Concrete Bonding Agent Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2022 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Concrete Bonding Agent Market Analysis
The Concrete Bonding Agent Market is expected to register a CAGR of more than 5% during the forecast period.
Due to COVID-19, building renovation and construction activities were halted, decreasing the demand for bonding agents for repairing, flooring, decorative, and a few other applications.
Currently, the market recovered from the pandemic, and market is growing at a significant rate.
- Over the short term, the growing application in building and construction is driving the market growth.
- However, a shortage of awareness among consumers is expected to hinder the market's growth.
- Nevertheless, the market for concrete bonding agents appears to have a bright future, with prospects in repairing, flooring, ornamental, and maritime applications.
- The Asia-Pacific region dominates the global market, with the largest consumption registered in China, India, and Japan.
Concrete Bonding Agent Market Trends
Increasing Demand from the Building and Construction Sector
In building and construction, these bonding agents are used for repairing, flooring, decorating, and a few other applications, which, in turn, help renovate the buildings.
These bonding agents improve cohesion. Its positive adhesion exceeds that of the tensile strength of the host concrete.
The building and construction sector leads the way in applying concrete bonding agents. The increasing residential construction and renovation activities in developing countries are increasing the demand for concrete bonding agents.
The Chinese government has rolled out massive construction plans, including making provisions for the movement of 250 million people to its new megacities over the next ten years.
According to the World Bank, the construction industry spending worldwide is forecasted to reach an estimated USD 15.3 trillion by 2026, creating a demand for concrete bonding agents.
The US Census Bureau has been providing more permits for constructing new residential buildings due to the current trend of multi-family buildings and a rise in migration to cities.
According to the FMI (Financial Market Infrastructure) Corporation, the value of new projects in the United States in 2022 was over USD 1.7 billion. It is expected to exceed USD 2 trillion by 2026. For the previous few years, construction investment has been gradually increasing. Residential building construction spending, as well as non-residential construction spending, are predicted to expand at a comparable rate in 2023.
According to the US Census Bureau, the value of completed commercial construction has rebounded to pre-recession levels, reaching USD 115 billion in 2022. The most popular types of commercial development started in the United States were warehouses and private offices.
Hence, owing to the growing construction activities, the demand for concrete bonding agents is expected to increase over the forecast period.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is expected to dominate the market for concrete bonding agents during the forecast period. In countries, like China, India, and ASEAN Countries, with growing construction activities, the market for concrete bonding agents has been increasing rapidly.
The largest producers of concrete bonding agents have a significant presence in the Asia-Pacific region. Some leading companies in producing concrete bonding agents are Fosroc Inc., Flowcrete Group Ltd, Sika AG, and BASF SE.
The Chinese government has authorized investment in projects worth nearly 70% of what was permitted last year, showing that Beijing is raising infrastructure expenditure to help an economy pummelling by Covid. Consequently, for 2022, the National Development and Reform Commission has approved 32 projects totaling CNY 520 billion (USD 81.6 billion) in industries including transportation, energy, and high-tech.
The growing infrastructure investment and building of complex structures are expected to drive the market for concrete bonding agents. Also, the country has the largest building market in the world, making up 20% of all construction investment globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030.
In the fourth quarter, China will release a 2023 advance quota for local government special bonds. The cabinet has directed local governments to finish CNY 3.45 trillion (~USD 0.50 trillion) in infrastructure special bond issuance by the end of June 2023.
Furthermore, the Indian government announced an investment worth USD 31,650 billion for constructing 100 cities under the smart cities plan. Additionally, 100 smart and 500 cities will likely invite investments worth INR 2 trillion (~USD 28.18 billion) over the coming five years, creating scope for applying these concrete bonding agents.
By 2022, India will be the world's third-largest building market. From 2019 to 2023, India intends to invest USD 1.4 trillion in infrastructure projects through the National Infrastructure Pipeline (NIP) to secure the country's long-term growth.
The FASTag scheme encourages highway commercialization, allowing the National Highways Authority of India (NHAI) to collect more cash. It was expected to monetize at least 12 highway bundles totaling more than 6,000 kilometers by 2024. In the budget, the government has put up INR 196,394.3 million (~USD 2,389.59 million) for road infrastructure.
The above factors and government support contribute to the increasing demand for concrete bonding agents during the forecast period.
Concrete Bonding Agent Industry Overview
The Concrete Bonding Agent Market is partially fragmented in nature, with a few major players holding a significant portion of the industry. Some of the major companies are Fosroc Inc., SIKA CORPORATION, MAPEI Corporation, MBCC Group, and The Euclid Chemical Company, among others.
Concrete Bonding Agent Market Leaders
Fosroc, Inc
SIKA CORPORATION
MAPEI Corporation
The Euclid Chemical Company
MBCC Group
*Disclaimer: Major Players sorted in no particular order
Concrete Bonding Agent Market News
- April 2022: Euclid Chemical Company, a prominent developer of concrete and masonry construction supplies, has acquired Chryso's cement grinding aids and additives business in North America.
Concrete Bonding Agent Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Application in the Building and Construction Sector
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Dearth of Awareness among the Consumers
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Bonding Agent Type
5.1.1 Cementitious Latex-based
5.1.2 Epoxy-based
5.2 Application
5.2.1 Repairing
5.2.2 Flooring
5.2.3 Decorative
5.2.4 Other Applications
5.3 End-user Industry
5.3.1 Residential
5.3.2 Non-residential
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 France
5.4.3.4 Italy
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis **/ Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Adhesives Technology Corporation (ATC)
6.4.2 ChemCo Systems Inc.
6.4.3 Flowcrete Group Ltd
6.4.4 Fosroc Inc.
6.4.5 GCP Applied Technologies Inc.
6.4.6 LafargeHolcim
6.4.7 MAPEI Corporation
6.4.8 MBCC Group
6.4.9 SIKA CORPORATION
6.4.10 The Euclid Chemical Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Prospects in Repairing, Flooring, Ornamental, and Maritime Applications
7.2 Other Opportunities
Concrete Bonding Agent Industry Segmentation
Bonding agents are natural, compounded, or synthetic materials used to enhance the joining of individual members of a structure without employing mechanical fasteners. Concrete bonding agents are often used in repair applications such as bonding fresh concrete, sprayed concrete, or sand/cement repair mortar to hardened concrete.
The Concrete Bonding Agent Market is segmented by bonding agent type, application, end-user industry, and geography. By bonding agent type, the market is segmented into cementitious latex-based and epoxy-based. By application, the market is segmented into repairing, flooring, decorative, and other applications. By end-user industry, the market is segmented into residential and non-residential. The report also covers the market size and forecasts for the concrete bonding agent market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
| Bonding Agent Type | |
| Cementitious Latex-based | |
| Epoxy-based |
| Application | |
| Repairing | |
| Flooring | |
| Decorative | |
| Other Applications |
| End-user Industry | |
| Residential | |
| Non-residential |
| Geography | |||||||
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Concrete Bonding Agent Market Research FAQs
What is the current Concrete Bonding Agent Market size?
The Concrete Bonding Agent Market is projected to register a CAGR of greater than 5% during the forecast period (2023-2028).
Who are the key players in Concrete Bonding Agent Market?
Fosroc, Inc, SIKA CORPORATION, MAPEI Corporation, The Euclid Chemical Company and MBCC Group are the major companies operating in the Concrete Bonding Agent Market.
Which is the fastest growing region in Concrete Bonding Agent Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Concrete Bonding Agent Market?
In 2023, the Asia Pacific accounts for the largest market share in the Concrete Bonding Agent Market.
Concrete Bonding Agent Industry Report
Statistics for the 2023 Concrete Bonding Agent market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Concrete Bonding Agent analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
