The global grouting materials market is estimated to garner a revenue of ~USD 9 billion by the end of 2031 by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 7 billion in the year 2021. The primary growth factor for the grouting materials market is attributed to the expansion of construction industry. In 2019, the revenue garnered by the global construction industry was almost USD 2 trillion.
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The emerging technologies and industrialization is able to speed up the manufacturing process of grouting materials without additional expenses. As grouting materials is a mixture of water, cement, and sand, it is utilized for pressure grouting that enhances the stability without delamination, cracking, or crumbling. Owing to its great advantages, in today’s date grouting materials is being highly used in construction industry. Thus, the recent focus on investing in construction industry for its expansion is expected to bring lucrative opportunities to support the growth of the grouting materials market. A recent data has estimated that by 2030 the global construction industry expenditure is expected to propel to USD 18 trillion.
The process used to seal a crack or leaking joint in underground piping using a mixture of cement, sand, and water or chemicals (collectively known as grout) is called grouting. It is required for repairing concrete cracks, filling seams and gaps in tiles, gaps for sealing and waterproofing, for soil stabilization and to give additional strength to the foundations of load-bearing structures. It is also done to prevent the flow of groundwater into the pipe or to keep the material in the pipe from flowing into the groundwater. There are different types of grouting, cement grouting, chemical grouting, and bituminous grating, based on the material used.
Expansion in Manufacturing Industry – Grouting materials radiate in voids for the repair of cracks, strengthening of damaged concrete, and filling gaps in various manufacturing processes. The high advantages of grouting materials are thus expected to increase their usage in the manufacturing industry. Therefore, expansion in the manufacturing industry is further projected to propel the grouting materials market. As per a recent report, it was stated that the revenue gathered by the United States’ manufacturing industry stood up at approximately USD 6 trillion in 2022.
Growth in Research and Development Expenditure - The World Bank calculated the global research and development expenditure in proportion to gross domestic product (GDP) to be 2.63% in 2020. This is a considerable increase from 2.2% in 2018.
Rise in the Chemical Industry – The recent development in India has propelled the Indian chemical industry to grow by a CAGR of 10% with a revenue of USD 300 billion by 2025.
Rising Support from Various Governments through Various Policies and Schemes - In India, around USD 26 million was allocated by the government to the Department of Chemicals and Petrochemicals under the Union Budget 2022-23.
The grouting materials market is segmented and analyzed for demand and supply by application into mining industry, traffic industry, water conservancy industry, construction industry, and others. Out of these, the construction industry segment is anticipated to garner the highest revenue by 2031, on the back of high growth rate of the industry. Statistics from a recent data revealed that the global construction industry is anticipated to grow to USD 8 trillion by 2030, with an average growth rate of 5%. Also, the high employment rate in the industry is an another growth factor for the expansion of market. As per latest calculations, the number of people that were hired in the construction industry of the United States was 10,350,000 in total in 2022.
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.
Regionally, the global grouting materials market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031. The increase in the number of businesses in the construction industry in the United States is the primary reason for the growth of the market. According to the most recent data, there will be 3,790,000 construction businesses in the United States in 2022.The high consumption of chemicals in the region is another factor driving the market growth. In terms of consumption, in 2020, the total consumption in the United States region amounted to 230 million tonnes, a 4% increase from 2019.
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The global grouting materials market is further classified on the basis of region as follows:
Our in-depth analysis of the global grouting materials market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The expansion of construction industry along with other end-use industry are expected to propel the market growth in the assessment period.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2031.
The easy availability of alternative chemicals coupled with increased costs of production and stringent rules are some of the factors that are expected to hamper the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are CICO Technologies Limited (CTL), Sika AG, Fosroc Inc., LATICRETE International Inc., Custom Building Products, ITW Wind Group (State of Green), GCP Applied Technologies Inc., Mapei Corporation, Fischer Spezialbaustoffe GmbH, Ambex Concrete Technologies Inc., A.W. Cook Cement Products Inc., 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 type, application, and by region.
The construction industry segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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