Concrete Bonding Agent Market

Increased demand for concrete bonding agents due to rising housing construction projects drives market growth

Market CAGR for Concrete Bonding Agent is being driven by the Increased demand for Concrete Bonding Agents due to rising housing construction. Government initiatives to construct affordable housing around the world are projected to drive the growth of the Concrete Bonding Agent market over the forecast period. Governments all across the world have implemented numerous social housing schemes, including the Housing for Poor Rural Families Program, low-rent housing for industrial zone employees, and low-income urban social housing-local government. According to the Ministry of Construction Vietnam, there are over 260 current projects that will provide around 219,000 units.

In addition, several commercial and industrial construction projects in Indonesia, such as the Tuban olefin complex development project, the Gresik copper smelting plant, the Plaju green diesel refinery, and others, began in the fourth quarter of 2021. As a result, considerable market traction from the growing use of styrene butadiene latex- and acrylic latex-based Concrete Bonding Agents in residential and commercial construction is expected to propel market growth during the projection period.

The growing demand for environmentally friendly building materials is driving the Concrete Bonding Agent Market. The construction industry is transitioning toward more sustainable and eco-friendly materials as public awareness of environmental issues grows. Concrete bonding agents are used to promote adhesion between new and existing concrete surfaces, hence reducing the amount of concrete required for construction projects. This can help construction projects lower their carbon footprint and become more sustainable. In 2021, for example, a US-based business called GCP Applied Technologies will debut a new concrete bonding agent called ADVA® Cast 575.

This product is intended to improve building project sustainability by lowering the environmental effect of concrete production.

Because of its compatibility with cement, polyvinyl acetate (PVA) bonding agents are commonly employed in ornamental Concrete applications. This polyvinyl acetate latex is also suitable for use as a binder in cementitious water-based paints and waterproofing coatings. When this bonding agent is applied, it forms a thin coating that is very resistant to water, aging, and UV rays. Because of these qualities, polyvinyl acetate is in high demand for commercial decoration. The development in commercial building, such as airports, hotels, malls, and institutions, will boost the concrete bonding agents industry.

 For instance, According to Fitch Solutions Infrastructure, China is the world's largest construction market, with a CAGR of 8.6% between 2022 and 2030. Furthermore, China's 14th Five-Year Plan calls for the construction, relocation, restoration, and expansion of 140 airports. As a result, the increase in commercial construction activity is expected to fuel demand for the Concrete Bonding Agent market during the forecast period.

The Global Concrete Bonding Agent Market Industry is experiencing a surge due to increasing construction activities worldwide. As urbanization accelerates, the demand for residential and commercial buildings rises, leading to a projected market value of 4.62 USD Billion in 2024. This growth is driven by infrastructure development in emerging economies, where governments are investing heavily in public works. For instance, countries in Asia-Pacific are witnessing rapid urban expansion, which necessitates the use of concrete bonding agents to ensure structural integrity and longevity. Consequently, the market is expected to expand as construction projects proliferate.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America is the most populous region in the Concrete Bonding Agent Market. The region is seeing tremendous expansion as a result of increasing demand for infrastructure development and the growing trend of sustainable construction practices.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: CONCRETE BONDING AGENT MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Concrete Bonding Agent Market accounts for the second-largest market share due to increased demand for environmentally friendly building materials. Further, the German Concrete Bonding Agent Market held the largest market share, and the UK Concrete Bonding Agent Market was the fastest growing market in the European region

The Asia-Pacific Concrete Bonding Agent Market Is expected to grow at the fastest CAGR from 2023 to 2032. This is mostly due to increased middle-class income in emerging economies. Moreover, China’s Concrete Bonding Agent Market held the largest market share, and the Indian Concrete Bonding Agent Market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Concrete Bonding Agent Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Concrete Bonding Agent industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Concrete Bonding Agent industry to benefit clients and increase the market sector. In recent years, the Concrete Bonding Agent industry has offered some of the most significant advantages to medicine. Major players in the Concrete Bonding Agent Market, including DowDuPont (U.S.), The Euclid Chemical Company (U.S.), The QUIKRETE Companies (U.S.), GCP Applied Technologies Inc (U.S.), and Lafargeholcim (Switzerland) and others, are attempting to increase market demand by investing in research and development operations.

BASF SE is a European multinational corporation and the world's largest chemical producer. The company's headquarters are in Ludwigshafen, Germany.  BASF has subsidiaries and joint ventures in over 80 countries and runs six integrated manufacturing sites as well as 390 other manufacturing locations throughout Europe, Asia, Australia, the Americas, and Africa. BASF has customers in over 190 countries and serves a wide range of sectors.  In 2019, BASF SE, a German firm, purchased the assets of Admixtures, Inc., a US-based company.

These advancements have aided players in the Concrete Bonding Agent Market in broadening their product ranges and strengthening their market positions.

Sika AG, headquartered in Baar, Switzerland, is a Swiss multinational speciality chemical firm that services the building and automotive industries. The company creates and manufactures bonding, sealing, damping, strengthening, and protective systems and products. It currently employs over 27,000 people, has subsidiaries in over 100 countries, and has an annual sales turnover of CHF 10.5 billion. Sika was created in 1910 by Kaspar Winkler, who laid the groundwork for the company. Winkler rose from poverty to become a successful entrepreneur, and by the 1920s, he was already establishing subsidiaries in other countries.

In 2020, Sika AG, a Swiss business, has introduced SikaBond®-130, a new concrete bonding agent.