Wilmington, Delaware, United States, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global concrete repair system market is projected to flourish at a CAGR of 5.0% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 20.9 billion is anticipated for the market in 2031. As of 2023, the market for concrete repair systems is expected to close at US$ 12.9 billion.
The growing demand for regular maintenance & repair of aging infrastructure like bridges, roads, and buildings demands concrete repair systems increase to extend the service life of these structures and ensure public safety.
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Competitive Landscape
The concrete repair system is highly consolidated with the presence of few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global concrete repair system market report:
- Sika Group
- Fosroc International Limited
- BASF Corporation
- KREISEL Technika Budowlana Sp. z o.o.
- MAPEI Corporation
- ARDEX Americas
- Chemco International Ltd.
- Saint-Gobain
- Kryton International Inc.
- Rust-Oleum
- Ceresit
- Others
Key Developments in Global Concrete Repair System Market
- Sika Group is a global specialty chemicals company that offers a wide range of products for construction and industrial applications. They are a leading player in the concrete repair system market and are involved in developing and manufacturing various solutions for repairing and protecting concrete structures. Sika continually introduces innovative products which include advanced repair mortars, concrete admixtures, coatings, and sealants designed to address various concrete repair challenges.
- In June 2022 - MAPEI Corporation announces the acquisition of a new facility in Houston, Texas, that is designed for the manufacturing of powders and liquid admixtures. The facility holds the possibility for expansion in the future.
- In June 2023 - Berger Fosroc Ltd, a joint venture between Berger Paints Bangladesh and Fosroc International Ltd, has opened a construction chemicals factory in Bangladesh, to meet the growing domestic demand for construction chemical materials and solutions.
The growing need to protect structures from environmental challenges such as harsh weather conditions, freeze-thaw cycles, exposure to chemicals, and other environmental factors led to increasing demand for concrete repair systems. The increased construction activities around the globe resulted in the need to repair and maintain existing ones, driving the market demand.
There is a growing emphasis on sustainable construction practices and the use of eco-friendly materials. Concrete repair systems that offer improved durability and reduce the need for demolition and reconstruction align with sustainability goals.
Key Takeaways from the Market Study
- As of 2022, the concrete repair system market was valued at US$ 12.2 billion
- By application, the buildings segment to enjoy high demand, accumulating a high revenue share during the forecast period
- Based on type, the demand for concrete repair mortars segment remains high during the forecast period, owing to the increased application in
- Based on end-use, the residential segment is expected to generate high revenue during the forecast period, due to the increased acceptance of powder coatings in the metal industry.
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Concrete Repair System Market: Key Trends and Opportunistic Frontiers
- Rapid urbanization and population growth have led to increased construction activities, resulting in the construction of new structures and the need to repair and maintain existing ones.
- The increased investment in the construction sector and increased government focus on sustainability to promote environmentally friendly practices in the construction industry.
- Increasing technological advancements in materials, technologies, and methodologies used for repairing and protecting concrete structures. Innovative materials with improved properties, such as high strength, rapid setting, and enhanced durability, boost the market demand
Concrete Repair System Market – Regional Analysis
- North America is expected to account for significant growth in the concrete repair system market and has a well-developed infrastructure with many aging concrete structures. The need for repair and maintenance is significant, driven by the region's extreme weather conditions, such as freeze-thaw cycles, which can cause concrete deterioration. Government initiatives, funding for infrastructure projects, and a growing awareness of safety and sustainability contribute to the market's growth.
- The Asia Pacific region is the fastest-growing concrete repair system market owing to rapid urbanization and population growth, leading to increased demand for infrastructure development and maintenance. Economic growth and government initiatives to modernize infrastructure contribute to the expansion of the concrete repair system market. The region's diverse climatic conditions also influence the need for repair and protection of concrete structures.
Concrete Repair System Market – Key Segments
By Product Type
- Repair Mortars
- Epoxy-Based
- Polymer-Modified
- Others
- Grouts
- Protective Coatings
- Sealants
- Others
By Application
- Buildings
- Bridges
- Roads & Highways
- Tunnels
- Others
By End-use
- Residential
- Commercial
- Industrial
- Infrastructural
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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