by Concrete bonding agents are materials that are used for bonding fresh or hardened concrete to old or freshly placed concrete. Some key types of concrete bonding agents include cementitious latex based bonding agents, epoxy-based bonding agents. Concrete bonding agents find widespread application in construction activities such as repairing cracks and joints in concrete structures, bonding freshly poured concrete to existing structures, bonding precast concrete components, and more. The global concrete bonding agents market is driven by growing construction and infrastructure development projects across both commercial and residential sectors. Rapid urbanization and increasing spending on public infrastructure like bridges, roads, and buildings have significantly driven the demand for concrete bonding agents in recent years.
The global concrete bonding agents Market is estimated to be valued at US$ 2,773.5 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing infrastructure development projects: Infrastructure development has been a key area of focus for governments worldwide with large investments being directed towards sectors like transport, energy and communications. Mega infrastructure projects require extensive usage of concrete and cement for construction of roads, bridges, buildings etc. This has significantly propelled the demand for concrete bonding agents that are used for bonding fresh concrete to existing structures during repairing, expansion or renovation of infrastructure. According to analysis, the global infrastructure market is expected to grow at 4-5% annually until 2025.
Urbanization is driving higher construction activities in cities and metro areas which further augment the demand for concrete bonding agents. Key applications include bonding of precast concrete components in construction of residential and commercial buildings. Various concrete bonding agents especially epoxy based agents are widely used due to benefits like superior adhesion, weather resistance and faster curing. Strengthening regulations regarding use of quality bonding materials in construction is also supporting the market growth.
Segment Analysis
The global Concrete Bonding Agents market is segmented into cementitious latex based agents and epoxy based agents. Cementitious latex based agents dominates the market and accounts for around 65% of the total market share in 2024. This is because cementitious latex based agents are more cost effective as compared to epoxy based agents and provides strong adhesion to concrete surfaces.
PEST Analysis
- Political: The regulations regarding use of certain chemicals in concrete bonding agents differ across countries and regions. This affects the formulation of products.
Economic: Growth in the construction industry drives the demand for concrete bonding agents. The rising infrastructure projects globally is fueling the concrete bonding agents market. - Social: With rapid urbanization, many countries are investing heavily in building new residential and commercial spaces which requires use of concrete bonding agents for strong bonding of concrete.
- Technological: New formulations are being developed to provide high early strength, high bond strength and better workability for concrete bonding agents. Water based and solvent free products are increasingly gaining popularity due to environmental regulations.
Key Takeaways
The global Concrete Bonding Agents market is expected to witness high growth over the forecast period of 2023 to 2030 supported by growth in the construction industry worldwide.
Regional analysis: The Asia Pacific region dominates the global concrete bonding agents market and is expected to maintain its leading position during the forecast period. China, India and other Asian countries are witnessing rapid infrastructure development which is driving the demand for concrete bonding agents in this region.
Key players: Key players operating in the Concrete Bonding Agents market are Sika AG, Fosroc International Ltd., BASF SE, Saint-Gobain Weber S.A., Mapei S.p.A., Dow Construction Chemicals, Lafarge Holcim, The Euclid Chemical Company, GCP Applied Technologies Inc, Dow Corning Corporation, and The Quikrete Companies, Inc. Sika AG is the market leader owing to its broad product portfolio and global presence
