Shotcrete Market to Surpass US$ 11 Billion by 2025
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The global shotcrete market was dominated by Europe in 2016, due to continuous development in public transportation systems which includes, underground metro rail and tunnels. Moreover, wet-mix shotcrete is expected to replace conventional concrete in underground construction, due to its various. Also, the market in North America is expected to witness significant growth during the forecast period, mainly due to increasing infrastructure development activities underway and inline in the near future. For instance, New York East Side Access worth over US$ 10 billion, Honolulu Rail Transit project worth over US$ 6 billion, Toronto’s Eglinton Crosstown light rail project worth over US$ 5 billion, Los Angeles’ Purple Line Extension Phase-1 project worth over US$ 2.8 billion, Seattle’s East Link Light Rail project worth over US$ 2.8 billion and Washington’s Silver Line Phase-2 project worth over US$ 2.8 billion are expected to propel the market for shotcrete form 2017-2025.
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Key takeaways of the market:
Asia-Pacific is projected to be the fastest growing region in global Shotcrete market. It accounted a CAGR of 9.3% from 2017-2025 in terms of revenue. The market in this region is expected to be primarily driven by rampant growth of tunnels, water retaining structures in China, India, and ASEAN countries. The growing need of underground metro lines and tunnels, rising urbanization and growing demand for reliable public transport are some of the key drivers for the growth of Shotcrete in the Asia-Pacific region.
The market in Latin America is expected to register a significant growth rate over the forecast period. Rise in construction activities are expected to create lucrative growth opportunities for the players in this region.
Mining companies, engineers and contractors are increasingly deploying quick, reliable, economic and efficient technology of pneumatically operated shotcrete. Shot-tech robotic system technology is dominating the market for shotcrete as it enables the shotcrete to spray automatically after blasting and allowing the nozzle operating crew to be safe.
BASF SE, Heidelberg Cement, Grupo ACS, Lafargeholcim, Cemex, Sika AG, GCP Applied Technologies, U.S. Concrete, Mapei, and Normet are among the key players in global shotcrete market
Technological advancement is leading to the key innovation in the new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market. The key multinational players rapidly investing in shotcrete technology to fulfil the growing demand for shotcrete in Europe and Asia Pacific. For instance, BASF AG installed a shotcrete plant in Andhra Pradesh, India. Moreover Sika AG started a shotcrete plant in Australia, to meet the growing demand for shotcrete in rail tunnels, suburbs in Forrest field Airport link.
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