Concrete Bonding Agent Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Concrete Bonding Agent Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The concrete bonding agent market is projected to register a CAGR of more than 5% during the forecast period (2021-2026).

Due to COVID-19, the building renovation and construction activities were halted, decreasing the demand for bonding agents that are used for repairing, flooring, decorative, and a few other applications. Due to a ban on inter-state travel, an exodus of migrant workers, also known as informal sector workers, wreaked havoc on the supply chain. This caused less consumption of construction materials and decreased demand and supply. However, the construction industry is likely to witness growth in the coming years, owing to developing economies such as China and India, thus increasing the market for concrete bonding agents in the construction industry. India is likely to witness an investment of around USD 1.3 trillion in housing over the next four years, during which the country is likely to witness the construction of 60 million new homes. The availability of affordable housing is expected to rise around 70% by 2024 in India.

Key Highlights

• Over the medium term, the growing application in building and construction is driving the market growth.
• On the flip side, a dearth of awareness among the consumers is expected to hinder the growth of the market.
• The Asia-Pacific region dominates the global market, with the largest consumption being registered in China, India, and Japan.

Key Market TrendsIncreasing Demand from the Residential Building and Construction Sector

• In building and construction, these bonding agents are used for repairing, flooring, decorating, and a few other applications, which, in turn, helps renovate the buildings.
• These bonding agents improve cohesion. Its positive adhesion exceeds that of the tensile strength of the host concrete.
• The building and construction sector leads the way in the application of concrete bonding agents. The increasing residential construction and renovation activities in developing countries are increasing the demand for concrete bonding agents.
• The Chinese government has rolled out massive construction plans, including making provisions for the movement of 250 million people to its new megacities over the next ten years.
• According to the World Bank and Mordor Intelligence Analysis, the construction industry spending worldwide in the year 2019 was USD 12 trillion, and it is forecasted to reach an estimated value of USD 15.3 trillion in the year 2026, which will create the demand for the concrete bonding agent.
• The US Census Bureau has been providing more permits for the construction of new residential buildings due to the current trend of multi-family buildings and a rise in migration to cities.
• According to the US Census Bureau, construction spending in the United States in both private and public construction in 2020 was around USD 1,400 billion. Furthermore, according to StatCan, gross domestic product at basic prices for the construction industry in Canada in the year 2019 was estimated to be around 141.22 billion Canadian dollars, and it is expected to increase during the forecast period.
• Hence, owing to the growing construction activities, the demand for concrete bonding agents is expected to increase over the forecast period.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region is expected to dominate the market for concrete bonding agents during the forecast period. In countries, like China, India, and ASEAN Countries, with the growing construction activities, the market for concrete bonding agents has been increasing rapidly.
• The largest producers of concrete bonding agents have a significant presence in the Asia-Pacific region. Some of the leading companies in the production of concrete bonding agents are Fosroc Inc., Flowcrete Group Ltd, Sika AG, and BASF SE.
• The Indian government announced an investment worth USD 31,650 billion for the construction of 100 cities under the smart cities plan. Additionally, 100 smart cities and 500 cities are likely to invite further investments worth INR 2 trillion (~USD 28.18 billion) over the coming five years, creating scope for the application of these concrete bonding agents.
• The Indian government allocated USD 63 billion for the infrastructure sector in 2019-20, and it is planning to spend USD 1.4 trillion over the next five years. Furthermore, the construction industry in India received a major boost as an investment of USD 1.4 billion through private equity and venture capital investments during October 2019.
• Moreover, according to the National Development and Reform Commission of China, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019, which are expected to be completed by 2023. The growing infrastructure investment and building of complex structures are expected to drive the market for concrete bonding agents. Also, the country has the largest building market in the world, making up 20% of all construction investment globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030.
• New petrochemical facilities development boosted the private sector demand, while industrial and building projects in the Punggol Digital District contributed to the public sector demand in Singapore. The infrastructure sector is also expected to post relatively healthy growth, mainly driven by the efforts to upgrade the country’s road, rail, and other public transport infrastructure and investment in energy and utilities construction projects. The government had been planning to invest SGD 28 billion (USD 20.9 billion) in the expansion and upgrading of the transport system by 2022.
• The aforementioned factors, coupled with government support, are contributing to the increasing demand for concrete bonding agents during the forecast period.

Competitive Landscape

The concrete bonding agent market is partially fragmented in nature, with a few major players holding a significant portion of the industry. Some of the major companies are Fosroc Inc., SIKA CORPORATION, MAPEI Corporation, MBCC Group, and The Euclid Chemical Company.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Adhesives Technology Corporation (ATC)
ChemCo Systems Inc.
Flowcrete Group Ltd
Fosroc Inc.
GCP Applied Technologies Inc.
LafargeHolcim
MAPEI Corporation
MBCC Group
SIKA CORPORATION
The Euclid Chemical Company

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