The market for Rapid Strength Concrete Market is anticipated to register a CAGR of over 5% during the forecast period. One of the major factors driving the growing demand for rapid strength concrete in various applications is the increasing construction of multi-storey and high-rise buildings. Growing emphasis on the use of eco-friendly concrete is also expected to drive the market.
- The construction industry is growing at a healthy rate, primarily in developing countries, such as India and China, owing to the industrialization resulting in rapid urbanization. This, in turn, is boosting the demand for commercial buildings, such as schools, offices, complexes and other industries.
- During construction, cost of construction materials plays an important factor, especially in developing countries. During construction, affordability serves as one of the major concerns for the project owner. This is likely to hinder the market's growth.
- In developed countries, such as the United States, projects related to business expansion, renovation of existing buildings and other structures majorly drives the construction sector, which is likely to act as a major opportunity for the market in the next few years.
Key Market Trends
Increasing Demand from the Airport Application
- Rapid strength concrete is highly used in the construction of airports, as they develop high strength within hours after pouring, unlike conventional pouring. They also accelerate construction, are easy to place, and provides significant time savings on construction sites.
- In airports, the application of rapid strength concrete can be found in runways, taxiways, airport aprons, terminal buildings, aircraft hangers, fire stations, and car parks, amongst few other applications. Furthermore they are also used in pavement concrete repairs as they are subject to damage by abrasion, impact, frost attack, subsidence, and cracking. Hence, they require fast setting concretes which can provide immediate repairs.
- Globally, around USD 255 billion has been invested in new greenfield airport projects across the world. This coupled with investments at existing airports in projects such as new runways and terminal buildings, runway and terminal extensions and miscellaneous ones, the expenditure in airport infrastructure projects is expected to cross USD 1 trillion by the next 40 years.
- All the aforementioned factors, is expected to drive the global market during the forecast period.
Europe to Dominate the Market
- Growing investments in infrastructural projects such as high-capacity transport infrastructure for passenger and freight transport, structural maintenance of the existing road, rail, and waterway networks, and revision in federal government energy policies to attract more private investment have increased the consumption of rapid strength concrete in the recent years.
- In addition, growing need for structural maintenance of federal trunk road infrastructure due to growing stresses & strains and increasing age of the road and bridge fabric, increase in investment to upgrade existing rail network, and rising necessity to replace physical structures on the federal waterways is expected to increase the demand for rapid strength concrete.
- United Kingdom is the third largest economy in Europe and registered the growth rate of 1.9%. The construction sector contributes to around 6% of the country's GDP. To provide better infrastructure to the population across the country, the government has planned to invest 1-2% of GDP in infrastructure between 2020 and 2050 as part of the National Productivity Investment Fund (NPIF). Italy is the fourth largest economy in Europe. The construction sector of the country accounts for approximately 4.9% of the country´s GDP.
- This increase in construction activities is expected to increase the market for rapid strength concrete during the forecast period.
The rapid strength concrete market is moderately fragmented. In terms of market share, few of the major players currently dominate the market. Key players in the rapid strength concrete market include Aggregate Industries UK Ltd, BASF SE, LafargeHolcim, Fosroc Inc., CEMEX SAB de CV, Tarmac, Boral, Buzzi Unicem SpA among others.
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