New York, USA, April 13, 2022 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global shotcrete market is expected to garner $13,215.3 million and rise at a noteworthy CAGR of 8.9% during the analysis period from 2021-2028.
As per our analysts, the increasing efficiency of the shotcrete process due to its cost-effectiveness is expected to bolster the growth of the market during the forecast period. Due to lesser framework, higher resistance power, greater thermal efficiency, lower permeability, and enhanced strength and toughness are the major factors anticipated to fortify the growth of the market during the forecast time frame. Moreover, the wide range of applications of shotcrete for the development of free form structures is further expected to create massive growth opportunities for the growth of the shotcrete market. However, the requirement of skilled labor for the operation of nozzle or hose may impede the growth of the market during the analysis timeframe.
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Segments of the Market
The report has been divided the market into various segments namely, process, application, technique, and region.
Process: Wet-Mix Sub-Type to be Most Lucrative
The wet-mix market sub-type is expected to be most profitable and is predicted to generate a revenue of $10,581.5 million during the forecast period. This is mainly due to the controlled water content in a wet-mix process that mixes all ingredients with the required water content and leads to a cost-effective process. Moreover, the bond strength provided by the wet-mix process is further expected to uplift the growth of the shotcrete market’s sub-segment over the estimated timeframe.
Application: Underground Construction Sub-Segment to be Most Profitable
The underground construction sub-segment is projected to hold the largest share of the market and is anticipated to generate a revenue of $7,472.4 million throughout the forecast period. This is mainly because of the popularity of the shotcrete process for the installation of permanent structural lining for uneven surfaces in underground construction. In addition, proven to be an excellent procedure of concrete in tunnel applications than that of a conventional concrete process which requires heavy structures, is the major factor expected to bolster the market sub-segment during the analysis period.
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Technique: Robotic Sub-Segment to Hold the Largest Share of the Market
The robotic sub-segment is predicted to generate $8,897.2 million in revenue and is anticipated to witness steady growth during the analysis period. This is mainly due to the increasing demand for robotic shotcrete techniques such as the utilization of mechanized equipment with robotic arms that offers numerous advantages. Furthermore, the energy savings and laying off labors provided by robotic shotcrete is the vital factor expected to boost the growth of the shotcrete market sub-segment over the estimated time period.
Region: Asia-Pacific Region Expected to Have the Extensive Growth Opportunities
The Asia-Pacific region is expected to garner $2,456.8 million in revenue and is predicted to dominate the market during the analysis time period. This is mainly due to the rapid urbanization, growing population and tremendously developing infrastructure projects in this region. In addition, the initiatives are taken by the government of countries like India, such as smart city missions, and many other policies for providing housings to all, are further expected to create huge opportunities for the regional growth of the shotcrete market during the forecast period.
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Covid-19 Impact on the Market
With various other industries, the Covid-19 outbreak has caused a negative impact on the shotcrete market as well. This is mainly due to the cancellation of major projects, unavailability of raw materials, shortage of laborers, and most importantly, unpredicted postponement of construction projects. Furthermore, the diversion of the government of all countries worldwide towards healthcare has paused the construction projects. These are the major factors due to which there is the declination in the growth of the shotcrete market during the crisis.
Key Players of the Market
The major players of the market include
- Cemex S.A.B. De C.V.
- Grupo ACS
- GCP Applied Technologies
- Lafargeholcim Ltd.
- Sika AG
- Vulcan Materials Company
- Normet, BASF SE
- HeidelbergCement AG
- Mapei S.p.A.
These players are widely working on developing new business strategies and tactics to attain a leading position in the global industry.
For instance, in March 2019, Sika, a Swiss multinational specialty chemical, has announced to acquire King Packaged Material Company, which is a leading Canadian manufacturer of shotcrete and mortars for concrete repair. With this acquisition, Sika has expanded its geographical footprint all across Canada by improving the potential of home improvement mining, construction, and also tunneling markets.
This report also summarizes various other important aspects including, product portfolio, SWOT analysis, the financial performance of key players, and the latest strategic developments.
Related links:
- Global Shotcrete Market to Witness a Progressive Growth by 2028 due to Rising Urbanization
- Shotcrete: The Effective Blend of Innovation and Technology Serving Best to the Mankind
