Global Shotcrete Market to Surpass US$ 11 Billion by 2025

Shotcrete – Insights

Shotcrete is a technique used to pneumatically spray concrete through a hose at high velocity onto the surface. Factors such as growing underground construction activities such as tunneling and mining activities and rampant growth in infrastructure development are factors expected to boost growth of the shotcrete market during the forecast period (2017–2025). Robotic system segment is expected to dominate the shotcrete market over the forecast period and is expected to expand at a CAGR of 9.3% in terms of volume. According to a study conducted by Coherent Market Insights, the global robotic system market is projected to reach over 4,137.25 TCM by the end of 2017.

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Europe accounted for the largest share in the global shotcrete market in 2016, according to the stats provided by Coherent Market Insights. Increasing underground construction activities in Europe creates a highly conducive environment for growth of the global shotcrete market. For instance, in Europe the construction of metro rail project which will link from east-north and west-south, currently Attiko Metro company prepares to construct four new line, the project worth over US$ 3.61 billion and is expected to fuel the market for shotcrete during 2017-2025. Moreover, rapid investment in infrastructural development to provide reliable, sustainable and economic transportation in emerging economies such as India and China further fuels growth of the global shotcrete market. The National Highways and Infrastructure Development Corp. (NHIDCL)—a government undertaking company—plans to construct five mega tunnels in Jammu and Kashmir by 2024, at an estimated cost of US$ 3.58 billion. Moreover, according to India Brand Equity Foundation (IBEF)—a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—in April 23, 2017, a metro rail projects with a total route length of 903 kms in 13 cities are under consideration.

The global shotcrete market size was valued at US$ 5,612.73 million and 19,140.94 TCM in 2016 and is expected. The market is expected to expand at a CAGR of 8.1% in terms of revenue and 8.3% in terms of volume during 2017 – 2025.

Among processes, wet-mix process segment accounts for the largest share in the shotcrete market. In this process, water is added to the cement mixture and sprayed through the nozzle wherein air and shotcrete accelerators are added. The wet-mix shotcrete process segment is projected to expand at a revenue CAGR of 9.8% over the forecast period. This is mainly attributed to its wide application in various applications in underground constructions, water retaining structures, and protective coatings. Also, wet-mix process is largely used in robotic equipment due to the high efficiency and in efficient time. Dry-mix process comprises cement, admixtures, and aggregate, which are mixed to in a specified ratio, without water and is then sprayed over the substrate through a high velocity nozzle. While these processes are widely used across industries, improper use and lack of safety may lead to serious injury while operating wet-mix and dry-mix process. Lack of skilled labor and effective transportation facilities are expected to be key challenges for the global shotcrete market.

Growing underground constructions activities, to boost the market growth

Europe, followed by Asia Pacific and North America, respectively, accounted for major share in the global shotcrete market both in terms of revenue and volume in 2016 and the trend is expected to remain the same over the forecast period. In 2016, Europe held a share of 36.75% in terms of volume, followed by Asia Pacific (25.85%). The growing infrastructure development activities in Asia Pacific to support burgeoning population creates a highly conducive environment for growth of the market. The recent past has witnessed a spurt in tunneling activities, rapid urbanization and growing deployment of metro rail projects, especially in Asia Pacific. According to a study conducted by Coherent Market Insights, the global underground construction market is expected to witness a CAGR of 8.2% from 2017 to 2025 which in turn is expected to fuel growth of the global shotcrete market.

Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion

To know more about the Shotcrete Market, click the link below, https://www.coherentmarketinsights.com/press-release/global-shotcrete-market-to-surpass-us-11-billion-by-2025-buoyed-by-rampant-infrastructural-development-in-asia-pacific-212

Major players in the global Shotcrete market include BASF SE, Heidelberg Cement, Grupo ACS, Lafargeholcim, Cemex, Sika AG, GCP Applied Technologies, U.S. Concrete, Mapei, and Normet. Among others.

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This release was published on openPR.