Market Trends of Shotcrete Accelerator Industry
This section covers the major market trends shaping the Shotcrete Accelerator Market according to our research experts:
Growing Demand from the Construction and Infrastructure Industry
- Shotcrete accelerators are widely used in a variety of construction activities, and they are expected to be the fastest-growing market during the forecast period.
- Shotcrete, often referred to as sprayed concrete, before being sprayed, concrete is fed through a nozzle jet at high speed. The other constituents, such as water, setting accelerators, compressed air, etc., are introduced at the nozzle and are projected onto the surface where it adheres to the substrate immediately.
- Shotcrete is widely used in excavation and protective lining for tunneling, underground construction, concrete repair, restoration of buildings, slope stabilization, lightweight structures, and other applications.
- Accelerators control the setting of shotcrete after it is applied onto the substrate. The uniformity and consistency of the accelerator in the shotcrete increase the quality and stability of the structure. The chemical composition and characteristics of accelerators influence the settling of concrete.
- The global construction industry is expected to reach USD 8 trillion by 2030, primarily driven by countries such as India, China, and the United States.
- The US Census Bureau has been providing more permits for the construction of new residential buildings due to the current trend of multi-family buildings and a rise in migration to cities.
- According to US Census Bureau, construction spending in the United States in both private and public construction in 2020 was around USD 1,400 billion.
- Due to rapid urbanization and the increasing population in emerging economies, the growing need for infrastructure activities is expected to drive the market for the shotcrete accelerator during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the shotcrete accelerator market during the forecast period, due to an increase in demand from countries like China and India.
- The Indian government allocated USD 63 billion for the infrastructure sector in 2019-20, and it is planning to spend USD 1.4 trillion over the next five years. Furthermore, the construction industry in India received a major boost by the investment of USD 1.4 billion through private equity and venture capital investments during October 2019.
- Globally, India is the second-largest producer of coal with around 730 million metric ton of coal in FY 2019 and the fourth-largest in iron ore with 187 million metric ton in FY 2019. According to the Ministry of Mines, India has the seventh-largest bauxite reserves in the world.
- Moreover, according to the National Development and Reform Commission of China, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019, which are expected to be completed by 2023. The growing infrastructure investment and building of complex structures are expected to drive the market for a shotcrete accelerator.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for the shotcrete accelerator market in the Asia-Pacific during the forecast period.
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