Shotcrete Market to reach USD 10.41 Bn by 2029 at a CAGR of 6.86 percent – says Maximize Market Research
Shotcrete Market growth is expected to be driven by the increasing knowledge of the efficiency of Shotcrete's technology. Shotcrete Market is segmented into the Process, System, Equipment and Application.
Pune, March 27, 2023 (GLOBE NEWSWIRE) -- A global Material & Chemical business consulting firm, Maximize Market research, has published a market intelligence and competitive landscape report on the “Shotcrete Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the Shotcrete Market from global point and regional standpoint. Over the forecast period, Maximize Market research expects, the market to grow from USD 6.12 Bn in 2021 to USD 10.41 Bn in 2029 at a CAGR of 6.86 percent.*Shotcrete Market Report Scope and Research Methodology*
*Market Size in 2021* USD 6.12 Bn.
*Market Size in 2029* USD 10.41 Bn.
*CAGR* 6.86 percent (2022-2029)
*Forecast Period* 2022-2029
*Base Year* 2021
*Number of Pages* 281
*No. of Tables* 116
*No. of Charts and Figures* 115
*Segment Covered* Process, System, Equipment and Application
*Regional Scope* North America, Europe, Asia Pacific, Middle East and Africa, South America
*Report Coverage* Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
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The Shotcrete Market report includes a comprehensive analysis of emerging trends, market drivers, growth opportunities, and major restraints in the industry. It also provides a detailed analysis of the major segments of the Shotcrete Market with their sub-segments. The report covers historical data for understanding the past trends and forecasting future trends in the Shotcrete industry. To understand the structure of the market and the prevailing competition in the industry, a thorough regional and competitive analysis of the Shotcrete Market is covered in the report. The competitive landscape includes key players of the market along with new entrants. Regional analysis of the market is covered at global, regional and at a country level for understanding the market penetration, dominant players and growth strategies used by them.
The bottom-up approach was used to estimate the global and regional Shotcrete Market size. The main research methodology used by the Maximize Market Research team is data triangulation which involves data mining, analysis of the impact of data variables on the Shotcrete Market, and primary (industry expert) validation. The report includes extensive use of secondary sources directories and databases such as Bloomberg, Hoovers, Statista and other government associations. The company websites and private websites have also been used to identify and collect information useful for the technical, market-oriented and commercial study of the Shotcrete Market. To provide strengths, weaknesses, opportunities and threats in the Shotcrete Market, a SWOT analysis was used. PESTLE was employed to understand the potential impact of the micro-economic and macro-economic factors affecting the Shotcrete Market.
*Shotcrete Market Overview*
Shotcrete is commonly known as sprayed concrete. The products and solutions in the global shotcrete market are majorly used in construction and infrastructure technologies. The shotcrete market is mainly driven by increasing consumer preferences and changing lifestyles of people, which resulted in the construction of highways, dams, subways, bridges, tunnels, etc.
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*Shotcrete Market Dynamics*
Increasing demand for shotcrete products from the construction industry is one of the major drivers of the Shotcrete market. The market growth is also driven by the increasing usage of sprayed concrete in the manufacturing process of barrel vaulting, bank vaults and domes. The global Shotcrete Market is also driven by developing shotcrete technology and raw materials and the sustainability of shotcrete materials.
Compared to the conventional concrete procedure, the shotcrete process is cost-effective because requires less formwork and is highly efficient. This is expected to drive the Shotcrete market growth during the forecast period. The major restraining factor for the Shotcrete market is the scarcity of trained personnel for different construction operations. Labour shortages are a major challenge for all business and residential builders.
*Shotcrete Market Regional Insights*
In 2021, the Europe region dominated the global Shotcrete market with the highest revenue share and is expected to retain its dominance by the end of the forecast period. This growth of the market is mainly attributed to the increasing demand for concrete repair, shipping, hard rock extraction and underground drilling. The huge number of metro rail construction projects in the region is also contributing to the Shotcrete market growth.
The Shotcrete market in the North America region is expected to grow at a CAGR of 6.21 percent during the forecast period. The growing urbanization and growing industrial sectors is expected to drive the market in the future.
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*Shotcrete Market Segmentation*
*By Process*
· Dry Mix
· Wet Mix
Based on Process, the Wet segment held the largest Shotcrete Market at 68 percent in 2021 and the segment is expected to retain its dominance during the forecast period. The wide usage of the Wet Mix Shotcrete Process in the market is the main reason for the growth of this segment.
*By System*
· Manual System
· Robotic System
Based on the system, the Robotic Spraying segment dominated the global Shotcrete Market in 2021 with the largest revenue share. This is majorly attributed to the increasing demand for Robotic Shotcrete technology across the world because it includes the use of mechanized equipment with a robotic arm along with several benefits including a high-quality mixture with homogeneous support.
*By Equipment*
· General Equipment
· Auxiliary Equipment
· Special Equipment
Based on Equipment, the general equipment segment is expected to grow at a CAGR of 6.58 percent during the forecast period.
*By Application*
· Underground construction
· Inground swimming pool Water retaining structure
· Protective coating
· Repair works
Based on Application, the Underground Construction segment dominated the global Shotcrete Market with the largest Shotcrete Market share of 48 percent in 2021 and the segment is expected to retain its dominance by the end of the forecast period.
*Shotcrete Market Key Competitors include:*
· BASF SE
· HeidelbergCement AG
· Grupo ACS
· Lafargeholcim Ltd.
· Cemex S.A.B. De C.V.
· Sika AG
· GCP Applied Technologies
· Vulcan Materials Company
· Mapei S.p.A.
· Normet
· De C.V.,
· U.S. Concrete Inc.
· Quikrete Companies, Inc.
· KPM Industries Ltd.
· The Euclid Chemical Company
· Lkab Berg & Betong AB
· Cemex S.A.B. De C.V.
· B M Walunj & Co.
· Denka Company
· Draco Italiana
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*Key Offerings:*
· Past Market Size and Competitive Landscape (2018 to 2021)
· Past Pricing and price curve by region (2018 to 2021)
· Market Size, Share, Size & Forecast by different segment | 2022−2029
· Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
· Market Segmentation – A detailed analysis by Process, System, Equipment, Application and Region
· Competitive Landscape – Profiles of selected key players by region from a strategic perspective
· Competitive landscape – Market Leaders, Market Followers, Regional player
· Competitive benchmarking of key players by region
· PESTLE Analysis
· PORTER’s analysis
· Value chain and supply chain analysis
· Legal Aspects of business by region
· Lucrative business opportunities with SWOT analysis
· Recommendations
*Key questions answered in the Shotcrete Market are:*
· What is the growth potential of the Shotcrete Market?
· What was the Shotcrete Market size in 2021?
· What are the global trends in the Shotcrete Market?
· What are the recent industry trends that can be implemented to generate additional revenue streams for Shotcrete Market?
· How is the intervention from regulatory authority is shaping the Shotcrete Market?
· What growth strategies are the players considering to increase their presence in the Shotcrete Market?
· Who are the leading companies and what are their portfolios in Shotcrete Market?
· What are the major challenges posed to Shotcrete Market?
· Who held the largest market share in Shotcrete Market?
*Maximize Market Research is leading Material & Chemical research firm, has also published the following reports:*
*Concrete Super Plasticizer Market** - *The market size is expected to reach USD 7.24 billion by 2029 at a CAGR of 5.21 percent during the forecast period. The market is expected to be driven by the growing construction industry across the globe.
*Concrete Admixture Market* *-* The market size is expected to reach USD 22.38 billion by 2029 at a CAGR of 6.66 percent during the forecast period. The market is expected to be driven by growing urbanization due to the high investments by the governments in the creation of public infrastructure to fulfill the high demands of the growing population for commercial, residential and industrial construction.
*Concrete Admixtures Construction Chemicals Market* *-* The market size is expected to reach USD 22.38 billion by 2029 at a CAGR of 5.41 percent during the forecast period. The market is expected to be driven by the increasing infrastructural projects such as airports, highways, bridges, dams, and wastewater facilities.
*Concrete Bonding Agents Market* *-* The market size is expected to reach USD 7.98 billion by 2029 at a CAGR of 8.5 percent during the forecast period. The market is expected to be driven by the growing urbanization and increasing disposable income of the middle-class population.
*Concrete Curing Equipment Market* *-* The market size is expected to reach USD 1,458.73 billion by 2029 at a CAGR of 8.7 percent during the forecast period. The market is expected to be driven by the increasing demand for concrete curing equipment due to increasing automation in the transportation and logistics industry.
*About Maximize Market Research:*
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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