Self-Leveling Concrete Market Trends
Growth Drivers
- Growing Popularity of Self-Leveling Concrete for Construction Activities – Self-leveling concrete is largely being adopted for construction activities as it is a common construction material that is simple to install, may be used before or after construction, and also helps to reduce damage and maintenance expenses.
- Increasing Spending on Infrastructure- Since many countries across the globe are dealing with the challenge of aging infrastructure, therefore, governments in those countries are increasing spending to modernize their infrastructure systems. According to estimates, global capital project and infrastructure spending are estimated to exceed USD 8 trillion by 2025.
Challenges
- Exorbitant Cost of Raw Materials - The high cost is one of the major factors predicted to slow down the market growth. For instance, raw materials such as polymer-based compounds used as adhesives, and grout materials which are added in the process of production are quite expensive. The availability of these materials depends on quality, and market conditions which increase their overall cost.
- Insufficient Awareness about Concrete Items
- Needs Proper Handling owing to its Volatile Nature
Self-Leveling 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 |
2025-2037 |
|
CAGR |
4.9% |
|
Base Year Market Size (2024) |
USD 7.76 billion |
|
Forecast Year Market Size (2037) |
USD 14.45 billion |
|
Regional Scope |
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