New York, USA, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global shotcrete market. According to the report, the global market is projected to surpass $13,215.3 million and grow with a CAGR of 8.9% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of COVID-19 Pandemic on the Shotcrete Market
The abrupt rise of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global shotcrete market. During the pandemic, there was a huge financial recession in the construction sector, which resulted in unemployment and postponement or termination of construction projects. Also, the implementation of lockdown rules and social distancing norms caused huge disruptions in import-export activities and supply chains. Furthermore, workers were unable to reach their transportation locations owing to lockdown restrictions in numerous areas of the world. All these factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Shotcrete Market Growth
The key factor boosting the growth of the global shotcrete market is a significant rise in the demand for shotcrete owing to its improved efficiency, economic price, and need for less formwork as compared to the conventional concrete method. Furthermore, the growing use of shotcrete in the construction of free-form surfaces that are tough to build using conventional cast-in-place concrete methods is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the need for skilled labor for using shotcrete is expected to deter the market’s growth.
The report segments the global shotcrete market into process, application, technique, and region.
Wet Mix Sub-Segment to Experience a Remarkable Growth
The wet mix sub-segment of the process segment is foreseen to observe leading growth and garner $10,581.5 million in the forecast period. This growth is mainly owed to the increasing use of the wet mix technique as the water content is controlled precisely in this process and all the ingredients are mixed with the required water content.
Underground Construction Sub-Segment to Perceive Noteworthy Growth
The underground construction sub-segment of the application segment is expected to hold a leading share of the market and surpass $7,472.4 million in the forecast period. This is primarily due to the growing use of shotcrete in underground construction projects, as concrete spraying can be carried out from a safe distance.
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Robotic Sub-Segment to Witness Rapid Growth
The robotic sub-segment of the technique segment is predicted to grow enormously and hit $8,897.2 million in the forecast period. This growth is mainly owed to the growing demand for robotic shotcrete methods as the usage of automatic tools with robotic arm offers numerous benefits such as excellent mixture with homogenous support.
Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global shotcrete market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe rapid growth with a CAGR of 9.5% in the estimated period. This growth is mostly due to the growing urbanization, rising population, and upcoming construction projects in this region.
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Key Players of the Global Market
The report states some of the foremost players operating in the global shotcrete market including
- HeidelbergCement AG
- Grupo ACS
- GCP Applied Technologies
- Normet
- Lafargeholcim Ltd.
- Cemex S.A.B. De C.V.
- Sika AG
- Vulcan Materials Company
- Mapei S.p.A.
- BASF SE
- others
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in March 2021, MacLean Engineering, a designer and manufacturer of engineered solutions across the municipal, mining, and environmental sector, launched the industry-first battery electric shotcrete sprayer.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Shotcrete Market:
·Shotcrete: Advancing Technology’s Contribution to the Construction Industry
·Shotcrete: The Effective Blend of Innovation and Technology Serving Best to the Mankind
·Global Shotcrete Market to Witness a Progressive Growth by 2028 due to Rising Urbanization
