Global Rapid Strength Concrete Market - Segmented by Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global rapid strength concrete market is expected to register a CAGR of 4.56% during the forecast period, 2018 to 2023. North America dominated the global market, accounting almost 33% of the market share in 2017.
Increasing Multi-Story and High Rise Construction Activities
The construction industry is growing at a healthy rate, primarily in developing countries, such as India and China, owing to the industrialization resulting in rapid urbanization. This, in turn, is boosting the demand for commercial buildings, such as schools, offices, complexes and other industries. At the same time, the availability of free land is decreasing, despite the heavy demand for new buildings. This less availability of land is resulting in construction of various multi-storied buildings that meet the required demand in a limited area. On the other side, the high-demand construction projects are to be completed within a stipulated time, which is directly dependent on the drying or settling time of concrete. In such cases, rapid strength concrete plays a vital role, in completing the projects with utmost strength, within a short time.
This scenario is quite similar in developed regions, such as United States and Germany. High growth rate in population (between 22-30 years of age) is boosting the demand for new commercial buildings, such as offices, and also forcing in increasing the heights of existing buildings, where area is very limited. This, in turn, is increasing the demand for rapid strength concrete in these regions.
Roads/Bridges – the dominating application segment
The strength and long term durability of roads and bridges are of main importance to avoid any damage or accident to the structure or to cause inconvenience to the people.
In 2010, the contractor of the Highway 23 project in California, Security Paving, Sun Valley, Calif., used rapid strength concrete for road and bridge repair work. Furthermore, Saudi Arabia’s major initiatives concerning infrastructural development included white land tax initiative and transport infrastructure development plan in Riyadh. Under this, the government is focusing on construction of 175 km of six-lane road and 85 stations; this is anticipated to be complete by 2018. Such continuous progress is expected to drive the market through the forecast period.
In 2017, roads/bridges application segment dominated the global market with a market share of almost 20%.
Asia-Pacific – the fastest growing market through 2023
North America dominated the global market in 2017, however, Asia-Pacific is expected to be the fastest growing market through the forecast period primarily driven by Japan and China region. The Japanese construction sector remains positive in terms of short-term growth, due to the increasing demand, triggered by a sudden rise in residential construction and projects related to the Tokyo Olympics, 2020. Furthermore, the government of Japan is also constantly focusing on both long term and short-term development plans. China, despite experiencing a volatile growth in real estate market, is experiencing significant development of rail and road infrastructure; all of which is expected to drive the market through the forecast period.
Key Developments in the market
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