The Shotcrete Market was at US$ 5.85 Billion in 2021 and is growing to approx US$ 10.9 Billion by 2030, with a CAGR growth of 7.0% between 2022 and 2030.

SANDY, UTAH, UNITED STATES, February 7, 2023 /EINPresswire.com/ -- According to the study, The Global Shotcrete Market was estimated at USD 5.85 Billion in 2021 and is anticipated to reach around USD 10.9 Billion by 2030, growing at a CAGR of roughly 7.0% between 2022 and 2030.

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Shotcrete Market: Overview

Shotcrete is also identified as gunite concrete applied by spraying and exhibits in wet and dry mix concrete that is pneumatically propelled at high velocity through a hose and nozzle that does not require conventional forming. Generally, shotcrete is a mixture of aggregate and Portland cement, conveyed by compressed air to the nozzle of a spray gun, where water is added. It has a wide range of applications in various end-use industries, including building & construction, underground construction, residential, commercial, and others. In addition, shotcrete material makes the building structure less porous, which increases the bond strength and helps lower the construction time and costs. The shotcrete system reduces installed costs and optimizes mix designs in installation and mining projects.

Shotcrete Market: Growth Drivers

Shotcrete is preferred over conventional concrete because of its low volatile organic content. Shotcrete is used extensively in construction as it is resistant to corrosion, scratch, chemical spill, and others. For instance, according to an article published by Invest India in the year July 2022, the construction industry is expected to reach $1.4 trillion by 2025. Furthermore, advancement in shotcrete technology and the available raw material has spurred the usage of spray shotcrete. These factors are anticipated to increase the demand for shotcrete in the construction sector.

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Key Insights:

A) As per the analysis shared by our research analyst, the Shotcrete market is estimated to grow annually at a CAGR of around 7.0% over the forecast period (2022-2030).
B) In terms of revenue, the Shotcrete market size was valued at around USD 5.85 Billion in 2021 and is projected to reach USD 10.9 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) Unfamiliarity with the technology and lack of awareness regarding shotcrete methods and techniques will affect the overall market growth. For instance, in the North American region, there are still several states in the U.S. and Provinces in Canada where the technology is almost unknown. Part of this is a lack of familiarity with structural engineers.
D) Proliferating growth of the residential and commercial sector has witnessed significant growth in the shotcrete market. The growing population has arisen the need for building and construction activity which is significantly increased the overall demand for sprayed shotcrete due to its ease of operation.
E) The high installation and machine costs will be challenging in the shotcrete market. In response to this, the lack of skilled labor and technical knowledge regarding the installation of the shotcrete technique will restrain the overall market.

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Regional Landscape

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Europe is the dominant region in the shotcrete market. Countries such as Germany, France, Russia, the U.K., and others have contributed significantly to the growth of the shotcrete market in the region.

Key factors for the growth in Europe are growing building and construction activities, repair works, tunnel projects, mining & extraction. For instance, according to an article published by Putzmeister in 2022, Cross rail is a new railway link that will dramatically cut traveling times within London and is currently Europe’s largest infrastructure project with a total price tag of £14.8 billion. These factors enhance the shotcrete techniques and system during the forecast period.

Moreover, China’s bridge, tunnel, and construction activity are expected to grow at a rapid pace owing to the rapid increase in population, industrialization, urbanization, and government support for the construction sector has spurred the overall market growth. For instance, according to an article published by IBIS World in the year March 2022, the bridge, tunnel, and subway construction industry in China has been growing rapidly over the past five years, where industry revenue is expected to rise at an annualized 9.7% over the five years through 2022.

In addition, Industry firms are set to generate $1.6 trillion in 2022. The industry is generally profitable as the government controls many construction enterprises, particularly large-scale firms, and assists firms with preferable policies.

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Key Players

BASF SE
Sika AG
HeidelbergCement AG
Cemex S.A.B. de C.V.
KPM Industries Ltd
Euclid Chemical Company
LKAB Berg & Betong AB
Quikrete Companies Inc.
S. Concrete, Inc.
LafargeHolcim
Normet Group
GCP Applied Technologies
Cemex S.A.B. De C.V.
Mapei S.P.A.
Grupo ACS

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The Shotcrete Market is segmented as follows:

By Technique

Wet Mix
Dry Mix

By System

Manual
Robotic Spraying

By Application

Underground Construction
Inground Swimming Pool
Water Retaining Structure
Protective Coating
Repair Works

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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