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Polymer Concrete Market Overview
The global polymer concrete market is estimated to attain a size of $1,975.8 million in 2017 and is projected to reach $2,964.0 million by 2023, witnessing a CAGR of 7.1% during 2018–2023. The market is driven by the increasing use of polymer concrete in construction activities around the world, due to its superior mechanical properties as compared to traditional concrete.
GLOBAL POLYMER CONCRETE MARKET, BY APPLICATION, KILOTONS (2013-2023)
Polymer concrete is an aggregate mixture which uses epoxy binder to harden into place. It can be made with different kinds of polymer resins such as epoxy, polyester, vinyl-ester, and others, which allow the concrete to be poured or troweled and then hardened. Its primary ingredients are water, sand, gravel, and crushed stones.
Globally, North America has been accounting for the highest revenue in the polymer concrete market, with an estimated contribution of more than 20.0% in 2017. The increasing use of this concrete in the construction industry for repair and maintenance of buildings/structures/facilities is driving the growth of the market in the region. The U.S. especially, is witnessing increasing repair and maintenance of civic facilities.
In terms of type of concrete, the polymer concrete market is segmented into epoxy, polyester, vinyl ester, and others. Epoxy has been the largest category, with an estimated revenue contribution of more than 40.0% in 2017. This is attributed to the advantages it offers over standard concrete. Also, it bonds with correctly prepared concrete or steel surfaces and can be used to repair existing concrete structures.
On the basis of class, the polymer concrete market is categorized into polymer modified concrete (PMC), polymer resin concrete (PRC), and polymer impregnated concrete (PIC). PMC has been the largest category in the global market, with an estimated revenue contribution of more than 35.0% in 2017. This can be ascribed to its excellent properties of waterproofness, chemical resistance, freeze-thaw durability, and rapid curing at ambient temperature. Additionally, the use of PMC overlays for the refurbishment of bridge decks is also very popular and common, which is contributing to the market growth.
Based on application, the polymer concrete market is classified into containments and waste containers, pump bases, flooring blocks, trench drains, and others. Trench drain is estimated to be the largest category, with more than 26.0% revenue share in 2017. This is attributed to the increasing construction of efficient drainage systems to cater to the growing population across the world.
Of all end users, civil infrastructure is estimated to be the largest user of polymer concrete, contributing over 55.0% to the global concrete market revenue in 2017. This is attributed to the increasing civic infrastructural facilities such as roads and drainage systems across the globe.
Polymer Concrete Market Dynamics
The major trend identified in the polymer concrete market is the growing awareness regarding the high performance of polymer.
The major trend witnessed in the polymer concrete market is the growing awareness among people regarding the high performance of this concrete. The traditional and existing forms of concrete suffer from various drawbacks such as high installation time, high overall mass, poor insulating properties, and others, which is generating a need for high performance concrete; thus, driving the demand for polymer-based concrete. This concrete exhibit high-performance properties such as high impact resistance and high tensile strength, leading to its increased adoption in the construction industry.
The major drivers identified in the polymer concrete market are increasing investment in civil construction projects, and increase in repair and maintenance activities in the infrastructure sector.
The increasing use of this type of concrete in civil construction projects is driving the growth of the polymer concrete market, globally. The construction industry plays a vital role in economic development by creating jobs and channelizing investments. Thus, governments worldwide are increasing their investment in civil construction projects, including roads, railways, buildings, water reservoirs, airports, bridges, sewer systems, tunnels, and others.
In 2014, under ‘Make in India’ initiative, a cumulative investment of $650 billion is estimated for urban infrastructure of the country, for the next 20 years. Also, in Germany, as of 2017, 189 strategic infrastructure projects were in the development phase with a total investment of $129.6 billion.
The major restraint to the growth of the polymer concrete market is the cost of this concrete, which is relatively high as compared to traditional concrete, due to its superior physical properties. The production cost of one ton of concrete made from polymer is significantly higher when compared to the cost of producing a ton of cement concrete. Due to its relatively high cost, the use of this concrete is limited to very specialized civil engineering applications such as abrasion resistant pipes or stress-resistant heavy-duty drainage channels.
Polymer Concrete Market Competitive Landscape
Some of the major players operating in the global polymer concrete market are Forte Composites Inc., ACO Severin Ahlmann GmbH & Co. KG, Fosroc International Ltd., Sauereisen Inc., Dudick Inc., ErgonArmor, BaseTek, Crown Polymers Corporation, BASF SE, and Sika AG.