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The global polymer concrete market was valued at $1,975.8 million in 2017, and it is projected to reach $2,964.0 million by 2023, with a CAGR of 7.1% during 2018–2023.
The Middle East and Africa (MEA) region is expected to be the fastest growing polymer concrete market during the forecast period. This can be attributed to the growing construction activities in the region, and diversifying economy to other sectors, such as infrastructure, to reduce dependence on the oil and gas sector.
Fundamentals Governing Polymer Concrete Market
Growing awareness among people regarding the high performance of polymer concrete is the major trend witnessed in polymer concrete market. The traditional forms of concrete suffer from poor insulating properties and high installation time. Polymer concrete exhibits high-performance properties, such as high impact resistance and high tensile strength, which is leading to its increased adoption.
The increasing use of polymeric material for repair and maintenance activities in the infrastructure sector drives the growth of the polymer concrete market. For example, emergency repairs of airport runways are very disruptive for airport operations; rapid patch polymer concrete assures the repair in a very short time. It is used in a variety of applications, including nuclear power plants, kerbstones, roads, marine works, and waterproofing of buildings.
One of the major opportunities in the polymer concrete market is the emergence of fiber-reinforced polymer concrete. The concrete is improved by the addition of carbon fibers for high-tensile strength. Hence, the development of new forms of fiber polymer materials is expected to create immense opportunities for the growth of the market.
Segmentation Analysis of Polymer Concrete Market
The epoxy polymer concrete category held for the largest revenue share, accounted for $891.3 million, in 2017. This is attributed to quick setting, high strength, and low shrinkage properties of epoxy polymer concrete over other types.
The polymer modified concrete (PMC) category is expected to witness fastest growth during the forecast period in the polymer concrete market. This can be due to concrete properties, such as high flexural strength, improved freezing resistance, and superior bond strength.
The containments and waste containers category were the largest category by application in 2017, and accounted for $495.6 million. This can be ascribed to long-lasting durability and easy maintenance of containments and the wide applications of waste containers made from polymer concrete.
The civil infrastructures category in terms of end user was the market, with an estimated 59.3% revenue share, in 2017. This high application of polymer concrete in the civil infrastructure sector is attributed to the increasing infrastructural activities in developing nations, such as India, China, and Brazil.
Geographical Analysis of Polymer Concrete Market
North America was the largest market for polymer concrete during the historical period and is expected to maintain the trend during the forecast period as well. This can be mainly attributed to increasing repair and restoration of existing structures. Considering the future industry scenario, the U.S. is expected to lead the North American region, generating revenue worth $504.3 million in 2023.
MEA is expected to witness the fastest growth in the polymer concrete market during the forecast period. This can be mainly attributed to the growing infrastructural activities in the region. Saudi Arabia is expected to lead the MEA region over the forecast period.
Competitive Landscape of Polymer Concrete Market
Some of the key players in the global polymer concrete market are BASF, Sika AG, Fosroc International Ltd., Crown Polymers Corporation, ErgonArmor, Dudick Inc., Sauereisen Inc., and Forte Composites Inc.
Recent Strategic Developments of Major Polymer Concrete Market Players
In recent years, major players in the polymer concrete market have taken several strategic measures, such as product launches and geographical expansions, to gain a competitive edge in the industry. For instance, in November 2017, Sika AG opened its first concrete admixture production plant in Ethiopia. The plant is designed to produce construction materials in various categories, such as admixtures, waterproofing, sealing and bonding, refurbishment, flooring, and roofing.
Moreover, in February 2016, Fosroc International has launched a new joint sealant, Thioflex 555, for maintenance and sealing of joint concrete roads, runways, aprons, and hardstanding areas.
Market Size Breakdown by Segment
The Polymer Concrete Market report offers comprehensive market segmentation analysis along with market estimation for the period 2013–2023.
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Based on End User