Concrete Bonding Agent Market By Material Type (Acrylic, Latex, Epoxy, Others) , By Application (Building and Construction, Roads and Infrastructure, Utility Industries, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Concrete Bonding Agent Market
The concrete bonding agent market was valued at $4.8 billion in 2023 and is projected to reach $10.0 billion by 2033, growing at a CAGR of 7.6% from 2024 to 2033.
A concrete bonding agent is a material that repairs the old concrete by adding layers of new one with high adhesion. It is either natural or man-made and makes the entire concrete appear as a single unit. The major characteristics of concrete bonding agents are their ability to reduce the permeability of joints, high tensile strength, and remarkable workability. The common formulations of concrete bonding agents are latex-based, epoxy-based, or polyvinyl acetate-based.
Expansion of construction projects such as development of large-scale transportation infrastructure and commercial & residential buildings is driving the growth of the concrete bonding agent market. In addition, rise in restoration and repair activities for historical monuments is fueling the demand for concrete bonding agents, propelling the development of the market. Furthermore, upsurge in the popularity of green construction practices is augmenting the market growth as the agent aligns with the requirement of environment-friendly construction methods. Currently, the modification of concrete bonding agents through the incorporation of nanomaterials is trending in the market. These nanoparticles incorporate significant mechanical and thermal properties into bonding agents that remarkably improve their performance.
However, the accomplishment of infrastructure projects is subject to fluctuations in the global economy. Geopolitical tensions & inflation result in reduced investments in such projects, which impacts the demand for concrete bonding agents and hampers the growth of the market. Moreover, the production of these agents requires specialty chemicals and petrochemical derivatives. Volatility in their prices restrains the development of the concrete bonding agent market. Contrarily, as governments across the globe strive to develop smart cities in their nations, the concrete bonding agent market is poised to witness lucrative opportunities in the future. According to the statistics of PwC—a multinational network of professional service providers—investments in the global smart city sector are projected to cross the mark of $2.5 trillion by 2025. This surge in investments is anticipated to open new avenues for the concrete bonding agent market.
Segment ReviewThe concrete bonding agent market is segmented into material type, application, and region. On the basis of material type, the market is divided into acrylic, latex, epoxy, and others. Depending on application, it is classified into building & construction, roads & infrastructure, utility industries, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of material type, the epoxy segment is expected to dominate the market during the forecast period.
Depending on application, the building & construction segment is projected to acquire a high stake in the market throughout the forecast period.
Region wise, Asia-Pacific is anticipated to be the highest revenue generator by 2033.
Competition AnalysisThe leading players operating in the global concrete bonding agent market include Sika AG, BASF SE, Fosroc, Inc, GCP Applied Technologies, MAPEI Corporation, The QUIKRETE Companies, 3M, Resikon Construction Chemicals, CHRYSO India, and Aswani Industries Pvt. Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy Material TypeAcrylic
Latex
Epoxy
Others
By ApplicationBuilding and Construction
Roads and Infrastructure
Utility Industries
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market PlayersSika AG
BASF SE
Fosroc, Inc
GCP Applied Technologies
MAPEI Corporation
The QUIKRETE Companies
3M
Resikon Construction Chemicals
CHRYSO India
Aswani Industries Pvt. Ltd