Concrete Bonding Agent Market Overview
[180 Pages Report] The Global Concrete Bonding Agent Market is predicted to reach a high CAGR of 6.4% during the forecast period (2024-2031).
The concrete bonding agent is a type of material formulated for bonding new concrete with an old one. It needs to be applied to the previously existing concrete to ensure successful adherence of the fresh concrete over it. Furthermore, this is required because cement within a concrete mix is without any natural bonding agents. Thus, when fresh concrete is applied onto an old mature layer of concrete, the two pieces of concrete won’t adhere to each other, and thus will act as separate layers until a concrete bonding agent is added between them. Moreover, the main use of this material is in repairing, flooring, decorative applications, and others. This, in turn, is propelling the growth of the global concrete bonding agents market.
Market Scope
| Metrics | Details |
| Market CAGR | 6.4% |
| Segments Covered | By Agent, By Application, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | Asia Pacific |
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Market Dynamics and Trends
There is substantial growth in repairing old constructions as it is broadly used for repair and restoration applications. An increase in urbanization accompanied by rising in disposable income of the population has resulted in a surge in luxurious residential and commercial structures. Currently, there is a substantial 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.
Increase in the decorative interior for residential construction
Concrete bonding agent has numerous applications. However, there is an increase in the decorative interior for giving aesthetic and pleasing finishing for residential construction which is majorly driving the global market of concrete bonding agents. Moreover, the rise in living standards and income of the middle-class population in emerging countries spurs the demand for concrete bonding agents for decorative purposes. Concrete bonding agent finds various applications and above all it is easy to use, thus witnessing a robust demand.
Strong industrial base in the construction industry
Other factors which contribute to the growth of the concrete bonding agent market are a strong industrial base in the construction industry, an increase in investments by foreign companies in the construction sector, and repair in old builds. Cementitious latex-based bonding agents are very cost-effective; hence, their availability in various formulations increases the demand in the global concrete bonding agents market. Furthermore, they are highly compatible with concrete admixtures.
COVID-19 Impact on Concrete Bonding Agent Market
COVID-19 has not severely impacted supplies of the concrete bonding market. Commercial construction (new buildings & refurbishments), infrastructure projects, and road construction and repair are industries that have witnessed a modest decline. Also, industrial manufacturing was highly impacted due to the COVID-19 outbreak. Residential construction had also struggled, especially interior projects. The work-from-home and social distancing have negatively impacted this industry.
Market Segmentation Analysis
Based on the application, the concrete bonding agent market has been classified into repairing, flooring, decorative and marine.
Repairing was the largest application segment in the global concrete bonding agent market
Significant growth in the need of repairing old constructions as it is broadly used for repair and restoration applications is a key driver. Also, different country governments are focusing on investments for mending and re-establishing an existing structure rather than demolishing & building a new one. There is a significant need for repair and restoration activities for enhancing the quality of bridges, roads, parking areas, and old infrastructure to maintain the strength of the old constructed surface. Therefore, this is a key and highly lucrative growth area for manufacturers of concrete bonding agents to capitalize upon and increase revenue gains.
Based on the agent, the concrete bonding agent market has been classified into cementitious latex-based and epoxy based.
The variety of formulations of cementitious latex drives the growth
The cementitious latex-based concrete bonding agent has the largest bonding agent due to the appreciable adhesion it imparts to new concrete when it adheres to the existing concrete. As compared to latex-based, epoxy-based concrete bonding agent provides superior strength and durable bonding to concrete, but as latex-based is low cost in nature, it dominates the global concrete bonding agents market followed by an epoxy-based bonding agent. The concrete bonding agent is thoroughly applied using a brush, broom, roller, or spray. The concrete bonding agent is used on walls, ceilings, columns, and other surfaces of buildings.
Market Geographical Share
Based on geography, the study analyzes the global concrete bonding agent market including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Asia Pacific leads the global market throughout the forecast period
The Asia Pacific accounted for a major share of the global concrete bonding agents market both in terms of revenue and volume and the trend is estimated to remain the same over the forecast period. There is a growing demand for repairing, flooring, and decorative activities in the Asia Pacific which is gaining unparalleled traction due to the flourishing building & construction sector, and the region emerging as a major economic hub has led to the increasing development of commercial and industrial buildings. It has positioned the Asia Pacific as the growth engine for the global concrete bonding agents market over the forecast period.
Moreover, growing urbanization and increasing construction activities especially in emerging economies of India and China are major factors fueling the demand for effective repairing works, flooring, and decorative activities, subsequently augmenting the 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.
Market Companies and Competitive Landscape
The concrete bonding agent market is highly competitive, owing to the presence of big brands. The key concrete bonding agent market players which are contributing to the growth of the global 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.
Fosroc International Ltd
Overview:
Fosroc is a British manufacturer of specialized construction chemicals that cater to various sectors including commercial, industrial, residential, marine, and infrastructure. Fosroc has offices and manufacturing locations across Europe, the Middle East, and North, and South Asia. They are further represented in other regions around the world through a distributor and licensee network. Fosroc employs over 1,700 employees worldwide.
Product Portfolio: The company's portfolio comprises concrete, sealants, adhesives, waterproofing, protective coatings, and admixtures.
Why Purchase the Report?
- Visualize the concrete bonding agent market segmentation composition by agent, application, and region, highlighting the critical commercial assets and players.
- Identify commercial opportunities in the concrete bonding agent market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of concrete bonding agent market - level 2 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The global concrete bonding agent market report would provide access to approx. 51 market data tables, 40 figures, and 180 pages.
Target Audience
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
- Manufacturers
