Polymer concrete is a composite material obtained by adding a polymer to a cement and aggregate mixture. It is a concrete material that uses polymers instead of Portland cement as the binder. Polymer concrete offers advantages over traditional concrete such as lower permeability, higher tensile and flexural strengths, corrosion resistance and faster setting. Thus, it is gaining prominence in construction of roads, buildings and hydraulic structures. The global polymer concrete market is estimated to be valued at US$ 916.03 Bn in 2024 and is expected to exhibit a CAGR of 42.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key Trends:
One of the major trends driving the polymer concrete market growth is its growing application in construction industry for road and building construction. Polymer concrete can withstand extreme weather conditions much better than ordinary concrete. It provides high durability and requires less maintenance. Thus, many municipalities are increasingly using polymer concrete for construction and repair of bridges, roads and other infrastructure. Another key trend is growth in industrial flooring applications. Polymer concrete exhibits high mechanical strength, impact and abrasion resistance, making it an ideal material for industrial flooring in chemical plants, warehouses and manufacturing facilities. Its low permeability prevents absorption of hazardous chemicals and makes cleaning and maintenance easier. Rising industrialization in developing regions is expected to further augment demand for polymer concrete in industrial flooring over the forecast period.
Threat of new entrants: The polymer concrete market requires high R&D investment and infrastructure which makes entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like cement concrete.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw material sources.
Threat of new substitutes: New substitutes like advanced cement concrete with better properties pose minimal threat currently.
Competitive rivalry: The market has presence of many global players intensifying competition.
The global Polymer Concrete Market Growth is expected to witness high growth. The market size is projected to reach US$ 916.03 Bn by 2024 from US$ 111.72 Bn in 2019, expanding at a CAGR of 42% during the forecast period.
North America dominates the market currently owing to advanced infrastructure and construction activities in the region. Asia Pacific is expected to witness fastest growth due to increasing construction projects in developing countries like China and India.
Key players operating in the polymer concrete market are Amazon Web Services Inc., Apple, Inc., Electronic Arts, Inc., Google Inc., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, NVIDIA Corporation, Sony Interactive Entertainment LLC, Ubitus Inc., and others. The market is consolidated in nature with major players focusing on new product launches and expansion strategies to gain higher share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it