Global Geopolymers Market - Segmented by Product Type, Form Type, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global geopolymers market has been estimated at USD 3,240.80 million in 2017. The market is expected to register a CAGR of 38.63% during the forecast period, 2018 to 2023. One of the major factors driving the growth of the market is the increasing demand for repair and rehabilitation market and higher projected output for fly ash.
GROWING DEMAND FROM REPAIR AND REHABILITATION MARKET
Owing to the unique properties such as, rapid setting fill that expands in to holes and crack, easily mixable and applicable, low cost solution when compared to chemical grouts, and about 98% post-industrial recycled materials, make geopolymers highly suitable for the repair and rehabilitation market, thereby driving the geopolymers market. Geopolymers can be used for rehabilitation of pipes and structures in civil Infrastructure, gas & oil, and chemical industries because of their high strength and ultra-low porosity. In addition, they are used to repair tunnels, bridges, roads, rehab buildings and containment. Emerging economies such as China, India, Indonesia, Thailand, Australia, Brazil, South Africa, South Korea, etc. are new markets and are showing huge potential for growth.
Residential and Industrial construction activities is the major boosting factor for the global geopolymer market. Industrial construction activities are expanding at a lucrative rate across the globe, mainly in developing countries, such as, India, China etc. Government initiatives by different nations in entering new markets or expanding the existing market by increasing the geographical footprint and increasing production units is likely to be the major boosting factors for the geopolymer market during the forecast period. Additionally, increasing investments in the construction of runways at the airports is expected to drive the demand for geopolymer concrete.
Asia-Pacific Dominates the Market
Asia-Pacific has the highest share in the market, accounting for nearly 58% of the global market share in 2017. The market for Asia-Pacific is driven majorly because of the growing construction industry in the region. The industry is expected to benefit from the increasing demand, triggered by a rebound in the residential construction and infrastructure projects. Furthermore, ease of availability of raw materials such as fly ash in the region provides a lucrative opportunity for investments in the market from across the world.
China is the Largest Consumer
China’s geographic location provides easy access to industrial goods markets in neighboring countries, as well as globally, to other countries; this makes it a major access point for manufacturers and suppliers. Fly ash is China's biggest source of solid industrial waste. Currently, fly ash is used in china mainly for building applications, but also for construction, road engineering and other uses. Geopolymer market is expected to increase in healthy rate mainly because of the advancement in end-user industry like construction, availability of abundant raw material and government initiatives encouraging green construction methods. The abundant availability of raw materials and low cost of production is estimated to boost the demand in the geopolymers market in the country.
Key Developments in the market