High Strength Concrete: Introduction
- High strength concrete is a construction material that consists of cement, sand, and coarse aggregates combined with water. It hardens with time. Aggregates cover almost 75% of the total volume of concrete; therefore, well-graded aggregates in appropriate proportions are needed to reduce gaps in concrete.
- Size of aggregates in concrete is considered an important factor that determines the strength of concrete. The higher the size of aggregates, greater the size of voids between them. This causes internal bleeding of water in concrete, making its bonding weak.
- According to the American Concrete Institute, 20 mm aggregate can be used to produce concrete with compressive strength of 6000 psi (40 MPa) or more. However, if builders employ lower size aggregates (say 12 mm) in concrete, strength of 10,000 psi or more can be achieved.
- High strength concrete possesses high compressive strength compared to conventional concrete. High strength concrete is an ideal material to use as building material for construction of long span bridges, buildings, and heavy-duty industrial floors.
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Key Drivers of High Strength Concrete Market
- Demand for housing has been increasing year on year in India and China owing to the rise in population in these countries. Many countries such as China, India, Bahrain, Kingdom of Saudi Arabia, and Vietnam have launched schemes to provide homes for their lower income citizens. In 2015, the Government of India launched an affordable housing scheme called “Housing for All by 2022” with an overall objective of providing a) housing for slum dwellers with participation of private developers using land as a resource, b) promoting affordable housing for weaker sections through credit-linked subsidy, c) focusing on partnership with public & private sector for affordable housing, and d) providing subsidy for house construction or enhancement.
- In March 2020, the Government of Bahrain announced a plan to build 1705 residential units, comprising 1402 flats, under the Salman City Social Housing Project. Furthermore, the Bahrain Housing Ministry issued a tender of 132 residential homes on government land in Al-Lawzi. These strategic initiatives by the government to build high quality homes for its poorer section in the near future are likely to boost the demand for high strength concrete across the globe.
- Many oil rich countries such as Kingdom of Saudi Arabia, Bahrain, Qatar, Iran, and the UAE are heavily dependent on exports of crude oil. However, the COVID-19 pandemic has negatively impacted the demand for crude oil. This has led to a decline in prices of crude oil. In order to counter the country’s slowing economy growth due to its dependence on exports of crude oil, the Government of Saudi Arabia launched 'Saudi Vision 2030,' wherein Saudi Arabia plans to diversify its economy and reduce dependence on oil. As per 'Saudi Vision 2030,' the government would be focusing on development of sectors such as infrastructure, tourism, health, and education. This scheme would augment the demand for high strength concrete and boost the construction industry in the country in the near future.
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Key Restraint of High Strength Concrete Market
- High cost associated with high strength concrete is hampering its market. Additionally, lack of awareness about the benefits of high strength concrete is estimated to negatively impact the high strength concrete market.
Covid-19 Impact on High Strength Concrete Market
- The COVID-19 pandemic has had a severe impact on end-use industries of high strength concrete. China's construction industry experienced a dip of 28.1% in the first quarter of the current fiscal year due to the lockdown triggered by the COVID-19 pandemic. Several Infrastructure projects such as Chongqing-Kunming high-speed railway and Xianyang International Airport expansion plan have been delayed due to COVID-19.
- Governments of several countries have started to ease restrictions on construction activities. This is likely to boost the demand for high strength concrete to the pre-COVID-19 level in the construction industry.
Global High Strength Concrete Market: Regional Outlook
- Based on geography, Asia Pacific is a key region of the global market in terms of demand. This can be ascribed to the increase in investment in infrastructure development by countries such as China and India.
- In 2019, National Development and Reform Commission of the People's Republic of China approved 26 infrastructure projects with total expected investment of US$ 142 Bn. In order to counter the country’s slowing economy growth due to its dependence on exports and the manufacturing sector, the government plans to diversify its economy by building infrastructure projects in all provinces of the country. In addition to the investment of US$ 142 Bn made by National Development and Reform Commission in infrastructure development projects, Beijing Municipal Commission of Development and Reform also announced upcoming infrastructure projects worth US$ 36 Bn. This rise in construction activities in China is boosting the construction industry, thereby propelling the demand for high strength concrete as a construction material.
- The market in Middle East & Africa and Latin America is estimated to expand in the next few years, owing to recent economic developments and rise in investments in construction projects in these regions
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Key Players Operating in Global Market
Key players operating in the global high strength concrete market include:
- BASF SE
- CEMEX SAB DE C.V.
- Ultratech Cement Ltd
- ACC Limited
- Clayton Block Co.
- Godrej & Boyce Mfg. Co. Limited
- U.S. Concrete Inc.
- Gulf Precast Concrete Co. LLC
- Sika AG
- The Quikrete Companies
Global High Strength Concrete Market: Research Scope
Global High Strength Concrete Market, by Application
Global High Strength Concrete Market, by Product Type
- Pre-mix Concrete
- Fresh mix Concrete
- Precast Concrete
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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