The shotcrete accelerator market is projected to register a CAGR of about 6% during the forecast period (2021-2026).
The construction industry and mining industry are some of the industries that are badly impacted by COVID-19. Because of a lack of funds, labor shortage, and lockdown regulations, many projects were halted in 2020. Due to a ban on inter-state travel, an exodus of migrant workers, also known as informal sector workers, wreaked havoc on the supply chain. This caused less consumption of construction materials and decreased demand and supply. However, the construction industry is likely to witness growth in the coming years, owing to developing economies such as China and India, thus, increasing the market for shotcrete accelerator in the construction industry. Owing to this, the market is expected to grow post-recovery.
- Over the medium term, the major factors driving the market are growing demand from the construction and infrastructure industry along with increasing demand from the mining sector.
- On the flip side, the limited performance of alkali-free shotcrete accelerators coupled with unfavorable conditions arising due to the COVID-19 outbreak is hindering the market growth.
- The Asia-Pacific region is expected to dominate the market across the globe, with the largest consumption from countries such as China and India.
Key Market Trends
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.
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.
The shotcrete accelerator market is partially fragmented, with players accounting for a marginal share of the market. Few companies include Sika AG, MBCC Group, CHRYSO India, MAPEI SpA, and The Euclid Chemical Company, among others.
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Table of Contents
1.2 Scope of the Study
4.1.1 Growing Demand from the Construction and Infrastructure Industry
4.1.2 Increasing Demand from the Mining Sector
4.2.1 Limited Performance of Alkali-free Shotcrete Accelerators
4.2.2 Unfavourable Conditions Arising Due to the COVID-19 Outbreak
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
5.2 Mixing Process
5.3.2 Alkaline Aluminate-based
5.3.3 Alkaline Silicate-based
5.3.4 Other Types
5.4.1 Construction and Infrastructure
5.4.3 Other Applications
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.5.2 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.5.4 South America
22.214.171.124 Rest of South America
5.5.5 Middle-East and Africa
126.96.36.199 Saudi Arabia
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
6.2 Market Share Analysis** /Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Alumichem AS
6.4.2 MBCC Group
6.4.3 CHRYSO India
6.4.4 CICO Group
6.4.5 DRACO Italiana SpA
6.4.6 Industrias Químicas del Ebro SA
6.4.7 JE Tomes
6.4.8 Mapei SpA
6.4.11 MUHU (China) Construction Materials Co. Ltd
6.4.12 Sika AG
6.4.13 Target Products Ltd
6.4.14 The Euclid Chemical Company
A selection of companies mentioned in this report includes:
- Alumichem AS
- MBCC Group
- CHRYSO India
- CICO Group
- DRACO Italiana SpA
- Industrias Químicas del Ebro SA
- JE Tomes
- Mapei SpA
- MUHU (China) Construction Materials Co. Ltd
- Sika AG
- Target Products Ltd
- The Euclid Chemical Company