Pressure on Existing Infrastructure due to Growing Population to Drive Growth of Concrete Restoration Market
The high growth of concrete restoration can be ascribed to a rise in the number of construction repair projects around the world as a result of rising population, rapid urbanisation, and higher economic growth in some areas. For instance, with a current population of 7.7 billion people, the world's population is predicted to grow to 9.7 billion by 2050. However, with nearly $10 trillion spent on construction-related goods and services each year, the construction sector is one of the largest in the world economy. Over the last two decades, global construction sector growth has averaged 1% per year, compared to 2.8 percent for the global economy.
According to Eurostat estimates that by 2025, Europe will have 125 million people aged 65 and up. In addition, many countries have longer life expectancies, putting additional strain on existing infrastructure. As the migrant population grows, the pressure grows even more. 4.7 million individuals entered the European Union in 2015. As a result, the existing social infrastructure is under even more strain, and it must be enlarged and modernised to meet the needs of the population.
China and India together account for around 37% of the global population. China and India have respective populations of 1.4 billion and 1.3 billion people. The high population density in these countries causes inequitable resource distribution. Existing infrastructure, such as roads, bridges, and water supply systems, are overburdened and displaying symptoms of deterioration as a result of population growth. As a result, officials in these countries have begun restoration efforts. As a result, rising population will propel the concrete restoration market forward during the forecast period.
Increased Compressive Strength to Enhance Quick-Setting Cement Mortar in Concrete Restoration Market Growth
The quick setting cement mortar segment is expected to have the largest share of the concrete restoration market during the forecast period. The most market share was held by quick-setting cement. When compared to traditional cement systems, it is a special cement formulation that develops a rapid compressive strength and significantly reduces the waiting on cement (WOC) time. It is used in underwater construction, such as the construction of river bridges. A pier, foundation, pier cap, pile cap, and piles are all examples of bridge constructions that use quick setting cement mortar in concrete.
Increasing Expansion and Urbanisation to Drive Growth of Asia Pacific Concrete Restoration Market
The concrete restoration market in Asia Pacific is expected to develop at the fastest rate. Concrete restoration is the most popular service in the region. Increased expansion, fast modernisation, and urbanisation in various nations are driving the growth of the concrete restoration market. In the APAC region, concrete restoration products are used to strengthen old construction structures such as highways, bridges, and buildings, marine structures, water treatment plants, MRI rooms, parking structures, and salt and smelting plants. APAC construction products are being driven by rising socioeconomic levels, massive private investment, and government spending on infrastructure rehabilitation. Therefore, rising knowledge and awareness about the benefits and uses of concrete repair will help fuel market expansion.
The rising population in China and India is credited with driving the expansion of the concrete restoration business in the area. The concrete structures in these countries are becoming overburdened as the population grows. These structures may deteriorate over time and collapse if regular maintenance is not performed. Japan, China, South Korea, and India, among other countries, are seeing rapid industrial growth. The demand for concrete restoration has been fuelled by mega infrastructure repair projects such as bridges, pipelines, public buildings, and water structures, among other things. For instance, in India, 100% foreign direct investment is permitted in urban infrastructure and finished projects for the operation and management of townships, commercial and business structures. As a result, the demand for concrete restoration in the region will skyrocket.
The second-largest market for concrete restoration is North America. Concrete repair is driven by its target use in commercial, residential, bridges, silo-flue pipes, oil and natural gas pipelines, water structures, and industrial structures in the North American region. In 2019, the president of the U.S. planned to spend around US$2 trillion to upgrade the country's decrepit infrastructure. This proposal is anticipated to cost more than one trillion dollars to restore damaged roads, bridges, and highways. As a result, regional demand for concrete repair materials is expected to increase.
Global Concrete Restoration Market: Competitive Landscape
Companies in the market are introducing new products alongside initiation collaborations, alliances and partnership agreements. For instance, in September 2020, MAPEI S.p.A. introduced a new product called MAPEI's Osmotic cementitious mortar, which has exceptional and diverse applications due to its comprehensive waterproofing capabilities. This advancement aids the company's revenue growth. On the other hand, in May 2020, Normet has introduced a new industrial construction product. TamSeal TG91 and TamSeal TG92 have been developed using plant-oil-based technology. This advancement assists the company in expanding its revenue and product portfolio.
A few of the players in the Concrete Restoration market include Sika (Switzerland), Mapei S.p.A (Italy), Master Builders Solutions (Germany), Fosroc (UAE), RPM International (US), Fyfe (US), Saint-Gobain Weber S.A. (France), BASF SE (Germany), Pidilite Industries (India), and The Euclid Chemical Company (UK).
Global Concrete Restoration Market is Segmented as Below:
By Material Type
By Target Application
Key Elements Included In The Study: Global Concrete Restoration Market
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