PUBLISHER: Grand View Research | PRODUCT CODE: 1474925
PUBLISHER: Grand View Research | PRODUCT CODE: 1474925
The global shotcrete market size is expected to reach USD 15.49 billion by 2030 and is projected to grow at a CAGR of 8.2% from 2024 to 2030, according to a new report by Grand View Research, Inc.The market is anticipated to grow on account of increasing investments in infrastructural projects around the world such as dams, roads, bridges, tunnels, and underground structures. The product is a preferred building material as it can support complex shapes, making it suitable for infrastructural applications.
Moreover, the growing mining and tunneling sectors are primary end use industries of shotcrete where it is used for rock reinforcement, ground support, and tunnel lining. The growing demand for transport systems, including underground metro systems around developing economies such as India and China is expected to boost the product demand over the forecast period.
Infrastructure repair and maintenance is one of the major applications of shotcrete, as it is used to repair and maintain aging infrastructure and transportation networks. The product also serves as a material for structural repairs and waterproofing, as well as for corrosion prevention in bridges and tunnels, thereby boosting the product demand.
Shotcrete is also considered an eco-friendly construction material, as it uses fewer resources, produces less waste, and has a lower carbon footprint than conventional concrete construction. As sustainability plays an increasing role in the construction industry, the eco-friendly characteristics of the product are driving its market growth.
Maintaining consistent quality and performance of the product can be challenging, especially in large scale projects or adverse environmental conditions. Moreover, even though shotcrete is more energy efficient and minimizes wastage than traditional concrete, there are still environmental concerns regarding dust emissions, energy usage, and wastewater disposal during its manufacturing process. These factors are expected to hamper the industry growth.
The global market is highly competitive, with several market players competing on the basis of technology advancement, product quality, price, and distribution network. In addition, regional and local players around the world also contribute a significant share of global market. Continuous investment in research and development, strategic partnerships, and expansion into emerging markets are essential strategies for companies to maintain their competitive edge in the global market.