Global Concrete Expansion Joint Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Concrete Expansion Joint Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Concrete expands and contracts as it changes temperature. Cracks may form if these changes aren't managed, leading to weaker and less attractive concrete. Expansion joints are a common solution to this problem.

A concrete expansion joint is a small gap that provides space for the concrete to expand and contract. It is placed between the concrete and whatever the concrete abuts, allowing independent movement between these structures. Expansion joints also absorb vibrations and permit soil movement as a result of earthquakes.

Essentially, expansion joints allow for thermal expansion and contraction without inducing stress. By reducing stress within the concrete, expansion joints prevent cracks from forming.

Market Overview:

The latest research study on the global Concrete Expansion Joint market finds that the global Concrete Expansion Joint market reached a value of USD 1041.76 million in 2022. It’s expected that the market will achieve USD 1519.37 million by 2028, exhibiting a CAGR of 6.49% during the forecast period.

Concrete Expansion Joint Industry Short-term Impact

The epidemic will have a short-term impact on the concrete expansion joint industry. The influence of COVID-19 on the concrete expansion joint industry will involve all major links and entities in the industrial chain. The management efficiency of the company declined, commuting was hindered, production plans were hindered, and the company's development strategy and marketing methods were forced to adjust. In addition, during the COVID-19 period, the logistics speed slowed down or even stopped, and the production of raw materials and equipment procurement and transportation supply are difficult to be in place, and upstream enterprises affect the work schedule of downstream enterprises. The company's production is limited to some extent, and the production of related enterprises in the hardest-hit areas is greatly affected. The strict lockdown mandates imposed by governments have restricted cross-border trade between countries, another factor proving to be detrimental to the market share. Also, it is expected that the product demand in end-user sectors could pick up following the uplift of the lockdown.

The COVID-19 pandemic has caused sharp drops in employment and economic growth and triggered widespread disruption of the economy.

Reduced economic activity results in less demand for new commercial or industrial facilities, and ambiguity further dampens investment. Loss of income and lack of consumer confidence negatively affect demand for housing construction or refurbishment. And as the value of buildings and infrastructure closely tracks GDP, the need for new construction activity is highly sensitive to GDP growth. For example, a slump could substantially reduce construction share of GDP.

The pandemic also represents a shock to supply. Both migrant and domestic construction workers may be unable to reach job sites and will need to adhere to new on-site protocols that will reduce productivity for the foreseeable future. Some building-materials supply chains have also been interrupted, suspending production and distribution.

Market Drivers

Infrastructure construction in North America and government investment in the construction sector are increasing, which promotes the development of the construction industry. In July 2021, the Secretary of the United States Department of Transportation (USDOT) announced that the Infrastructure for Rebuilding America (INFRA) program would distribute USD 905.25 million in discretionary grants to 24 projects in 18 states. Canada has a similar trend. And social and cultural changes will lead to the demand for infrastructure such as data centers, warehouses and telecommunication networks to support the increasingly digital economy. The Canadian government's intention (announced in February 2021) to invest CAD 14.9 billion (USD 12 billion) in public transportation projects over the next eight years will promote long-term output in the Canadian infrastructure construction industry. The continuous development of buildings and infrastructure construction in North America drives the demand for Concrete Expansion Joint products.

Market Constraints and Challenges

Fluctuations in the price, availability and quality of the commodities, raw materials and components used in manufacturing concrete expansion joint products could have an adverse effect on costs of sales, profitability and the ability to meet customers' demand. And the cost, quality and availability of such commodities have been significantly affected in recent years by, among other things, changes in global supply and demand, changes in laws and regulations (including tariffs and duties), changes in exchange rates, worldwide price levels, and political unrest or instability.

In the past two years, the prices of energy, metals, chemicals and other commodities have all risen sharply. Affected by both supply and demand, the price of crude oil continues to rise, driving the price of plastic raw materials to rise. In addition, the overall demand for plastics is improving, which also supports the price. The price of plastics fluctuates at a high level, which brings certain pressure on risk control and capital cost for trading enterprises.

The sharp rise in the prices of these raw materials will inevitably push up the manufacturing cost of products. Therefore, if the company cannot effectively reduce costs and improve efficiency, and maintain the bargaining power of product prices, there will be the risk of a decline in gross profit margin and performance.

Emerging Market Trends

The Asian Development Bank released its forecast on December 14th, 2021, saying that the GDP growth rate of Asian emerging market countries will be 5.3% in 2022. On January 1, 2022, the Regional Comprehensive Economic Partnership Agreement (RCEP) came into effect. Six ASEAN member countries, including Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam, and four non-ASEAN member countries, including China, Japan, New Zealand and Australia, will fulfill the relevant agreements in the RCEP agreement text in the fields of import and export trade and investment. RCEP, as a modern, comprehensive, high-quality and mutually beneficial free trade agreement, plays a positive role in promoting trade, investment and overall regional economic growth.

Based on the strong demand fundamentals and the government's extensive support for infrastructure, infrastructure construction in Asia has fully recovered since 2021 and will continue to maintain strong growth in the next decade. It is expected that Asia will continue to be the most attractive region for infrastructure investment and show the greatest growth potential.

With the rapid development of digital and smart cities, Southeast Asia will invest heavily in digital infrastructure and data centers. The increasing expectation of environmental sustainability in data center construction will promote new innovations in architectural design and other system Urbanization in Asia is accelerating, and the economies of China, India and Southeast Asia are constantly developing. Social and cultural changes will lead to the rapid development of e-commerce and increase the demand for infrastructure such as large-scale logistics warehouses and distribution centers. The booming e-commerce market is driving the vigorous development of the warehouse construction industry in Asia. With the growth of Asian construction industry and the increasing demand for infrastructure development, it is expected that the Asian market of concrete expansion joints will grow rapidly in the forecast period.

Region Overview:

Asia Pacific had the highest growth rate of all regions.

Company Overview:

GCP Applied Technologies is one of the major players operating in the Concrete Expansion Joint market, holding a share of 7.04% in 2022.

GCP is a leading global provider of construction products that include high-performance specialty construction chemicals and building materials. GCP partners with producers, contractors, designers and engineers to achieve performance and sustainability goals. The company has a legacy of first-to-market and award-winning solutions that have been used to build some of the world's most renowned structures. GCP is focused on continuous improvement for its customers, end-users and the environment.

In 2016, W.R. Grace separated into two independent public companies, Grace and GCP Applied Technologies. Headquartered in Alpharetta, Georgia, USA, GCP Applied Technologies has over 50 years of industry expertise and decades of success in creating new product categories and markets.

GCP portfolio of construction products includes concrete and cement additives, building materials and technologies that ensure specified quality and enhance business productivity. The world's most successful architects, producers, builders and contractors insist on GCP brands and solutions for their construction projects.

Founded in 1890, The D.S. Brown Company is a leading worldwide designer, supplier, and manufacturer of engineered products for the bridge, airport and highway industries. As technology has evolved and influenced means of transportation, D.S. Brown too has evolved to meet the needs of the current times. From D.S. Brown humble beginnings in manufacturing horse collars and saddles to the current focus on the manufacturing of high-quality infrastructure construction products under Gibraltar Industries, D.S. Brown has been there for over a century to help the world move forward.

Segmentation Overview:

Asphalt Expansion Joint
Asphalt expansion joint is composed of a blend of asphalts, vegetable fibers, and mineral fillers formed under heat and pressure between two asphalt-saturated liners. It is waterproof, permanent, flexible, and self-sealing.

Foam Expansion Joint

Foam Expansion Joint is composed of foamed plastic that is flexible, compressible, moisture and tear-resistant, lightweight and durable. It has good recovery from compression, and is resistant to common acids, and chemicals.

Rubber Expansion Joint

A rubber expansion joint is a type of construction material used to absorb the movement between two adjacent surfaces. It is made up of an elastomeric material, such as rubber, which can be compressed and stretched without damage. When installed in a structure, it helps to protect the surrounding materials from stress or damage caused by movement.

Among different product types, Asphalt Expansion Joint segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Infrastructure segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Concrete Expansion Joint market covered in Chapter 3:

Nystrom
GCP Applied Technologies
ZKHY
MM Systems
Amorim
RJ Watson
Watson Bowman Acme
W. R. Meadows
Connolly Key Joint
Mageba SA
EMSEAL Joint Systems
Nomaco
Roaby
LymTal International
DS Brown

In Chapter 4 and Chapter 14.2, on the basis of types, the Concrete Expansion Joint market from 2018 to 2029 is primarily split into:

Asphalt Expansion Joint
Foam Expansion Joint
Rubber Expansion Joint
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Concrete Expansion Joint market from 2018 to 2029 covers:

Buildings
Infrastructure

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)