Selbyville, DE -- (SBWire) -- 07/06/2020 --The global self-compacting concrete market is projected to foresee immense revenue growth due to increasing product demand from the rising drilling activities across the U.S. Drilling activities in the country are witnessing an upsurge due to the regional petroleum industry, which is growing exponentially. Self-compacting concrete, also known as self-consolidating concrete, is an innovative type of concrete that is highly flowable. This characteristic allows it to spread into a form without needing mechanical vibration.
Self-compacting concrete is majorly used in the petroleum sector in setting up drilling shafts, pipelines, and other structures to obtain mineral deposits that are present below the land or to transfer crude gas/oil through installing pipelines. The product boasts of a number of favorable features that allow it to help reduce the permeability of concrete structures, offer better freedom of design while constructing concrete structures, ensuring faster construction, and increasing the quality of construction among others, which is augmenting its demand across the world.
The global self-compacting concrete market is likely to surpass a valuation of $30.2 billion by 2024.
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Given below is a brief overview of major trends that are influencing self-compacting concrete industry outlook:
Strong demand for admixtures
In terms of raw material, the admixtures segment represented approximately 50% of the overall market share in 2016. Admixture is made up of fly ash, silica fume, slag, and hydrated lime. The segment also contains chemical admixtures, which contains superplasticizers, and viscosity adapting agents, among other materials.
The material has characteristics that are similar to concrete and helps in enhancing the strength and concentration of common concrete, improving its overall performance. This factor is subsequently impelling its demand across several industries, which would positively drive the segment share over the coming years.
Increasing product application scope across the building and construction sector
With respect to end-use, the increasing use of self-compacting concrete (SCC) throughout the construction sector is expected to actively foster revenue growth from the building and construction segment.
Self-compacting concrete is widely used in commercial and residential sectors, owing to the product's value-added benefits like low labor cost, high productivity, and better appeal value. Furthermore, the product does not need mechanical vibration for settling. It also continues homogeneousness owing to its high mobility, which would impel SCC industry share tremendously.
Rapid industrial development across the Asia Pacific
Asia Pacific self-compacting concrete market accounted for more than 70% of the overall industry share in 2016. The market is further slated to depict positive revenue trends in its growth graph over the coming years due to the rapid rate of industrial expansion in the region. The industrial expansion is being driven by the region's increasing population.
In addition, the exponentially growth of the construction sector in the region, fueled by its population growth, would further augment the regional market size through the forecast timeframe. Several regional governments are currently developing regulations under structural reformation plans in order to expand the area's overall construction sector through massive projects, thereby complementing the market size.
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Major market players are implementing several business strategies such as acquisitions, collaborations, takeovers, and investments to gain a competitive edge in the industry. Citing an instance, in April 2019, Buzzi Unicem acquired two cement plants from HeidelbergCement in Italy. Through this acquisition, the company intended to expand its footprint in the region.
The competitive landscape of the global self-compacting concrete market is inclusive of players like Breedon, ACC, Ultratech Cement, CEMEX, Buzzi Unicem, Unibeton, Sika, and BASF among others.
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Self-Compacting Concrete Market Trends Analysis to 2024 by Leading Players: CEMEX, Sika, ACC, Ultratech Cement, BASF, LafargeHolcim
The global self-compacting concrete market is likely to surpass a valuation of $30.2 billion by 2024.