Global Shotcrete Market to Witness a Progressive Growth by 2028 due to Rising Urbanization

Shotcrete is a type of concrete which are usually applied by spraying. It is a complex mixture of portland and aggregate cement, which are then sprayed onto free form surfaces and composite structures like walls, tunnels, and others. Thus, the concrete produced through shotcrete process provides a great deal of durability, tensile strength, fire retardations, thermal efficiency, and lots more. They are extensively used to damage repairs from disasters like explosions, earthquake, and others.

Forecast Analysis of the Global Shotcrete Market

The innovative shotcrete process is much more cost effective than the conventional concrete process, owing to the less labor, lower formwork, and availability of a compact portable plant for placement and manufacturing. In addition, the concrete produced by shotcrete process have high durability, tensile strength, and low permeability. These factors are expected to drive the growth of the shotcrete market during the forecast period 2021-2028. Furthermore, extensive usage of shotcrete to construct free form structures like tunnels, reservoirs, and others are expected to create ample opportunities for the growth of the market during the forecast period. However, requirement of experienced professionals for the use of shotcrete method is expected to impede the growth of the market during the forecast period.

According to the report published by Research Dive, the global shotcrete market  is expected to generate a revenue of $ $13,215.3 million by 2028, growing rapidly at a CAGR of 8.9% during the forecast period 2021-2028. The major players of the market include Normet, Mapei S.p.A., BASF SE, Sika AG, HeidelbergCement AG, Lafargeholcim Ltd., Grupo ACS, Cemex S.A.B. De C.V., GCP Applied Technologies, Vulcan Materials Company, and many more.

Key Developments of the Global Shotcrete Market

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global shotcrete market to grow exponentially.

For instance, in May 2019, Sika AG, a Swiss multinational specialty chemical company that supplies to the building sector and motor vehicle industry, acquired King Packaged Materials Company, a dominant independent Canadian manufacturer of dry shotcrete and mortars for concrete repair, in order to maximize Sika’s geographical extent in Canada and further create immense potential construction, mining, home improvement, and tunnelling market.

In March 2020, Putzmeister, global leader in the world of construction and mining, launched Geokret 2.0. Geokret 2.0 is the complete solution for scanning shotcrete in underground environments, enabling people to carry out shotcrete applications efficiently and intelligently, perform high-precision 3D scans in 60 sg up to 360º of the gallery. Its quick integration with the Putzmeister Geokret App makes it more seamless.

In February 2020, EMS Group, an electronic, semiconductor and medical subcontracting group that offers technology and manufacturing solutions, acquired JACON, an underground mobile concrete equipment company, in order to expand EMS Group’s opportunities in construction, mining, and civil infrastructure projects across the globe.

Most Profitable Region

The Asia-Pacific region is expected to have the fastest growth rate, surging exponentially at a CAGR of 9.5% during the forecast period. Availability of massive population in this region coupled with the rising rate of urbanization in this region is expected to drive the growth of the market. In addition, increase in the number of construction projects and repair works in this region is further expected to bolster the growth of the regional shotcrete market during the forecast period.

COVID-19 Impact on the Global Shotcrete Market

The outbreak of coronavirus has had a drastic impact on the global shotcrete market, owing to the prevalence of lockdowns in various countries across the globe. Redundant lockdowns led to the postponement or cancellation of most of the construction projects across the globe. in addition, financial recession in the construction market led to the largescale unemployment among people. Thus, COVID-19 has had a negative impact on the growth of the global shotcrete market.