Polymer Concrete Market Trends
Growth Drivers
- High Emphasis on Sustainability – Polymer concrete at times is considered one of the most sustainable options in comparison with traditional cement-based concrete owing to its reduced environmental impact, longer lifespan, and lower maintenance requirements.
- High Demand for Lightweight Materials in End-Use Industries – The growing demand for strong and lightweight advanced materials in end-user industries such as aerospace, automotive, marine, and others is expected to boost the polymer concrete market expansion in the estimated period. Multiple industries use polymer concrete owing to its wide range of abilities such as lightweight, high durability, resistance to chemicals, and others.
- Rising Advancement in Sewage Systems – Exponentially growing infrastructural development globally is giving rise to specific applications that demand polymer concrete for industrial purposes. Such as in the Asia Pacific region there has been extensively high demand for sewage pipes. Polymer concrete is used in projects containing liquid and chemicals disturbing the infrastructure due to its great curing ability and high strength. As per studies, a day of curing polymer concrete at room temperature can raise its strength to 70%.
- Increasing Economy Leads to the Development of Smart Cities - Growing economies will lead to the creation of smart cities in several nations, which will boost demand for the polymer concrete industry even more.
Challenges
- Cost Management Issues – Managing costs is a significant challenge in construction projects. Factors such as labor costs, fluctuating raw material costs, and unexpected expenses might impact negatively the project budget. In addition, disorganization in project planning, procurement, and project execution might lead to cost overruns.
- Lack of Skilled Labor
- Delays and Disruptions in Projects
Polymer Concrete 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 |
2024 – 2037 |
|
CAGR |
8.3% |
|
Base Year Market Size (2024) |
USD 14.13 billion |
|
Forecast Year Market Size (2037) |
USD 40.2 Billion |
|
Regional Synopsis |
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