Concrete Cooling Market Trends
Growth Drivers
- Increasing Need for Concrete Cooling in Industrial Sector- Industrialization is expected to grow dramatically in the future years. It is a critical component that would create ample growth opportunities for the concrete cooling sector. The expansion of industrialization is poised to fuel the building industry, and concrete projects are expected to provide the substantial potential for the market. Since the fourth quarter of 2021, worldwide industrial production has grown at a consistent annual rate of 3 to 4%. This transformed in the fourth quarter of 2022 when growth slowed significantly to 1.5 percent.
- Increased Expenditure in Residential Projects owing to Higher Demand for Own Properties - The worth of public residential building spending in the United States surged dramatically between 2002 and 2021. The public sector was expected to invest $10 billion USD in residential construction initiatives in 2021.
- Increase in Global Population- With the growing global population and fast urbanization, there is an enormous rise in constructions and properties, which propels the market for Concrete Cooling. From a projected 2.5 billion individuals in 1950, the worldwide human population surpassed 8.0 billion in mid-November 2022, a spike of 1 billion since 2010 and 2 billion since 1998.
- Real Estate Expansion - According to recent predictions, the global revenue of real estate enterprises reached USD 9.5 billion in 2021.
- Rising Commercial Building Construction- As per the Buildings Energy Consumption Survey (CBECS), the United States had roughly 5.9 million commercial buildings in 2018. Furthermore, the overall number of commercial establishments has risen by 6% since the last CBECS in 2012.
Challenges
- Air pollutants Caused by Concrete - Improper curing procedures, as well as environmental problems caused by the production of carbon dioxide and other gases, impede the market growth. A substantial volume of carbon dioxide (CO2) gets released into the atmosphere. This further pollutes the air, water, and land, as well as having a detrimental effect on human health. As a result, this factor is expected to stifle market expansion.
- Unstable Economy and Unorganized Nature of the Construction Sector
- Lower Demand in Developed Colder Countries
Concrete Cooling Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
8.5% |
|
Base Year Market Size (2024) |
USD 2.35 billion |
|
Forecast Year Market Size (2037) |
USD 6.79 billion |
|
Regional Scope |
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