Polymer Concrete Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The polymer concrete market is is expected to register a CAGR greater than 6% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. With the beginning of the pandemic, the construction work stopped all across the world, especially in major construction hubs, like China, India, United States and European nations. The road transportation has fell around 50% in the month of March in 2020 compared to the previous year. However, as the market is slowly recovering, there is an expected positive growth in the polymer concrete market.

• In the long term, major factors driving the market studied is the increasing need for chemical resistant construction material and increasing overlay projects in North America.
• The major restraint for the market is the lack of awareness about polymer concrete in the emerging economies.
• North America dominated the market across the globe with the largest consumption in a country such as United States, Canada, etc.

Key Market Trends

Increasing Demand for Asphalt Pavement

• Asphalt concrete is commonly used to surface roads, parking lots, airports, as well as dams. Owing to the advancements in the construction industry, polymers are added to modify viscoelastic behavior of the asphalt cement.
• Polymer modified hot mix asphalt cement is being used majorly in the growing road network. The primary benefit of using these high-performance asphalts is improved rutting resistance, with less thermal (cold-temperature) cracking and overall improved mixture durability being the secondary benefits.
• Additionally, some modified binders provide improved stripping (moisture damage) resistance. Elastomers (rubbers or elastics) and plastomers (plastics) are the most commonly used types. Styrene-butadiene rubber (SBR) and styrene-butadiene-styrene (SBS) are frequently used elastomers.
• International Energy Agency’s (IEA) analysis of infrastructure requirements, stated that, since 2000, global roadway network length increased by approximately 12 million lane‐km.
• China and India accounted for more than half of the paved lane additions, globally. Paved lane‐kilometer accounted for 53% of the total global road lane‐kilometer in the recent past.
• Additionally, the fraction of paved roads are expected to increase in the coming years, thereby, increasing the demand for polymer concrete in asphalt pavement applications, driven by the increasing road traffic. Furthremore, the global road traffic activity is expected be more than double, to nearly 43 trillion annual vehicle kilometers, by 2050.
• Indian government aims ro construct 65,000 kms of national highways of USD 742.51 billion by 2022. In April 2020, road construction target is set to worth over USD 210 billion over the following two years.
• Moreover, global road capital construction, reconstruction, and operations and maintenance costs for 2050, are by far the largest infrastructure spending, with annual capital costs mounting up to 1.1 trillion USD over the next 20 years, as developing countries are aiming to ramp up roadway construction to meet the travel demand. Annual global reconstruction of roads is estimated to increase to 700 USD billion, by 2050.
• Therefore, owing to the aforementioned trends, the demand for polymer concrete is expected to increase, during the forecast period for asphalt pavements.

North America to Dominate the Market

• North America region is expected to dominate the market studied during the forecast period with the United States holding the largest share of the market in terms of revenue.
• The construction industry is a major contributor to the US economy. The industry has more than 680,000 employers, with over 7 million employees, and it creates nearly USD 1.3 trillion worth of structures, each year. It is one of the largest customers for manufacturing, mining, and a variety of services.
• The major reason for the growth of the industry in this region includes growing construction activities, new bridges in Clinton, Beaver, Clearfield, etc., and rising road construction activities.
• The industrial construction increased by around 4.7%, followed by healthcare construction at 1.1% in the month of January 2021 compared to December 2020 in the region.
• Additionally, the healthcare construction is expected to rise by around 5% in the region. Construction in the commercial sector is expected to rise by 2%, with office construction, taking the lead at around 6%, followed by retail construction at 1%.
• Moreover, in the US, residential construction for single families witnessed a growth in the states of Florida, Georgia, North Carolina, Washington, Utah, Tennessee, Ohio, California, Idaho, and South Carolina. Geographically, the southern region of the country is expected to have the highest growth of nearly 6%, followed by the West, the Midwest, and Northeast regions.
• Due to the aforementioned factors, the demand for polymer concrete is expected to increase in the region during the forecast period.

Competitive Landscape

The global polymer concrete market is fragmented in nature. Some of the major players of the market studied include ACO FUNKI A/S, BASF SE, Polycare., ULMA Architectural Solutions, and Interplastic Corporation, among others.

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