The global polymer concrete market is projected at $2.1 billion in 2017 and is expected to reach $3.4 billion by 2024, at a CAGR of 7.2% during 2018-2024. This market is witnessing significant growth owing to increasing responsiveness concerning the usage of polymers in concrete as it offers multi-tasking and enhanced performance. Extensive spending on maintenance and repair along with rapid growth in infrastructural and developmental actions in growing economies are the major factors driving the growth of polymer concrete market globally.
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The relatively high cost of concrete polymer as compared to that of traditional concrete owing to its premium properties is expected to be the major factor hindering the growth of polymer concrete market across the globe. It has been projected that the cost associated with one ton of concrete that is extracted from polymer is considerably higher in comparison cost of developing one ton of cement concrete. The relatively high cost of this cement restricts its use to few engineering applications such as stress-resistant drainage systems and abrasion resilient pipes.
Globally industry players are leveraging market growth by replacing the cheap substitutes of products to providing superior quality options for varied ranges of applications across the globe. Additionally, improvements and developments that are significantly supporting the economy are expected to further enhance the growth of polymer concrete market globally.
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Geographically, Asia Pacific was projected to witness fastest growth and also the largest market for polymer concrete due to its abundant accessibility of labor, prosperous manufacturing segment, economical cost structure and swelling demand from customers are expected to drive the growth of polymer concrete market in this region by 2024. Additionally, there are certain macroeconomic factors that are further influencing the growth of this market in Asia-Pacific such as increasing disposable income, huge population and essentially the extensive investments undertaken for building & construction accomplishments in this region is anticipated to make this region one of the most auspicious markets for polymer concrete.
Some of the major players operating in the global polymer concrete market are Fosroc International Ltd., Dudick Inc., Forte Composites Inc., Crown Polymers Corporation ACO Severin Ahlmann GmbH & Co. KG, ErgonArmor, BASF SE, BaseTek, Sauereisen Inc., and Sika AG.