New York, Sept. 08, 2022 (GLOBE NEWSWIRE) — Kenneth Research has released an in-depth market report on “Global shotcrete Market‘ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market Growth Over the Forecast Period
- Detailed regional synopsis
- Market segmentation
- Growth drivers and challenges
- Profiling of key market players
Global shotcrete Market size:
The global shotcrete market is estimated to generate significant revenue by increasing around 8% CAGR over the forecast period, i.e., 2022-2031. Moreover, in 2021, the market recorded a turnover of around 9 billion USD. The growth of the market can be attributed to the rapid increase in construction activities across the world. In addition, shotcrete has many advantages, such as long service life, high thermal efficiency, etc. These benefits are expected to boost the growth of the global shotcrete market. In 2021, air pollution was observed to be one of the world’s leading risk factors for death, attributed to millions of deaths each year and almost 12% of deaths worldwide. The use of shotcrete is less harmful in nature, which is therefore expected to increase the market growth.
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Global shotcrete Market: Key points to remember
- The Asia-Pacific region obtains the largest share of revenue
- Underground construction segment will dominate the revenue chart
- The robotics segment remains predominant in the systems segment
Increase in pollution across the globe to drive market growth
Shotcrete pollutes nature less. Governments around the world are making tremendous efforts to control environmental pollution. Therefore, the use of shotcrete is in the spotlight. According to the World Bank Group, air pollution is the main environmental risk to health. A recent World Bank publication revealed that air pollution cost the world an estimated $8.1 trillion in 2019, or 6.1% of global GDP. 95% of deaths caused by air pollution occur in low- and middle-income countries. Thus, this is expected to be a prime factor contributing to the growth of the global shotcrete market.
In addition to this, the rapid growth in construction works across the globe and increasing industrialization is adding to the growth of the global shotcrete market. For example, in 2021, industry, including construction, added 28.3% of value to overall GDP. Moreover, increasing investments in R&D activities to continuously bring more feasible solutions to protect environmental balance as well as industrial development are expected to propel the market during the forecast period. According to research reports, global research and development spending has more than tripled in real terms since 2000, from around $680 billion to nearly $2.5 trillion in 2019.
Global shotcrete Market: Regional overview
The global shotcrete market is segmented into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
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Growing Urbanization to Drive Market Growth in Asia-Pacific Region
Asia-Pacific region in the global shotcrete market is estimated to witness modest growth by the end of 2031 driven by new infrastructure projects. Additionally, an increase in population growth and rapid urbanization are expected to contribute to the growth of the market. According to the World Bank, China’s population has grown from 1.26 million in 2000 to 1.41 million in 2020 and is expected to reach about 70% of its population urbanized by 2030. Furthermore, according to World Bank data, as of the year 2021, 61% of the total population of East Asia and the Pacific was the urban population. Hence, this is expected to be an important factor in boosting the regional market.
Increase disposable income to drive market growth in North America region
On the other hand, the shotcrete market in the North America region is expected to witness substantial growth during the projection period. This growth can be mainly associated with the increase in the adjusted net national income across the region, resulting in rapid industrialization in the region, which also includes constructions. Shotcrete is widely used in construction works. It was noticed that the adjusted net national income in North America according to the World Bank was USD 19 trillion in 2020 and it is expected to increase further during the projected period. Additionally, the steadily growing economy and presence of key players in the region is further fueling the growth of the regional market.
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The study further incorporates annual growth, demand and supply and forecasts future opportunities in:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of the Middle East and Africa).
Global shotcrete market, segmentation by application
- Sealing work
- Underground construction
- Concrete repairs
The underground construction segment in the global shotcrete market is expected to experience the highest market growth by the end of 2031, owing to the increase in construction works in developing countries. For example, according to 2021 data from the World Bank, industrial works, including constructions, added $27.18 trillion in profit to the global economy. In addition, concrete spraying is safer for underground construction with respect to geographical conditions such as rock strikes, toxic gas explosions and others. Hence, the benefits of concrete spraying are expected to boost the growth of the global concrete spraying market.
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Global shotcrete market, segmentation by system
The robotics segment is expected to show substantial growth over the projection period. This can be attributed to the rapid advancements in technology all over the world in almost every field. Also, the increasing adoption of robots in various businesses across various industries is expected to be a major factor in influencing the growth of this segment. It has been observed over the past decade that the number of industrial robots sold worldwide has tripled, reaching a peak of almost 423,000 units in 2018. Electronic industries, which accounted for around 33% of new installations in 2020 , are largely responsible for the huge development of industrial robot exports in the world.
Global shotcrete market, segmentation by process type
Few well-known market leaders in the global shotcrete market that are profiled by Kenneth Research are HeidelbergCement AG, BASF SE, Applied Concrete Solutions, ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS, SA, Holcim Ltd, CEMEX SAB de CV, Sika India Private Limited, GCP Applied Technologies, Inc., Vulcan Materials Company, MAPEI SpA, Normet Group and others.
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Recent developments in the Global Shotcrete Market
- In November 2021, the R&D center of Holcim Ltd. announced the release of DYNAMax, an ultra-high performance concrete with exceptional strength and durability.
- In August 2021, US Concrete was acquired by Vulcan Materials Company. The company expanded its geographic reach with this acquisition by expanding its operations to 22 additional states in the United States.
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