Market Trends of North America Anchors and Grouts Industry
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.
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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.
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