Rising Government Expenditure on Marine Infrastructure Development Leading to Growing Demand for Underwater Concrete
Rockville , Sept. 22, 2023 (GLOBE NEWSWIRE) -- The global Underwater Concrete Market is estimated at US$ 193.11 billion in 2023, according to Fact.MR, a market research and competitive intelligence provider. Demand for underwater concrete is anticipated to reach a market value of US$ 441 billion by the end of 2033. Rising urbanization and increasing number of underwater construction activities are set to generate lucrative opportunities for market players over the decade.
Global demand for underwater concrete is increasing owing to the rising need for infrastructure development across urban areas, including ports, bridges, tunnels, offshore structures, and harbors. With the rising population in coastal areas, the need for coastal protection measures, including groynes, breakwaters, and seawalls is increasing. This ultimately leads to the rising utilization of underwater concrete.
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Key Segments of Underwater Concrete Industry Research Report
By Raw Material
Key Takeaways from Market Study
Worldwide demand for underwater concrete reached a market revenue of US$ 177.81 billion in 2022.
The United States market was valued at US$ 48.41 billion in 2022.
The global underwater concrete market is estimated at US$ 193.11 billion in 2023.
Worldwide sales of underwater concrete are anticipated to reach US$ 441 billion by 2033.
The global market is predicted to advance at an 8.6% CAGR from 2023 to 2033.
Demand for aggregates is projected to accelerate at 9.6% CAGR to reach US$ 137.9 billion by the end of 2033.
The Chinese market is forecasted to advance at a high-value CAGR of 13.7% and reach US$ 83 billion by 2033.
The market in Japan is projected to advance at a CAGR of 5.1% through 2033.
The German market is set to expand at a 6.3% CAGR from 2023 to 2033.
“Increasing sales of underwater concrete are attributed to growing emphasis on coastal development, connectivity, offshore energy projects, and protection of coastal areas from natural hazards,” says a Fact.MR analyst.
Need for Advanced Coastal Infrastructure for Efficient Protection from Natural Hazards
Based on application, global demand for underwater concrete for marine construction projects is forecasted to grow significantly. These projects include the development of advanced coastal infrastructure, underwater transportation infrastructure, offshore energy installations, repair and rehabilitation work, and coastal protection measures.
Demand for the construction of resilient and durable structures in coastal areas is driving the need for underwater concrete. In addition, increasing government investments in marine infrastructure are projected to open up profitable opportunities for manufacturers of underwater concrete.
2023 – 2033
Value Projection (2033)
US$ 441 Billion
Growth Rate (2023-2033)
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Leading Market Players
Key manufacturers of underwater concrete are Cemex S.A.B. De C.V., FOX Industries, Conmix Ltd., HeidelbergCement Group, M-Con Products Inc., Lafarge Tarmac, Rockbond SCP Ltd., Wieser Concrete Products Inc., Underground Supply, Inc., and Sika AG.
Manufacturers in various industries are placing a significant focus on optimizing their supply chain systems and ensuring the highest quality control standards to boost their profitability. Leading figures within the industry are actively engaging in product innovation, adapting to the constantly evolving global transportation demands, and exploring diverse solutions such as collaborations, acquisitions, and strategic partnerships to maintain a competitive edge.
In May 2023, Sika AG made a strategic move by acquiring MBCC Group, a decision aimed at bolstering Sika's presence across diverse geographies. This acquisition is designed to fortify Sika's product portfolio and services within the construction industry, marking a pivotal step in its expansion efforts.
Similarly, in November 2022, Mapsei S.P.A. demonstrated its commitment to growth and advancement by investing in the construction of its headquarters in Germany and upgrading its existing Research and Development (R&D) center. This strategic investment underlines the company's dedication to enhancing its capabilities and meeting the evolving demands of the market.
In July 2021, ROP International Inc. acquired a chemical manufacturing plant from ChampionX Corporation, situated in the United States and previously owned and managed by Tremco Construction Products Group. This strategic acquisition demonstrates ROP International Inc.'s dedication to expanding its manufacturing capacity and strengthening its presence in the chemical industry.
Heidelberg Cement executed a notable acquisition in September 2019 by taking over Giant Cement’s Keystone Cement plant. This strategic acquisition, involving a subsidiary of Elementia S.A.B., was a strategic move to augment Heidelberg Cement's market presence and reinforce its foothold in North America's construction landscape.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the underwater concrete market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on raw material (aggregates, admixtures, cement) and application (hydropower, tunnels, shore protection, marine, underwater repairs, swimming pools), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).
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