In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
· December 12, 2019- BASF introduced the next generation of high-performance flooring system, named MasterTop XTC, which is formulated with an inorganic modified high-density cross- linking resin polymer providing an easy-to-clean floor.
The global polymer concrete market is estimated to garner a sizeable revenue and grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing penetration of polymer concrete in the construction industry, and growing number of research and development activities to develop innovative construction materials. For instance, in May 2021, the United States alone spent about USD 750 billion for residential construction. Whereas, the spending in January of the same year was more than USD 730 billion. Along with these, rising awareness associated with the use of polymers in concrete as a result of their multifunctionality and high performance, is also a crucial factor expected to drive market growth in the years to come. Furthermore, surge in demand for chemical resistant construction materials from nuclear power plants, marine works and desalination plants, is projected to raise the demand for polymer concrete, offering ample growth opportunities to the market in the near future.
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The market is segmented by application into containments, pump bases, and wastewater containers, out of which, the containments segment is anticipated to hold the largest share in the global polymer concrete market on account of the growing rate of industrialization is predicted to give a boost to chemical manufacturing industries, which in turn is assessed to drive growth to this market segment by the end of 2030. Additionally, on the basis of type, the segment for epoxy is evaluated to grab the largest share over the forecast period owing to the high chemical resistance, exceptional adhesion, and appreciable fatigue resistance. In addition, epoxy-based resin is used in several applications such as exterior walls, industrial flooring and for resurfacing materials. This is also expected to boost the growth of the market segment in the future.
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 polymer concrete market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to acquire the largest share over the forecast period on the back of the increasing consumer demand for polymer concrete, high population growth, and growing investments in building and construction activities in Southeast Asian countries. According to the World Bank, the population of China in 2020 was calculated to be 1.402 billion, up from 1.397 billion in 2019. Apart from these, high manufacturing throughput and availability of cheap labor are also anticipated to drive the region’s market growth in the near future. Moreover, the market in North America is also projected to grab a significant share during the forecast period in view of the rising infrastructural activities, rapid growth of industrial and commercial construction, and strong presence of prominent market players in the region.
The global polymer concrete market is further classified on the basis of region as follows:
Our in-depth analysis of the global polymer concrete market includes the following segments:
Ans: The major factors driving market growth are increasing penetration of polymer concrete in the construction industry and growing number of research and development activities to develop innovative construction materials.
Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
Ans: Low awareness about polymer concrete in emerging economies is estimated to hamper the market growth.
Ans: Asia Pacific will provide more opportunities for market growth owing to the increasing consumer demand for polymer concrete and high population growth in the region.
Ans: The major players in the market are Interplastic Corporation, BASF SE, ACO FUNKI A/C, Honeywell International, Inc., SK global chemical Co. Ltd., and others.
Ans: 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.
Ans: The market is segmented by type, application, end user, and by region.
Ans: The epoxy segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.