Wilmington, Delaware, United States, May 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Concrete Restoration Market size stood at US$ 12.9 Bn in 2022 and is anticipated to reach US$ 23.1 Bn by 2031.
The global industry is likely to grow at a CAGR of 6.7% between 2023 and 2031. Concrete restoration ensures continuous operation and safety of concrete structures, while also extending their useful lives and improving esthetic appeal and financial worth.
Infrastructure development projects are placing a greater emphasis on concrete restoration services, particularly in developing countries such as Brazil, India, and China. These countries are making investments in development of fresh infrastructure projects as well as upkeep and repair of deteriorating infrastructure, thus fueling market expansion.
Vendors in the global industry are projected to benefit economically from the increase in demand for restoration services. The development of innovative concrete restoration methods and desire for gaining an edge over competitors in the industry are encouraging major suppliers to invest significantly in R&D activities.
Concrete restoration is required for structures in order to combat aging or degradation over the years. Additionally, structural damage brought on by impacts or other pressures, chemical exposure, water damage, freeze-thaw cycles, and other environmental conditions is anticipated to boost market development.
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Key Findings of Market Report
- In terms of restoration type, the horizontal concrete restoration segment holds sizable market share. Horizontal surfaces such as parking garages, pavements, and floors are continuously used which over time causes cracks, spalling, and different kinds of damage. As a result, market demand for horizontal concrete restoration services, which involve fixing or repainting these surfaces, is high.
Global Concrete Restoration Market: Growth Drivers
- Aging infrastructure is one of the key factors influencing the concrete restoration market. Governments, localities, and private businesses are realizing the value of repairing and maintaining the current infrastructure rather than erecting brand-new ones. Leading businesses are providing creative fixes for repairing and safeguarding concrete buildings. Aging infrastructure is expected to fuel business opportunities in the global market. Governments and commercial businesses are working together to protect and maintain their existing infrastructure, which is expected to drive business opportunities in the global industry.
- Concrete repairs offer improved safety and more cost savings and thus building developers and property owners are opting for concrete restoration work. The market expansion for concrete restoration is aided by growth in demand to extend the lifespan of current structures. Additionally, concrete restoration encourages long-term investment, enhanced security, as well as environmental sustainability.
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Global Concrete Restoration Market: Regional Landscape
- Asia Pacific is anticipated to account for approximately 52.5% share of the global market between 2023 and 2031. Market statistics are improving in the region due to rapid urbanization, industrialization, as well as concerns about the environment.
Global Concrete Restoration Market: Key Players
Some of the key players in the global concrete restoration market are
- The Sherwin-Williams Company
- Chembond Chemicals Limited
- The Euclid Chemical Company
- RPM International Inc.
- PPG Industries, Inc.
- AkzoNobel NV.
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Global Concrete Restoration Market: Segmentation
Restoration Type
- Horizontal Concrete Restoration
- Vertical & Overhead Concrete Restoration
- Underwater Concrete Restoration
Material Type
- Concrete Admixtures
- Sealers
- Epoxy Adhesives
- Coatings
- Others
Application
- Buildings
- Bridges
- Tunnels
- Highways
- Parking Structures
- Others
End-use
- Residential
- Commercial
- Industrial
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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