CHICAGO, April 8, 2022 /PRNewswire/ -- According to the new market research report "Concrete Restoration Market by Material Type (Shotcrete, Quick Setting Cement Mortar, Fiber Concrete), Target Application (Roads, Highways & Bridges, Buildings & Balconies, Industrial Structures) and Region - Global Forecast to 2026", published by MarketsandMarkets, the global Concrete Restoration Market size is estimated to be USD 15.0 billion in 2021 and is projected to reach USD 20.4 billion by 2026, at a CAGR of 6.2%.The high growth of concrete restoration can be attributed to the growing number of construction repair projects globally due to the rising population, rapid urbanization, and increased economic growth in some regions. Emerging markets like China, the UAE, and India are showing remarkable growth due to the aforementioned factors. This has been a decisive factor in the concrete restoration market growth, especially in regions like North America and Europe, where concrete restoration products' usage is relatively high. By 2026, many new companies will emerge from China, having low-cost concrete restoration products and, thus, offer heavy competition to the existing market players.
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The quick setting cement mortar segment is estimated to account for the largest share of the concrete restoration market, by material type, during the forecast period.
Based on material type, quick setting cement mortar accounted for the largest market share in 2020. It is a special cement formulation that develops a rapid compressive strength and significantly reduces the waiting on cement (WOC) time compared to traditional cement systems. It is used in underwater construction like river bridge construction. Part of bridge construction like a pier, foundation, pier cap, pile cap, and piles, all those constructions use quick setting cement mortar in concrete.
The marine segment is expected to register the highest CAGR during the forecast period
Based on target application, the marine application is projected to register the highest CAGR, in terms of value, during the forecast period. The concrete used in the marine industry is exposed to numerous harsh conditions, including physical and chemical attacks. The projected growth shows that most target applications will grow at a high CAGR from 2021-2026, overcoming the adverse effects of global lockdowns and economic standstill caused by the COVID-19 pandemic.
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APAC is expected to account for the largest market share in the prepreg market during the forecast period.
APAC is the largest prepreg market in terms of volume and is expected to maintain its lead during the forecast period. The remarkable growth of the wind energy industry has driven the expansion of the market in the region. China is leading the Asia Pacific prepreg market in the wind energy industry, with 71.7 GW new wind capacity installed in 2020. Favorable government policies, to protect the economies from volatile fossil fuel prices and take steps against harmful GHGs emissions, are expected to drive the wind energy industry in Asia Pacific, stimulating the demand for prepreg in the region. North America is the second major consumer of prepregs aerospace & defense, and wind energy are the major industries fueling the growth of the prepreg market in this region.
The key players in the prepreg market include Solvay Group (Belgium), Hexcel Corporation (United States), Toray Industries, Inc. (Japan), Teijin Limited (Japan), and Mitsubishi Chemical Holdings Corporation (Japan), are some of the key players in the prepreg market. SGL Group (Germany), Axiom Materials (United States), Gurit Holding AG (Switzerland), Park Aerospace Corp. (United States), and Plastic Reinforcement Fabrics Ltd. (United Kingdom) are among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the prepreg market. These players have taken different organic and inorganic developmental strategies over the past five years.
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Concrete Restoration market in Asia Pacific is expected to register the highest CAGR during the forecast period.
Asia Pacific is expected to witness the highest growth at a CAGR of 7.2% between 2021 and 2026. The increasing economic growth and rapid increase in population are expected to boost the concrete restoration market in this region significantly. In terms of value, Europe is the second-largest market for concrete restoration worldwide and is projected to witness a CAGR of 5.9% during the forecast period.
Leading global companies are shifting their production facilities, establishing sales offices, and expanding their distribution channel to regions, such as China, India, and Southeast Asia, to ensure sustainable demand and increase their market share. The gradual shift of manufacturing facilities to countries having high demand and lower production cost is positively influencing the market growth.
Major players operating in the concrete restoration market include Sika AG (Switzerland), Fosroc (UK), Mapei SpA (Italy), RPM International (US) and Master Builders Solutions (US).
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