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IN THE NEWSJuly, 2021: Holcim Ltd launched a range of green concrete, which has at least 30% lower carbon footprint with equal to superior performance.
The global concrete cooling market is estimated to grow with ~8% CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing need for concrete cooling in the industrial sector. The hydration of concrete is an exothermic process, which can release massive heat, sometimes up to 200-degrees Fahrenheit. The demand for concrete cooling is estimated to increase significantly, owing to the various disadvantages of using hot concrete, such as, poor tensile strength, unequal density, and quick water evaporation. Poor quality of concrete can create issues with the strength of the structure, which is another major growth factor for the market. Moreover, the market is estimated to further grow on the back of stringent government regulations for the standard of construction materials used in industrial and commercial activities.
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The global concrete cooling market is segmented by application into industrial, infrastructural, and others, out of which, the industrial segment is anticipated to hold the largest share in the market over the forecast period. This can be accredited to the crucial need for cooler concrete in industrial activities, as industrial construction includes large pours. If the concrete is hot, the structure will dry unevenly, compromising significantly in its durability and strength. This is estimated to boost the demand for concrete cooling in industrial applications. On the basis of end-use, the highway segment is estimated to hold the highest revenue share throughout the forecast period, owing to the increasing constructions of highways and roads across the globe, backed by the economic development. Roadways are being built rapidly to improve connectivity with remote areas, which is estimated to fuel the growth of this segment.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global concrete cooling market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing construction activities in developing nations, such as, China and India. As per the data by the India Brand Equity Foundation (IBEF), the ministry of Road Transport and Highways has allocated a budget of USD 14.85 billion for FY 2021-22, while the government also aims to construct 23 new national highways by 2025. Moreover, rising demand for concrete cooling for the construction of dams, backed by the growth of hydro energy in this region, is also projected to boost the market growth in the region.
The market in the North America region is anticipated to garner notable market share during the forecast period on account of high expenditure in the public infrastructure, along with the presence of major industries in developed economies, including United States, and Canada. In 2018, the about USD 90 billion were spent on highway and bridge construction in the U.S., which is projected to grow to about USD 105 billion by 2022.
The market in the Middle East region is estimated to garner significant share during the forecast period, owing to the high temperature in the region, along with ongoing infrastructural development in the region.
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The global concrete cooling market is further classified on the basis of region as follows:
Our in-depth analysis of the global concrete cooling market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing need for concrete cooling in industrial sector backed by drawbacks of using hot concrete is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 – 2030.
Lower demand in colder European and American countries are estimated to hamper the market growth.
The market in Asia Pacific region is expected to provide maximum growth opportunities owing to the growing construction activities, baked by economic development in the region.
The major players in the market are Fujian Snowman Co., Ltd, Coldcrete Inc., ConCool Concrete Cooling Systems, North Star Ice Equipment, The Kirloskar Group, LINTEC Corporation, Chirag Ice Factory Pvt Limited, Recom Ice Systems B.V., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by cooling method, application, end-use, and by region.
The industrial segment is anticipated to grow at a significant CAGR over the forecast period owing to the requirement of cool concrete for large pour.
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