Shotcrete Market, By Process (Wet- Mix and Dry- Mix) , By System (Robotic and Manual), By Application (Underground Construction, Water Retaining Structures, Repair Works, and Protective Coatings), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 7.32 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 6.9% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Shotcrete is a technique used to spray concrete through a hose at high velocity onto surface pneumatically. The concrete mixed with water is sprayed through a nozzle over the substrate. The growing population and the propelling economy of Asia Pacific leads to infrastructure development and sustainable public transport.
Global Shotcrete Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has had a negative impact on the shotcrete market, leading to economic crisis and disruptions in global trade. The financial recession in the construction industry has led to unemployment and postponement, which has affected the shotcrete market negatively. The pandemic has caused significant disruptions in raw material transportation, which has ceased many manufacturing industries, leading to a decline in the demand for shotcrete. The market is expected to continue experiencing the effects of the pandemic, with ongoing changes and challenges in the industry. The coronavirus outbreak has led to economic crisis that has severely disrupted the economy and global trade. The shotcrete market also experienced a negative impact owing to the shutdown of manufacturing processes and the postponement or cancellation of construction projects. This has caused financial recession in the construction industry leading to unemployment. For instance, as stated in 2020, in the IOPscience, the scientific publication that distributes scientific information worldwide, in India, the pandemic is costing an estimated US$ 363crore every day and the pandemic is estimated to reduce the investment in the construction sector by 13% to 30%, affecting the gross value and investment. Similarly, in China, the lockdown imposed during the pandemic has stopped construction activities that have incurred a loss of US$ 1.40 million from construction. Similarly, the U.S. that employs more than 11.2 million people in the construction sector states that 45% of contractors in the construction sector are facing destructions caused by the pandemic.
Market: Key Developments
- In May 2023, Sika AG closed the acquisition of MBCC Group, a leading global supplier of construction chemicals. Sika AG is a Swiss multinational specialty chemical company that supplies to the building sector and motor vehicle industry. With a focus on innovation and sustainability, MBCC Group has been at the forefront of driving positive change in the construction industry.
- In November 2021, Sika signed a binding agreement to acquire MBCC Group (the former BASF Construction Chemicals)
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Shotcrete Market”- Forecast to 2031, Global Shotcrete Market, By Process (Wet –Mix and Dry-Mix), By System (Robotic and Manual), By Application (Underground Construction, Water Retaining Structures, Repair Works, and Protective Coatings), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
Link: https://www.coherentmarketinsights.com/market-insight/shotcrete-market-280
Key Takeaways of this Market:
- Asia Pacific is projected to be the fastest growing region in the market. It accounted a CAGR of 6.90% from 2024-2031 in terms of revenue. The market in this region is expected to be primarily driven by the rampant growth of tunnels and water retaining structures in China, India, and ASEAN countries. The growing need of underground metro lines and tunnels, rising urbanization, and growing demand for reliable public transport are some of the key drivers for the growth of Shotcrete in the Asia Pacific region.
- The market in Latin America is expected to register a significant growth rate over the forecast period. Rising construction activities are expected to create lucrative growth opportunities for the players in this region.
- Mining companies, engineers, and contractors are increasingly deploying quick, reliable, economic, and efficient technology of pneumatically operated shotcrete. Shot-tech robotic system technology is dominating the market for shotcrete as it enables the shotcrete to spray automatically after blasting and allowing the nozzle operating crew to be safe.
- BASF SE, Heidelberg Cement, Grupo ACS, Lafargeholcim, Cemex, Sika AG, GCP Applied Technologies, U.S. Concrete, Mapei, and Normet are among the key players in the market
- Technological advancements are leading to key innovations in new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market. The key multinational players are rapidly investing in shotcrete technology to fulfil the growing demand for shotcrete in Europe and Asia Pacific. For instance, BASF SE installed a shotcrete plant in Andhra Pradesh, India. BASF SE, an initialism of its original name Badische Anilin- und Sodafabrik, is a European multinational company and the largest chemical producer in the world. Moreover, Sika AG started a shotcrete plant in Australia to meet the growing demand for shotcrete in rail tunnels and suburbs in the Forrest field Airport link.
