The market for sprayed concrete (shotcrete) is expected to grow at a CAGR of more than 5.2% globally during the forecast period. Shotcrete is a mortar or high-performance concrete transported through a hose and projected pneumatically onto a back surface at high velocity. The increasing demand from the construction sector has been majorly driving market growth.
- However, the environmental issues arising from the dust released in dry process and outbreak of coronavirus across the globe are likely to hinder the growth of the studied market.
- Increasing research and development activities are likely to provide opportunities for the sprayed concrete (shotcrete) market over the next five years.
- The underground mining segment is the most dominating application of the market studied.
- Europe dominated the market across the globe and Asia-Pacific expected to be the fastest-growing region over the forecast period.
Key Market Trends
Underground Construction to Dominate the Market
- Shotcrete is the preferred construction method and concrete placement process for underground construction. It can be easily molded into various sizes and shapes.
- Beneficial attributes of sprayed concrete such as it require less formwork, fewer touchups after form stripping, provide excellent strength and durability, and can be installed quickly than other concrete.
- Shotcrete is primarily used in underground excavations, especially in the case of rocks and boulders. However, in recent times, it is employed for the advancement of tunnels through altered, cohesion-less, and loose soils.
- Underground applications of shotcrete include supplementing or replacing conventional support materials, such as lagging and steel sets, sealing rock surfaces, channeling water flows, and installing temporary support and permanent linings. Significantly growing expansion programs within the transportation and water/wastewater sectors are expected to provide a boost to the underground construction activities.
- All the aforementioned factors are expected to drive the sprayed concrete (shotcrete) market during the forecast period.
Europe Region to Dominate the Market
- Europe region stands to be the largest market for sprayed concrete (shotcrete). Factors, such as increasing demand from underground construction activities have been driving the sprayed concrete (shotcrete) requirements in Europe. Asia-Pacific is expected to be the fastest-growing market during the forecast period.
- In Europe, the majority of the market demand for the sprayed concrete market comes from Germany, Italy, France, United Kingdom, Spain, Switzerland, Scandinavia, Austria, and Greece.
- Wet-mix sprayed concrete dominates the European region owing to cost savings of using the wet-mix system. However, Austria is the country where dry-mix sprayed concrete is more preferred than wet-mix sprayed concrete.
- According to European steelmakers association Eurofer, EU construction output growth is forecast to slow to 0.8% on-year each in 2020 and 2021. This expected slowdown in 2020 is mainly due to demand-related factors such as weakening economic fundamentals and outbreak of novel COVID19 pandemic all around the world.
- Consequently, European Union policies have chosen to upgrade the Trans-European Road Network (TREN) to improve interstate transport. Because of this around 2100 kilometers of tunnels will be built in Europe by 2030.
- Hence, all such market trends are expected to drive the demand for sprayed Concrete (shotcrete) market in the region during the forecast period.
The global sprayed concrete (shotcrete) market is partially consolidated in nature. Some of the major companies are Sika, BASF SE, The Euclid Chemical Company, Cemex, and LKAB Berg & Betong amongst others.
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1.2 Scope of the Study
4.1.1 Increasing Demand from the Construction Sector
4.1.2 Growing Underground Tunnel Activities
4.2.1 Environmental Issues Arising from the Dust Released in Dry Process
4.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5.1.1 Wet Spraying
5.1.2 Dry Spraying
5.2.1 Underground Construction
5.2.2 Water Recreational Activities
5.2.3 Protective Coatings
5.2.5 Other Applications
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6.2 Market Share/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.3 Custom Crete
6.4.6 JE Tomes & Associates Inc.
6.4.7 LKAB Berg & Betong
6.4.9 Target Products Ltd
6.4.10 The Euclid Chemical Company
6.4.11 The QUIKRETE Companies
7.2 Other Opportunities
A selection of companies mentioned in this report includes:
- BASF SE
- Custom Crete
- JE Tomes & Associates Inc.
- LKAB Berg & Betong
- Target Products Ltd
- The Euclid Chemical Company
- The QUIKRETE Companies