Shotcrete Market Expected to Reach $10.9 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Shotcrete Market," The shotcrete market was valued at $5.6 billion in 2020, and is estimated to reach $10.9 billion by 2030, growing at a CAGR of 6.91% from 2021 to 2030.

global shotcrete market is significantly expanding, owing to rapid surge in construction activities, including development of smart cities, metropolis, industrialization, bridges, and underground structures. Shotcrete, also known as sprayed concrete, is an efficient technique of spraying concrete onto free form surfaces and complex structures, including tunnels. Various benefits offered by shotcrete process incudes durability, high tensile strength, low permeability, thermal efficiency, and fire retardation. It is commonly used in repair works for repair of fire and earthquake damage and deteriorated surfaces, encasing structural steel for fireproofing, and strengthening walls. High efficiency offered by shotcrete process, due to the fact that it is economical . It requires less formwork compared to conventional concrete method. This factor drives the shotcrete demand. In shotcrete process the cement content is high which makes it more durable. Shotcrete process resists freezing and thawing. Shotcrete offers sustainability, owing to higher percentage of recycled material and presence of high thermal mass, which helps in development of energy-efficient structures. In addition, shotcrete eliminates the need for engineered concrete footings for one-sided wall bracing, due to which no formwork is required. In addition, this process facilitates architectural creativity, which is otherwise price prohibitive or infeasible.

Shotcrete process requires skilled labor or nozzle man for the concrete spraying process to obtain the maximum efficiency as the water to cement ratio must be maintained accurately. The presence of excess water can compromise the quality of concrete that leads to reduced strength and durability which is expected to hamper shotcrete market growth.

It is widely used method for construction of free form surfaces that are difficult to construct using conventional cast-in-place concrete technique. The construction of thin overhead vertical or horizontal surface such as canal, reservoir, tunnel lining, or folded sections drive the growth of shotcrete market. In addition, it is used on stabilization of rock slopes, construction of pre-stressed tanks, water retaining structures, and swimming pools. It plays a vital role in offering protection against long-term corrosion of piling, steel building frames, oil tanks, coal bunker, as well as for encasing structural steel for fireproofing. In addition, it is used in high temperature applications, including refractory lining of chimneys, furnaces, and kilns. The presence of above mentioned applications are expected to provide lucrative growth opportunities for the market in the forecast period.

The global shotcrete market is segmented on the basis of technique, system, application, equipment, and region.

Depending on the technique, the market is segmented into wet mix and dry mix. According to system, it  is categorized into manual and robotic spraying. As per the application, it is segregated into underground construction, inground swimming pool, water retaining structures, protective coatings, and repair works. On the basis of equipment, it is classified into general equipment, auxiliary equipment, and special equipment. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe is the leading region in terms of demand for shotcrete and is expected to maintain its dominance during the forecast period. High adoption of shotcrete as a protective coating and presence of huge infrastructural activities in  region continue to bolster the shotcrete market size, due to presence of investment in e construction activities and repair works.

The key players profiled in the shotcrete market report include BASF SE, Heidelberg Cement, Grupo ACS, Lafargeholcim, Cemex, Sika AG, GCP Applied Technologies, U.S. Concrete, Mapei, and Normet.

The other key players (not profiled in report) in the value chain include, Lkab Berg and Betong Quikrete cement and concrete products, Tutor Perini Corporation, Thiessen Team, and SAN. are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the shotcrete market in the forecast period.

Key Findings of the Study

• Region wise, Europe accounted for the largest market share in 2020.
• By technique, wet mix segment held the largest market share in 2020.
• As per the system, robotic spraying segment held the largest market share in 2020.
• According to application, underground construction segment held the largest market share in 2020.
• Depending on equipment, general equipment segment held the largest market share in 2020.

IMPACT OF COVID-19 ON THE GLOBAL SHOTCRETE MARKET

• Emergence of COVID-19 minimally impacted the growth of the global shotcrete market during this period.
• This impact is mostly attributed to the significant disruptions in raw material transportation and unavailability of labor, which, in turn, ceased many manufacturing industries, declining  demand for shotcrete during this period.
• The decrease in demand for many non-essential products and ceased construction created a negative impact on the growth of global shotcrete market.