Market Overview:
Polymer concrete is a composite material obtained by combining aggregate, binder, and monomers. It is used as an alternative to conventional concrete, owing to its enhanced properties such as high mechanical strength, abrasion & chemical resistance, durability, and freeze-thaw resistance. Polymer concrete is used in infrastructure development projects such as road & bridge construction, industrial floors, and waste containment applications. It is also used as architectural component in buildings.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing infrastructure development projects across both developed and developing countries is a major factor driving growth of the polymer concrete market. According to the World Bank, the global infrastructure investment needs around US$ 94 trillion by 2040, which is expected to create significant demand for construction materials including polymer concrete. Additionally, polymer concrete exhibits properties such as durability in harsh environments, high strength, and corrosion resistance. This makes the material suitable for use in industrial areas, marine structures, and wastewater treatments plants where conventional concrete cannot be used. These advantages are further propelling the demand for polymer concrete. However, high material and manufacturing costs associated with polymer concrete limit its widespread adoption.
SWOT Analysis
Strength: Polymer concrete is more durable than conventional concrete as it provides excellent resistance to chemicals, water, and low permeability. It also offers high compressive and flexural strength due to uniform polymer dispersion. Its installation process is faster as it requires minimal curing time.
Weakness: Initial setup and operating costs of polymer concrete are high compared to normal concrete. Raw materials required for its production are not widely available.
Opportunity: Growing construction and infrastructure industries worldwide is driving the demand for durable and long-lasting construction materials. Increasing urbanization is also fueling the need for better construction solutions.
Threats: Fluctuations in crude oil prices directly impact the prices of polymers which are petroleum-based raw materials. Stringent environmental regulations surrounding VOC emissions during the production process.
Key Takeaways
The Global Polymer Concrete Market Size is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing construction activities globally. Rapid urbanization and increasing investments in public infrastructure will also augment the market expansion.
Regional Analysis: North America currently dominates the global polymer concrete market and is expected to retain its leading position over the forecast period. This is attributed to extensive R&D activities and prevalence of key manufacturers in the region. The Asia Pacific market is projected to grow at the fastest pace during the forecast period due to increasing construction projects coupled with growing population in China and India.
Key Players: 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 players are focusing on new product launches and expansion strategies to gain a competitive edge in the market.
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