillion worth of structures each
year. Thus, with the rise in construction activity globally, the demand
for cementitious
latex-based concrete bonding agents would increase. This, in turn, would boost the demand for Concrete Bonding Agents market size during the forecast period.
Concrete Bonding Agents Market Segment Analysis – by End-use Industry
The residential sector held a
significant Concrete Bonding Agents Market share in 2021 and is estimated to grow at a CAGR of 7.5% during the forecast
period 2022-2027. Concrete Bonding Agents based
on epoxy resin, styrene butadiene
latex and acrylic latex are widely used for various applications such as repairing, flooring, decoration
and others owing to their ease of application and help in reducing cracks
formed by shrinkage. The demand for concrete bonding agents is rising due to the increase
in residential construction activity globally. For instance, Residential
construction spending is valued at US$938.2 billion in May 2022, a 0.2% has
been increased as compared to the April 2022 estimate of US$935.9 billion. Such growth in the investment for residential
projects globally is expected to bolster the requirement for concrete bonding
agents which in turn would propel the growth of the concrete bonding agents market
size during the forecast period.
Concrete Bonding Agents Market Segment Analysis – by Geography
The Asia-Pacific region dominated 48% of the Concrete Bonding Agents Market share in 2021, owing to the rising investment towards construction, bolstering construction activity and repair & maintenance of building in the region. China is estimated to witness growth in the demand for epoxy resins- and acrylic latex-based concrete bonding agents due to the rise in construction activity. In January 2022, China unveiled a development plan for its construction industry to push the pillar sector of the country's economy onto a greener, smarter and safer path with the plan to modernize its industrial chain. The construction industry of China is expected to contribute a 6% share of the country's GDP by 2025, according to the Ministry of Housing and Urban-Rural Development. Such initiatives and investments from the government for construction and development projects in the APAC countries are anticipated to increase the demand for concrete bonding agents in the forecasted period. These factors are proving to be a market booster for the Concrete Bonding Agents market size in this region.
Concrete Bonding Agents Market drivers
Increasing demand for Concrete Bonding Agents with the growing Housing projects
The government initiatives in the development of affordable housing worldwide are expected to support the growth of the Concrete Bonding Agent market size over the forecast period. Governments around the world launched various social housing programs such as the Housing for Poor Rural Families Program, low-rent housing for industrial zone employees and low-income urban social housing-local government. According to the Ministry of Construction Vietnam, there are more than 260 ongoing projects providing about 219,000 apartments. Also, the various commercial & industrial construction projects kicked off in the fourth quarter of 2021 in Indonesia such as the Tuban olefin complex development project, the Gresik copper smelting plant, the Plaju green diesel refinery and many more. Thus, significant market traction from the increasing usage of styrene butadiene latex- and acrylic latex-based Concrete Bonding Agents across residential and commercial construction is further projected to fuel the market growth during the forecast period.
The increase in commercial places with the rise in the demand for interior and exterior decoration:
Polyvinyl acetate (PVA) bonding agents are widely used in
decorative Concrete applications because of their compatibility with cement.
This polyvinyl acetate latex can also be utilized as a binder for
cementitious water-based paints & waterproofing coatings. After being applied,
this bonding agent builds a thin layer that is highly resistant to water, aging
and ultraviolet rays. Due to these factors, there is a huge demand for polyvinyl
acetate for commercial decoration purposes. The
rise in construction of commercial places like airports, hotels, malls,
institutions and others would drive the concrete bonding agents market. For
instance, China is the world’s largest construction market and is forecasted to
grow at a CAGR of 8.6% between 2022 and 2030 according to a report by Fitch Solutions Infrastructure. Moreover, China’s 14th Five-year plan
includes greenfield construction, relocation, renovation and expansion of 140 airport
projects. Thus, the rise in commercial construction activities would drive
the demand for the Concrete Bonding Agent market during the forecast period.
Concrete Bonding Agents Market Challenge
The higher price of epoxy resins-based concrete bonding agents
The cost of epoxy resins is much higher. The reason behind this is its production cost. While the machinery and the equipment used in production are tagged with a higher expense, this machinery also requires high maintenance. Due to this factor, the product based on epoxy comes with a higher price as compared to its alternatives. This factor tends to constrain the growth of the market. In addition, even if epoxy-based products provide better results, the customer usually prefers the inexpensive option. Such factors have become the major challenge for Concrete Bonding Agents in terms of consumption, which constrains the growth of the market.
Concrete Bonding Agents Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies players adopt in the Concrete Bonding Agents Markets. The top 10 companies in the Concrete Bonding Agents industry are:
- Fosroc Inc.
- SIKA AG
- MAPEI Corporation
- BASF SE
- MBCC Group
- The Euclid Chemical Company
- Dow Construction Chemicals
- Dow Corning Corporation
- Saint-Gobain Weber S.A.
- GCP Applied Technologies Inc
Recent Developments:
- In May 2022, Euclid Chemical
Company, a leading manufacturer of concrete and masonry construction products,
acquired Chryso's North American cement grinding aids and additives business.
The acquired
technologies are sold to cement manufacturers to enhance the performance of
cement and to reduce CO2 emissions during its production.
- In August 2021, Sika AG, launched a new concrete repair solution that provided greater long-term protection for buildings and set a new standard for low environmental impact concrete by significantly reducing CO2 emissions.
- In January 2020, Euclid Chemical Company, a manufacturer of products for the concrete and masonry construction industry, launched three new concrete bonding agent products, Eucoweld 2.0, Level Top PC-AGG and new and improved Kurez DR VOX.
Relevant Reports
Decorative
Concrete Market – Industry Analysis, Market Size, Share, Trends, Application
Analysis, Growth and Forecast Analysis
Report Code: CMR 1105
Report
Code: CMR 0142
Report Code: CMR 0324
For more Chemicals and Materials Market reports, please click here
LIST OF TABLES
1.Global Concrete Bonding Agents Market By Agent Market 2023-2030 ($M)1.1 Cementitious Latex Based Agents Market 2023-2030 ($M) - Global Industry Research
1.2 Epoxy Based Agents Market 2023-2030 ($M) - Global Industry Research
2.Global Concrete Bonding Agents Market By Agent Market 2023-2030 (Volume/Units)
2.1 Cementitious Latex Based Agents Market 2023-2030 (Volume/Units) - Global Industry Research
2.2 Epoxy Based Agents Market 2023-2030 (Volume/Units) - Global Industry Research
3.North America Concrete Bonding Agents Market By Agent Market 2023-2030 ($M)
3.1 Cementitious Latex Based Agents Market 2023-2030 ($M) - Regional Industry Research
3.2 Epoxy Based Agents Market 2023-2030 ($M) - Regional Industry Research
4.South America Concrete Bonding Agents Market By Agent Market 2023-2030 ($M)
4.1 Cementitious Latex Based Agents Market 2023-2030 ($M) - Regional Industry Research
4.2 Epoxy Based Agents Market 2023-2030 ($M) - Regional Industry Research
5.Europe Concrete Bonding Agents Market By Agent Market 2023-2030 ($M)
5.1 Cementitious Latex Based Agents Market 2023-2030 ($M) - Regional Industry Research
5.2 Epoxy Based Agents Market 2023-2030 ($M) - Regional Industry Research
6.APAC Concrete Bonding Agents Market By Agent Market 2023-2030 ($M)
6.1 Cementitious Latex Based Agents Market 2023-2030 ($M) - Regional Industry Research
6.2 Epoxy Based Agents Market 2023-2030 ($M) - Regional Industry Research
7.MENA Concrete Bonding Agents Market By Agent Market 2023-2030 ($M)
7.1 Cementitious Latex Based Agents Market 2023-2030 ($M) - Regional Industry Research
7.2 Epoxy Based Agents Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Concrete Bonding Agents Market Revenue, 2023-2030 ($M)2.Canada Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
3.Mexico Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
4.Brazil Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
5.Argentina Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
6.Peru Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
7.Colombia Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
8.Chile Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
9.Rest of South America Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
10.UK Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
11.Germany Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
12.France Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
13.Italy Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
14.Spain Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
15.Rest of Europe Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
16.China Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
17.India Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
18.Japan Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
19.South Korea Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
20.South Africa Concrete Bonding Agents Market Revenue, 2023-2030 ($M)
21.North America Concrete Bonding Agents By Application
22.South America Concrete Bonding Agents By Application
23.Europe Concrete Bonding Agents By Application
24.APAC Concrete Bonding Agents By Application
25.MENA Concrete Bonding Agents By Application
26.Sika AG, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Fosroc International Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Saint-Gobain Weber S.A., Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Mapei S.P.A., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.BASF SE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Lafargeholcim, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.The DOW Chemical Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.DOW Corning Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.The Euclid Chemical Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Additional Company Profiles, Sales /Revenue, 2015-2018 ($Mn/$Bn)