By 2021, the global shotcrete/sprayed concrete market is expected to be worth USD 8.30 billion, with a CAGR of 8.0 percent from 2016 to 2021. For the purposes of assessing market size for shotcrete/sprayed concrete, 2015 was used as the base year and 2021 as the projection year.
Companies' core competencies are determined by their important developments and essential strategies for remaining competitive.
Secondary sources, directories, and databases such as Hoovers, Bloomberg, BusinessWeek, and Factiva were used extensively in this research project to locate and collect material valuable for this technical, business-oriented, and commercial examination of the shotcrete/sprayed concrete market. Industry experts from the core and related industries, as well as preferred suppliers, manufacturers, distributors, service providers, and organisations associated with various elements of the industry's supply chain, are the key sources.
In terms of value, the bottom-up technique was used to estimate the size of the shotcrete/sprayed concrete market based on process, system, and application, as well as geography. To validate the market size in terms of value, a top-down strategy was used. The exact numbers of the overall parent market size and specific market sizes were determined and confirmed in this study using the data triangulation technique and data validation using primary.
Shotcrete/sprayed concrete market size is expected to reach USD 8.30 billion by 2021, with a CAGR of 8.0 percent. Rapid advancements in technology and raw materials, shotcrete's economic and technical effectiveness, and a growth in subterranean construction activities such as mining and tunnelling are all driving factors for increased shotcrete demand.
Shotcrete is made in two different ways: wet mix and dry mix. Many end-use sectors use these methods to meet the growing demand for high-quality, low-cost housing. In terms of value, the wet mix process dominates the global shotcrete market, and it is expected to remain the fastest-growing sector by 2021.
The major application of shotcrete/sprayed concrete is underground construction, followed by water retention structures, repair operations, protective coatings, and other applications (free formed structures and new constructions). Increased urbanisation, rapid economic development, and underground transit are driving underground building growth, particularly in developing nations such as India, the Philippines, Egypt, and Indonesia.
In terms of value, Europe is the largest market for shotcrete, accounting for the highest proportion of the overall market in 2015. Rapid advancements in shotcrete technology and raw materials, as well as an increase in tunnelling and mining activities, have contributed to Europe's market dominance. The fastest-growing market, Asia-Pacific, is expected to grow at a CAGR of 9.1% in terms of value during the forecast period, owing to population growth, changing consumer preferences, and changing lifestyles, which result in the construction of dams, subways, highways, bridges, tunnels, and other infrastructure, driving the shotcrete market.
In the shotcrete sector, there is a lot of research going on to develop new technology and reduce human participation. One of the primary impediments is the industry's lack of technical experience, which poses health and safety concerns.
Some of the market's major companies are BASF SE (Germany), U.S. Concrete, Inc. (United States), Sika AG (Switzerland), HeidelbergCement AG (Germany), and Cemex S.A.B. de C.V. (Mexico). These firms' market position in the shotcrete/sprayed concrete market is strengthened by a diversified product portfolio, strategically located R&D facilities, continual adoption of development methods, and technological breakthroughs.
To assess and forecast the global shotcrete/sprayed concrete market in terms of both value (USD million) and volume (tonnes) (thousand cubic meter).
To calculate and forecast market size across four regions: Europe, Asia Pacific, North America, and the Rest of the World.
To give extensive information on the key growth variables impacting the shotcrete/sprayed concrete market (drivers, restraints, opportunities, and challenges).
On the basis of method, system, and application, analyse and forecast market size.
To estimate and predict the shotcrete/sprayed concrete market in each of the regions on a country-by-country basis.
To investigate market prospects and competitive landscapes among stakeholders and industry leaders.
To examine competitive trends in the shotcrete/sprayed concrete market, such as new product developments, expansions, mergers & acquisitions, and joint ventures & partnerships.
To identify and profile important market participants, as well as analyse their core strengths, in a strategic manner.
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