Global Shotcrete Market Projected to Grow at a CAGR of 8.9% and Generate a Revenue of $13,215.3 million by 2028

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The global shotcrete market is predicted to be valued at $13,215.3 million by 2028, surging from $6,685.2 million in 2020 at a noteworthy CAGR of 8.9%.

COVID-19 Impact on Shotcrete Market

The coronavirus outbreak has led to economic crisis that has severely disrupted the economy and global trade. The shotcrete market also experienced a negative impact owing to shutdown of manufacturing processes and postponement or cancellation of construction projects. This has caused financial recession in the construction industry leading to unemployment. For instance, as stated in 2020, in the IOPscience, the scientific publication that distributes scientific information worldwide, in India, the pandemic is costing an estimated Rs.30,000 crore every day and the pandemic is estimated to reduce the investment in construction sector by 13% to 30%affecting the gross value and investment. Similarly, in China the lockdown imposed during pandemic has stopped the construction activities that has incurred a loss of RMB 10 million from construction. Similarly, the U.S. that employs more than 11.2 million people in construction sector states that 45% of contractors in construction sector are facing destructions caused by the pandemic. 

Various initiatives taken by the companies operating in the shotcrete industry to prevent the spread of pandemic and to safeguard the life of its employees are helping society to recover from the current situation. For instance, Global Cement and Concrete Association, the international association of cement producers, has implemented various protocols across all of its operations to protect its employees and communities from the risk of contracting the virus. For instance, adapted ways of working such as workplace or home delivery of products to minimize direct contact between the workers and contactless customer journeys had been launched in 2020.

Global Shotcrete Market Analysis

Shotcrete market has gained huge popularity as it is economical than conventional concrete and requires less formwork. The placement process of shotcrete results in an excellent bond with most substrates particularly in for free form and complex shapes. Shotcrete is best method for construction of curved surfaces such as tunnel linings and domes which are easier to construct using this technology. In the underground construction, shotcrete can be used for supplementing or replacing conventional support materials, sealing rock surfaces, channeling water flows, and installing permanent support or temporary linings. In slope & surface protection, shotcrete is used for temporary protection of exposed rock surfaces that deteriorate when exposed to air. In addition, it is widely used in the construction of new structures such as pools & tanks, floors & walls, domes, bridges, and others.          

However, quick application is required to ensure effective results. If the mixture is not utilized and applied quickly, it starts drying that makes the substance too hard to spray. Also, shotcrete should be utilized by expert operators or nozzleman as improper application can do more harm to the surface by increasing the risk of damage to the surface that increases the project time and cost of cleanup. These factors are estimated to restrain the shotcrete market share during the forecast period.

Growing construction activities such as construction of bridges, tunnels, development of smart cities, rail networks, and others are estimated to drive the shotcrete market size during the forecast period. This growth in construction industry is driven by countries that are looking to inhouse their ever-growing population and to compete on a global scale. For instance, the Beijing International Airport, China will surpass Dubai’s Al Maktoum International Airport in terms of passenger & plane capacity and total square miles. The first phase of the project was completed in 2008 and further expansion is estimated to be completed by 2025. Shotcrete is widely used in such construction activities as it is resistant to fire, disasters, and have low permeability. In addition, it has excellent thermal resistance and requires only small space for construction. All these factors are estimated to drive the shotcrete market growth during the forecast period.  

Global Shotcrete Market, Segmentation

The global shotcrete market is segmented based on process, application, technique, and region.

Process:

The process segment is further classified into wet mix and dry mix. Among these, the wet mix sub-segment is anticipated to have a dominant market share and shall surpass $10,581.5 million by 2028, with an increase from $5,209.1 million in 2020. The wet mix shotcrete process offers several advantages such as it has resistance to freezing and thawing. This is majorly owing to the use of proper air void system that offers frost resistance. The compressive and flexural strength is high in wet mix process as water-cement ratio is maintained properly. Fibers can be added to this process to enhance its load carrying capacity. It is suitable for large, irregular surfaces, and hard to reach areas as it allows ease of material handling. Wet mix process incorporates durable homogenous mixture that facilitates high velocity of placement, promotes good compaction, and high density.

Application:

The application segment is further classified into underground construction, new structures, repair works, and slope & surface protection. Among these, the underground construction sub-segment is anticipated to have a dominant market share and shall surpass $7,472.4 million by 2028, with an increase from $3,621.1 million in 2020. Shotcrete is widely used method for tunneling industry since decades, as it facilitates ease of application for complex underground shapes and profiles. In addition, efficient spraying method of shotcrete facilitates the use of fiber reinforced concrete that does not require steel fixing in tunnels. This technology has several advantages such as low cost, safe working conditions during excavation, and high quality.         

Technique:

The technique sub-segment is further classified into robotic and manual. Among these, the robotic sub-segment is anticipated to have a dominant market share and shall surpass $8,897.2 million by 2028, with an increase from $4,347.0 million in 2020. The robotic shotcrete technique has gained huge popularity in hazardous mining and tunneling applications that are prone to harmful gas emissions, rock bursts, and others. Robotic arm can be mounted on various carrier vehicles that can reach up to 47 ft. Such robotic technique increases the production capacity by eliminating the human fatigue factor. In addition, some of the robotic manipulators also have automated nozzle adjustment feature that can maintain proper standoff distance and nozzle angle to the substrate. Also, robotic shotcrete technique has improved in-place properties due to dedicated maximum air volume for optimum compaction.

Region:

The shotcrete market for the Asia-Pacific region is projected to witness rapid growth. This region’s market generated a revenue of $2,456.8 million in 2020 and is projected to reach up to $5,073.4 million by 2028. Asia-Pacific countries such as India, Japan, and China are leading countries in construction and infrastructure development sector. For instance, the development of smart cities, rail networks, tunnels, and residential & commercial buildings is estimated to drive the Asia-Pacific shotcrete market growth in the upcoming years. For instance, as stated on July 09, 2021, in the Construction Global, the construction news provider platform, the Chuo Shinkansen, the high-speed rail line in Japan is estimated to be completed by 2027. This high-speed rail line will transport passengers from Tokyo to Nagoya in less than 40 minutes. About 86% of this new line will be underground that requires extensive tunnel construction.  

Top 10 Major Key Players in the Global Shotcrete Market are -

1. BASF SE
2. HeidelbergCement AG
3. Grupo ACS
4. Lafargeholcim Ltd.
5. Cemex S.A.B. De C.V.
6. Sika AG
7. GCP Applied Technologies
8. Vulcan Materials Company
9. Mapei S.p.A.
10. Normet

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

Porter’s Five Forces Analysis for the Global Shotcrete Market:

• Bargaining Power of Suppliers: The shotcrete market players buy various raw materials such as cement, sand, and aggregates from different suppliers. Hence, suppliers can utilize their bargaining potential to gain high profits from the shotcrete producers. 
  Thus, the bargaining power of suppliers is high.
• Bargaining Power of Buyers: In this market, the concentration of buyers is moderate, and shotcrete is widely used for different construction activities. The buyers have an option to select the shotcrete provider based on their pricing structure. 
  Thus, buyer’s bargaining power will be moderate.
• Threat of New Entrants:  The threat of new entrants is low as huge capital investment, labor cost, and shotcrete machine/equipment cost are involved. As well as it is governed by the government regulations demanding sustainable construction. 
  Thus, the threat of the new entrants is low.
• Threat of Substitutes: The conventional cast-in-place concrete, fabric-reinforced cementitious matrix, and gunite are alternatives to the shotcrete process which may affect the shotcrete market development to some extent.  
  Thus, the threat of substitutes is moderate.
• Competitive Rivalry in the Market: The shotcrete market players are focusing on enhancing their production capacity and business expansion via product launch and acquisition. 
  Therefore, competitive rivalry in the market is moderate.