North America Anchors & Grouts Market Size
|CAGR:||> 4 %|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and it's growth?
North America Anchors & Grouts Market Analysis
The North America anchors and grouts market is anticipated to register a CAGR greater than 4% during the forecast period.
During the outbreak of COVID-19, there has been a negative impact on the anchors and grouts market in the North America region as construction projects in the residential and commercial sectors came to a halt. The North America anchors and grouts market has recovered from the pandemic and is growing significantly.
- Over the short term, expansions of petrochemical plants and significant development in the construction industry are projected to fuel market growth throughout the forecast period.
- However, it is estimated that VOC emission restrictions and a shortage of skilled workforce are the major factors that are likely to hamper the growth of the North America anchors and grouts market size.
- Nevertheless, increasing technological innovations in the construction industry and a greater emphasis on green building materials will likely create lucrative delivery opportunities for the North America anchors and grouts market over the forecast period.
North America Anchors & Grouts Industry Segmentation
Anchors and grouts are composite materials made of water, cement, and sand. It is commonly used to fill holes beneath machines or other structural parts, seal seams and openings in surfaces, and reinforce existing structures. The Anchors and grouts market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into cementitious fixing, resin fixing, and other product types. The end-user industry segments the market into residential, non-residential, and infrastructure. The report covers the market size and forecast for the anchors and grouts market in 3 countries across the North America region. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
|Other Product Types|
North America Anchors & Grouts Market Trends
This section covers the major market trends shaping the North America Anchors & Grouts Market according to our research experts:
Non-Residential Segment to Dominate the Market
- Anchors and grouts are widely employed in the non-residential or commercial sector for building repair and rehabilitation. Furthermore, they are commonly used in new building projects because of their superior, long-lasting performances.
- Cementitious grout is appropriate for structural fixing solutions in commercial constructions such as offices, hospitals, and other buildings since it does not shrink when plastic and firm. Corrosion resistance, non-expansive nature, rapid strength growth, vibration resistance, and smooth operation even underwater are some critical advantages supplied by anchors and grouts in the industrial sector.
- Furan grouts are chemically resistant and are favored materials in the chemical and pharmaceutical sectors. They are frequently used in industrial projects like labs, dairies, and meat-packing operations. The increasing usage of underwater and chemical-resistant grouting drives the industrial market for polyester and furan grouts.
- In recent years, North America has been one of the most significant commercial buildings and a growing market for office spaces. For many years, demand for office space in the region has been growing in tandem with the respective governments' constant development plans.
- According to the US Census Bureau, the value of the non-residential buildings in the United States commissioned by local and state governments and completed in 2021 declined from the previous year. This value reached a high of roughly USD 314 billion in 2021. The value increased to about USD 332 billion last year.
- The United States has witnessed a surge in investment in the food and beverage industry. For example, significant projects in this sector that saw construction activity in August 2021 included the Red Bull North America project, worth USD 740 million with a two million-square-foot processing and distribution facility in Concord, North Carolina, the Dairy cooperative Dairgold project worth USD 500 million with a 400,000-square-foot processing facility in Port of Pasco, Washington (completion scheduled for 2023), and Biotics Research Corporation project worth USD 9 million with an 88,000-square-foot processing facility in Rosenberg, Texas.
- Furthermore, new technologies such as electrification, connectivity, and autonomous control, with changes in consumer behavior and a developing value chain, are forcing equipment and machinery producers to invest in new production infrastructure. Such developments have been noted in sectors such as automotive, aerospace, electrical and electronics, and so on, which have directly influenced the demand for anchors and grouts from these industries.
- According to the American Institute of Architects (AIA), the non-residential building industry in the United States is predicted to grow by more than 6% by 2023. Hotel development is anticipated to expand the most, with a year-on-year shift of close to 14 percent, while religious structures are expected to decline by more than one percent in the same year.
- All the factors above are expected to drive the non-residential segment, enhancing the demand for anchors and grouts during the forecast period.
To understand key trends, Download Sample Report
The United States is Anticipated to Hold a Major Share of North America
- The United States holds a prominent share of the North America Anchors and grouts market in terms of market share and market revenue. The region is set to continue to flourish in its dominance over the forecast period.
- The United States has a substantial construction industry that employs approximately 7.6 million people. The construction sector in the United States contributes considerably to the country's economy, playing a vital role in commercial, industrial, institutional, residential, infrastructure, energy, and utility building. In 2021, the GDP share of the United States construction industry slumped to 4.2% from 4.3% last year.
- According to the US Census Bureau, construction spending in the country was at a seasonally adjusted annual pace of USD 1,639.9 billion in December 2021, 0.2% higher than the revised November i.e., USD 1,636.5 billion. Furthermore, building spending in 2021 was USD 1,589.0 billion, a hike of 8.2% from USD 1,469.2 billion in 2020.
- The construction spending in January 2022 was USD 1,677.2 billion on a seasonally adjusted yearly basis. Furthermore, US construction spending increased 1.3% in February, compared to a seasonally adjusted annual pace of USD 1.677 trillion in January 2022.
- According to the US Census Bureau, private construction spending in the United States increased in 2021 and was approximately three times more than governmental construction spending. When looking at building spending throughout the 50 states, Texas and California came out on top. According to the forecasts, the value of new construction in the United States was USD 1591.3 billion in 2021.
- The growing number of petrochemical projects in the United States, including planned capacity expansions or new greenfield projects, is likely to stimulate demand for anchors and grouts chemicals in the nation. The United States accounted for 70% of the total future projects (417) in North America's oil and gas industry between 2021 and 25. 83% of such projects are for new development, while the rest are for upstream sector expansion. 47 of the 417 projects are upstream, 234 are midstream, 118 are petrochemical, and 18 are refinery.
- The projects mentioned above reflect the strong growing construction trends in the country, which is expected to augment the demand for anchors and grouts in the United States during the forecast period.
To understand geography trends, Download Sample Report
North America Anchors & Grouts Industry Overview
The North America anchors and grouts market is fragmented in nature. Some major manufacturers in the market include MAPEI SpA, Sika AG, Fosroc Inc., Saint-Gobain Weber, and MBCC group, among others (in no particular order).
North America Anchors & Grouts Market Leaders
*Disclaimer: Major Players sorted in no particular order
North America Anchors & Grouts Market News
- In May 2022, Sika AG acquired United Gilsonite Laboratories (UGL), a prominent provider of coatings and waterproofing solutions for the construction sector in the United States. UGL goods are available at significant shops in the United States. This purchase will contribute to Sika's high-value-added concrete and masonry waterproofing solutions.
- In April 2022, GCP Applied Technologies and Saint-Gobain agreed to purchase all outstanding shares for approximately USD 2.3 billion. This deal will help GCP Applied Technologies flourish.
North America Anchors & Grouts Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Expansions of Petrochemical Plants
4.1.2 Development in the Construction Industry
4.2.1 VOC Emission Restrictions
4.2.2 Shortage of Skilled Manpower
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Product Type
5.1.1 Cementitious Fixing
5.1.2 Resin Fixing
5.1.3 Other Product Types
5.2 End-user Industry
5.3.1 United States
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Bostik (Arkema Group)
6.4.2 Five Star Products Inc.
6.4.3 Fosroc Inc.
6.4.5 GCP Applied Technologies Inc.
6.4.6 Henkel AG & Co. KGaA
6.4.7 Laticrete International Inc.
6.4.8 Mapei SpA
6.4.9 MBCC Group (BASF SE)
6.4.10 Saint-Gobain Weber
6.4.11 Sika AG
6.4.12 Thermax Global
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Technological Innovations in the Construction Industry
7.2 Emphasis on the Use of Green Building Materials
North America Anchors & Grouts Market Research FAQs
What is the study period of this market?
The North America Anchors and Grouts Market market is studied from 2018 - 2028.
What is the growth rate of North America Anchors and Grouts Market?
The North America Anchors and Grouts Market is growing at a CAGR of >4% over the next 5 years.
Who are the key players in North America Anchors and Grouts Market?
MAPEI SpA , Sika AG , Fosroc Inc. , Saint-Gobain Weber , MBCC group are the major companies operating in North America Anchors and Grouts Market.
North America Anchors and Grouts Industry Report
Statistics for the 2023 North America Anchors and Grouts market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Anchors and Grouts analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.