Portland, OR -- (SBWIRE) -- 09/15/2017 -- According to the report, the global shotcrete market which was valued at $4,441 million in 2015 is anticipated to garner a sum of $7,819 million by 2022, thus growing at a CAGR of 8.6% during the forecast period.
Shotcrete is a concrete spraying mechanism which is used to reduce or eliminate the disadvantages of conventional concrete. Shotcrete finds applications in strengthening the substrate by using sprayed concrete linings (SCL) as a temporary or permanent lining. On the basis of the spraying method, it is classified into two types such as manual spraying system and robotic spraying system. The robotic spraying system segment is likely to grow as the rules and regulations regarding safety and health of the personnel are getting more stringent.
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The under-construction segment occupied the largest market share globally in 2015. Europe was leading the market in 2015, while Asia-Pacific is likely to be the fastest growing market throughout the forecast period.
The main drivers for the shotcrete market includes increased number of underground construction projects such as New York City Water Tunnel of 96.5 km in New York, U.S., Paris metro line 15 of 75 km in France, Brenner Base Tunnel of 55 km in Austria-Italy, Mass Rapid Transit: Thomson-East coast metro line of 42 km in Singapore.
Currently, the demand for wet-mix shotcrete process is more than conventional concrete. The wet-mix shotcrete market will likely register the highest growth rate because of versatility and time reduction. In addition, further research in improving the properties of shotcrete raw materials will boost the growth of wet mix shotcrete market, making it a widely-used technique in the market.
According to the report, manufacturers have focused on the leading construction industries in various economies such as India, Brazil, Argentina, and Saudi Arabia to increase their market share. In 2015, Europe was the largest contributor towards the growth of the shotcrete market globally, while Asia-Pacific is likely to be the highest growing market during the forecast period. This is on account of increase in underground construction application segment owing to the expansion of major shotcrete manufacturers such as BASF SE and Sika AG in the region.
The report provides details on the prominent companies operating in the segment. They include BASF SE, Heidelberg Cement, Grupo ACS, Lafargeholcim, Cemex, Sika AG, GCP Applied Technologies, U.S. Concrete, Mapei, and Normet.
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Key findings of Shotcrete Market:
- Shotcrete in underground construction application segment occupied the highest share in 2015 and is expected to grow at a CAGR of 8.9% in terms of value during the forecast period
- Europe is the market dominator of shotcrete followed by Asia-Pacific, occupying over one-third market share globally
- The robotic spraying system segment is likely to grow with the highest CAGR of 8.8% in terms of value during the forecast period
- In 2015, wet-mix technique segment accounted for around three-fourth of the global shotcrete market
- In the U.S., North America remains at the lead position, growing at a CAGR 6.7% in terms of value during the forecast period