San Francisco, 17 May 2024: The Report Shotcrete Market Size, Share & Trends Analysis Report By Process (Wet Mix, Dry Mix), By Application (Repair Works, Underground Construction), By Region, And Segment Forecasts, 2024 - 2030

The global shotcrete market size is expected to reach USD 15.49 billion by 2030 and is projected to grow at a CAGR of 8.2% from 2024 to 2030, according to a new report by Grand View Research, Inc.The market is anticipated to grow on account of increasing investments in infrastructural projects around the world such as dams, roads, bridges, tunnels, and underground structures. The product is a preferred building material as it can support complex shapes, making it suitable for infrastructural applications.

Moreover, the growing mining and tunneling sectors are primary end use industries of shotcrete where it is used for rock reinforcement, ground support, and tunnel lining. The growing demand for transport systems, including underground metro systems around developing economies such as India and China is expected to boost the product demand over the forecast period.

Infrastructure repair and maintenance is one of the major applications of shotcrete, as it is used to repair and maintain aging infrastructure and transportation networks. The product also serves as a material for structural repairs and waterproofing, as well as for corrosion prevention in bridges and tunnels, thereby boosting the product demand.

Shotcrete is also considered an eco-friendly construction material, as it uses fewer resources, produces less waste, and has a lower carbon footprint than conventional concrete construction. As sustainability plays an increasing role in the construction industry, the eco-friendly characteristics of the product are driving its market growth.

Maintaining consistent quality and performance of the product can be challenging, especially in large scale projects or adverse environmental conditions. Moreover, even though shotcrete is more energy efficient and minimizes wastage than traditional concrete, there are still environmental concerns regarding dust emissions, energy usage, and wastewater disposal during its manufacturing process. These factors are expected to hamper the industry growth.

The global market is highly competitive, with several market players competing on the basis of technology advancement, product quality, price, and distribution network. In addition, regional and local players around the world also contribute a significant share of global market. Continuous investment in research and development, strategic partnerships, and expansion into emerging markets are essential strategies for companies to maintain their competitive edge in the global market.

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The market is expected to be driven by the growing infrastructural development projects around developing economies such as India, China, and Mexico. These projects include bridge rehabilitation, road construction, slope stabilization, and tunneling.

Shotcrete Market Report Highlights

• Based on processes, the wet mix segment led the market with the largest revenue share of 61.3% in 2023. Wet mix shotcrete offers better workability, reduced dust generation, improved adhesion, and a consistent mixture of shotcrete. The major application areas of wet mix are mining and tunneling, slope stabilization, and structural repair
• Based on application, the underground construction segment led the market with the largest revenue share of more than 35% in 2023. The shotcrete is widely used for lining tunnels in underground transportation projects such as subways, road tunnels, and railways. Moreover, it is used for construction of underground caverns for storing equipment, materials, or waste products as it provides structural support and also stabilizes the surrounding rock mass
• Based on application, the repair works segment also accounted for the largest revenue share of the market in 2023, due to extensive use of shotcrete for repairing concrete structures, pipelines, stormwater drainage systems, and marine systems. Shotcrete is a durable, cost-effective, and rapid solution for restoring damaged structures across various sectors
• Europe dominated the market with the largest revenue share of 36.20% in 2023, owing to substantial investment in urban infrastructural development projects. The region’s robust use of shotcrete in underground construction, slope stabilization, and surface protection is expected to further boost the Process demand over the forecast period. Moreover, Europe is a hub for technological innovation and research in construction industry. European companies invest in R&D initiatives to develop advanced shotcrete materials, thereby boosting the process demand
• The market showcases high product substitution such as traditional concrete, prefabricated concrete, reinforced masonry, and other building materials. Depending on project needs, cost of project, and performance requirements, the end users may opt for any of the building materials, which can affect its product demand.

Shotcrete is used for stabilization, support, and lining in mining and tunnel construction. Thus, the growth of mining industry along with the underground construction projects are a few of the significant driving factors of the industry. Moreover, use of shotcrete leads to improved structural performance, reduced labor costs, and faster construction of tunnels and other mining projects.

Shotcrete Market Report Scope

The high investment cost for factory setup and equipment including pumps, mixing systems, and spraying machines may deter small manufacturers from entering the market, thereby hampering the overall growth of the market. In addition, application of shotcrete requires skilled operators to handle equipment and materials. The shortage of laborers in countries like the U.S. can pose a challenge for the industry.

The market growth stage is medium, and pace of growth is accelerating. The industry is characterized by a high degree of innovation as many manufacturers have developed advanced shotcrete formulations to enhance the mechanical properties of the process. For instance, companies like BASF SE, Sika AG, and GCP offer fiber-reinforced shotcrete solutions that are more resistant to shrinkage, impact, and cracking compared to standard concrete solutions.

List of Key Players in the Shotcrete Market

• Sika AG
• Grupo ACS
• BASF SE
• Heidelbergcement
• Cemex S.A.B. De C.V.
• GCP Applied Technologies
• U.S. Concrete Inc
• Lafargeholcim Ltd.
• Mapei S.P.A.
• Normet Group