CONCRETE BONDING AGENTS MARKET ANALYSIS

Concrete bonding agents are bonding materials used to bond a new concrete structure with the existing or hardened concrete structure. Concrete bonding agents are used on existing concrete structures to maintain the strength and integrity of the old surface. The cementitious-based latex agent’s market segment dominated the market of concrete bonding agents in 2022, according to the stats provided by Coherent Market Insights in 2022. Cementitious-based latex agents are gaining traction over epoxy-based agents due to their relatively low cost. Furthermore, cementitious latex-based agents comprise many polymeric resins such as styrene-butadiene rubber (SBR), acrylics, and polyvinyl acetate (PVA), which helps in enhancing the durability and flexibility of the concrete overlay and thus, provides substantial adhesion properties to the existing concrete structure. This, in turn, is fueling the growth of the global concrete bonding agents market.

Drivers

Repairing was the largest application segment in the global concrete bonding agents market in 2022 and is expected to retain its dominance throughout the forecast period. Currently, there is a significant need for repair and restoration activities for enhancing the quality of roads, bridges, parking areas, and old infrastructure to maintain the strength and integrity of the old constructed surface. This is a key and highly lucrative growth area for manufacturers of concrete bonding agents to capitalize upon and increase revenue gains. Thus, various players in the market are focusing on R&D activities to deploy various concrete bonding agents for repairing applications. Also, other emerging applications such as flooring and decorative are gaining traction and spurring the growth of the global concrete bonding agents market. Concrete bonding agents are highly preferred for flooring applications due to their high bond strength and flexibility. They are also very helpful in increasing the compressive, flexural, and tensile strength of cementitious systems.

The global concrete bonding agents market was valued at US$ 2,773.5 million and 4,287.7 kilo tons in 2022 and is estimated to expand at a CAGR of 8.25% in terms of revenue and 5.6% in terms of volume during 2023–2030.

Figure 1. Global Concrete Bonding Agents Market, By Application

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Decorative segment is expected to be the fastest-growing application area in the concrete bonding agents market

Among application, decorative segment is expected to witness the fastest growth in the global concrete bonding agents market over the forecast period and is expected to witness the fastest growth over the following decade. Growing urbanization and rising disposable income of people in Asia Pacific and Latin America regions leading to a growing need for well-furnished homes and luxurious residential apartments is one of the major factors driving the growth of the segment in the global concrete bonding agents market.

Figure 2. Global Concrete Bonding Agents Market, By Method

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Regional Insights

Asia Pacific, followed by North America and Europe, respectively accounted for a major share of the global concrete bonding agents market both in terms of revenue and volume in 2022 and the trend is estimated to remain the same over the forecast period. In 2022, Asia Pacific held a market share of 50.3% in terms of value in the global concrete bonding agents market. Demand for repairing, flooring, and decorative activities in Asia Pacific is gaining unparalleled traction due to the flourishing building & construction sector, and the region emerging as a major economic hub has led to increasing development of commercial and industrial buildings. This, in turn, has positioned Asia Pacific as the growth engine for the global concrete bonding agents market over the forecast period. According to a study conducted by Coherent Market Insights in 2022, the Asia Pacific region is expanding at a CAGR of 8.1% in the global concrete bonding agents market during the forecast period. Growing urbanization and increasing construction activities especially in emerging economies of India and China are major factors fueling demand for effective repairing works, flooring, and decorative activities, subsequently fueling the growth of the global concrete bonding agents market in the region. For instance, as per statistics released in 2022 by India Brand Equity Foundation (IBEF)—a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—the Indian government plans to invest US$ 376.53 billion in infrastructure development over the following three years.

Concrete Bonding Agents Market - Impact of Coronavirus (Covid-19) Pandemic :

The building renovation and construction activities were stoped, Bonding agents are used for reparing, flooring, decorative, and few other applications, but I Covid-19 period it’s demand were decreased and it affect supply chain also due to ban on inter state travel, migranr of workers. This cause less consumption of construction materials and decreased demand and supply.

Multinational players

Major players in the global concrete bonding agents market include Sika AG, Fosroc International Ltd., BASF SE, Saint-Gobain Weber S.A., Mapei S.p.A., Dow Construction Chemicals, Lafarge Holcim, The Euclid Chemical Company, GCP Applied Technologies Inc, Dow Corning Corporation, and The Quikrete Companies, Inc.