Global Shotcrete/Sprayed Concrete Market Anticipates Robust Growth, Projected to Reach US$ 15.9 Bn by 2031 with a 7.0% CAGR from 2023

The Shotcrete/Sprayed Concrete market is poised for robust growth, fueled by technological advancements, strategic acquisitions, and a surge in construction activities worldwide. In 2022, the global industry boasted a valuation of US$ 8.6 billion, and this trajectory is projected to continue with a compelling Compound Annual Growth Rate (CAGR) of 7.0% from 2023 to 2031, reaching an estimated US$ 15.9 billion by the end of the forecast period.

Market Size and Growth

The market's impressive growth is underpinned by the increasing demand for shotcrete applications in diverse construction projects. The versatility, efficiency, and durability of shotcrete make it a preferred choice, driving the market's expansion over the coming years.

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Market Segmentation

By Service Type

The market is segmented by service type into wet-mix and dry-mix shotcrete. Wet-mix shotcrete, known for its superior workability and reduced rebound, is expected to dominate the market during the forecast period.

By Sourcing Type

Sourcing types include ready-mix and onsite mix. The convenience and consistent quality of ready-mix shotcrete are anticipated to contribute significantly to market growth.

By Application

The application segment encompasses underground construction, water retaining structures, protective coatings, and more. The underground construction segment is likely to lead the market, driven by the increasing number of infrastructure projects worldwide.

By Industry Vertical

Major consumers of shotcrete come from industries such as mining, construction, and transportation. The mining sector is expected to be a key contributor to the market's growth, given its vital role in tunneling and slope stabilization projects.

By Region

Geographically, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is poised to dominate the market, owing to technological innovations and strategic developments in the region.

Regional Analysis

North America's market dominance is further solidified by key developments, such as Holcim's acquisition of Duro-Last in April 2023. This strategic move enhances Holcim's position and underscores the region's commitment to market leadership.

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Top of Form

Market Drivers and Challenges

Market Drivers:

Increasing infrastructure development globally
Continuous technological advancements in shotcrete applications
Strategic acquisitions and partnerships driving market expansion

Challenges:

Stringent regulatory requirements
Fluctuating raw material prices

Market Trends

The market is witnessing noteworthy trends, including Sika's production of shotcrete admixtures in northwest Paris in November 2020. Such trends underscore the industry's commitment to innovation and sustainability.

Future Outlook

The future outlook for the Shotcrete/Sprayed Concrete market is optimistic, marked by sustained growth and continuous innovation. The industry's trajectory will be shaped by ongoing technological advancements, strategic collaborations, and an increased focus on sustainable practices.

Key Market Study Points

Acquisitions and Partnerships: Holcim's acquisition of Duro-Last and Sika's strategic move in shotcrete admixture production highlight the industry's emphasis on expansion and collaboration.
Market Valuation: The industry's impressive valuation of US$ 8.6 billion in 2022, coupled with a projected CAGR of 7.0%, reflects the market's significant growth potential.

Competitive Landscape

The Shotcrete/Sprayed Concrete market is fiercely competitive, featuring key players such as Sika AG, HeidelbergCement, CEMEX, and others. These industry giants continually invest in research and development, partnerships, and strategic acquisitions to maintain a competitive edge.

Recent Developments

In April 2023, Holcim's completion of the Duro-Last acquisition significantly strengthened its position in the market.
Sika's initiation of shotcrete admixture production in northwest Paris in November 2020 showcased the company's commitment to innovation and product development.

Companies Profiled

Sika AG
HeidelbergCement
CEMEX
KPM Industries Ltd.
Mapei S.p.A
Euclid Chemical Company
LKAB Berg & Betong
Quikrete Companies
Holcim
GCP Applied Technologies
Votorantim Cimentos
Earth Friendly Concrete
Others

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