PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555533
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555533
Concrete Bonding Agents Market size was valued at USD 4,551.5 Million in 2023, expanding at a CAGR of 8.6% from 2024 to 2032.
The materials used to strengthen the bond between freshly laid concrete and pre-existing concrete surfaces are called concrete bonding agents. To improve adhesion, boost durability, and create a strong link between various concrete pieces, they are applied to concrete surfaces. By guaranteeing the dependable bond between old and new concrete and averting cracks or delamination, these agents are essential in applications related to building and maintenance. There are several kinds of cementitious materials available, including epoxy-based, polymer-modified, and acrylic-based agents, each with unique benefits and characteristics. The construction of new infrastructure, maintenance efforts, and the requirement for effective building upkeep propel the market for concrete bonding agents.
Concrete Bonding Agents Market- Market Dynamics
Increasing Need for Concrete Bonding Agents with the Growth of Housing Constructions
Throughout the forecast period, government initiatives aimed at developing affordable housing around the globe are anticipated to bolster the growth of the Concrete Bonding Agent market. Numerous social housing initiatives, including the Housing for Poor Rural Families Program, low-rent housing for workers in industrial zones, and low-income urban social housing managed by local governments, were introduced by governments worldwide. Around 219,000 flats are being built as part of more than 260 current projects, according to the Ministry of Construction Vietnam. Additionally, several commercial and industrial construction projects, including the Plaju green diesel refinery, the Gresik copper smelting plant, the Tuban olefin complex development project, and many others, began construction in Indonesia in the fourth quarter of 2021. Therefore, it is further anticipated that the growing use of concrete bonding agents based on acrylic and styrene butadiene latex in both residential and commercial construction will significantly propel market expansion throughout the forecast period.
Concrete Bonding Agents Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.6% over the forecast period (2024-2032)
Based on bonding agent type segmentation, the cementitious latex-base category was predicted to show maximum market share in the year 2023
Based on application segmentation, the repairing category was the leading segment in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Concrete Bonding Agents Market is segmented based on Bonding Agent Type, Application, End Use, and Region.
The market is divided into two categories based on bonding agent type: Cementitious Latex-Base and Epoxy-Based. The cementitious latex-base category dominates the market because of its adaptable qualities and broad use in building projects. Cementitious latex-based bonding agents combine the flexibility and durability of latex polymers with the adhesive strength of cementitious materials. This combination has several benefits that make it very appropriate for various bonding applications in the building sector. Additionally, cementitious latex-based compounds strengthen the link between freshly laid concrete and older surfaces, lowering the possibility of failure or delamination over time. This is especially important for restoration and repair operations when maintaining structural integrity, which requires a strong link between the new and old concrete.
The market is divided into the following categories based on end use: Residential, Commercial, Industrial, Institutional, and Others. The residential category dominates the market and is likely to maintain its dominance during the forecast period. Due to their ease of use and ability to lessen shrinkage-induced cracks, concrete bonding agents based on epoxy resin, styrene-butadiene latex, and acrylic latex are frequently used for a variety of applications, including flooring, decoration, and repair. The increased global activity in residential development is driving up demand for concrete bonding agents. For instance, the forecast for residential construction spending in May 2022 is US$938.2 billion, which is 0.2% more than the projection from April 2022 of US$935.9 billion. Global residential project investment is anticipated to increase, which will increase the need for concrete bonding agents and, as a result, drive the market's expansion throughout the projected period.
Concrete Bonding Agents Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Throughout the forecast period, Asia Pacific is anticipated to hold the greatest share of the global market for concrete bonding agents. The key factors driving the demand for effective flooring, decorative work, and repair work are growing urbanization and increased building activity, especially in China and India's emerging economies. This is, in turn, driving the market for concrete bonding agents in the region. India's urban population increased by nearly 3% from 2020 to 498,179,070 in 2021.
In addition, the concrete bonding agents market is anticipated to expand at the fastest rate in the world during the projected period in North America because there is a lot of development going on and strict building rules that put structural stability first. The area has a well-established building sector that adheres to strict safety and durability regulations, which creates a significant need for concrete bonding agents. Effective bonding solutions are always needed for major infrastructure projects, such as office buildings, apartment complexes, and industrial facilities, to preserve structural integrity and lifespan.
The market for concrete bonding agents is very competitive, with leading companies like Sika AG, BASF SE, Fosroc International, MAPEl Corporation, LafargeHolcim, and GCP Applied Technologies. It shows a somewhat concentrated market where prominent initiatives are driving competition. Despite the substantial contributions these businesses make to the industry dynamics, there is still some fragmentation due to their varied product offerings and market shares. The competitive methods employed by these major players consist of a combination of pricing tactics, distribution network power, and ongoing product innovation. Distribution routes are also quite important, especially for multinational companies that use large networks to guarantee that their products are available everywhere.
May 2023: A significant step toward strengthening and accelerating the long-term transformation of its construction business segment was taken by Sika Group with the successful completion of the acquisition of the MBCC Group. The primary goal of this strategic move is to strengthen the company's position in the concrete bonding agent market.
April 2022: Chryso's business related to cement grinding aids and additives in North America was successfully bought by Euclid Chemical Company, a leading manufacturer of concrete and masonry building materials. The presence and skills of Euclid Chemical Company in the local construction industry are further cemented by this acquisition.