Constructing Underwater: Underwater Concrete Market Steady Growth...

Constructing Underwater: Underwater Concrete Market Steady Growth towards US$ 441 Billion

Posted 2024-04-30 17:20:48

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The market research and competitive intelligence firm Fact.MR projects the worldwide Underwater Concrete Market to reach US$ 193.11 billion in 2023. By the end of 2033, the market for undersea concrete is expected to be worth US$ 441 billion. Over the next ten years, there will be plenty of profitable prospects for market participants due to growing urbanization and an increase in underwater construction activity.

The growing requirement for infrastructure development in urban areas, including ports, bridges, tunnels, offshore projects, and harbors, is driving the demand for undersea concrete globally. Seawalls, breakwaters, and groynes are among the coastal protection measures that are becoming more and more necessary due to the growing population in these areas. In the end, this results in an increase in the use of submerged concrete.

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Key Segments of Underwater Concrete Industry Research Report

By Raw Material :
- Aggregates
- Admixtures
- Cement
By Application :
- Hydropower
- Tunnels
- Marine
- Shore Protection
- Swimming Pools
- Underwater Repairs
By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa

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.

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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.

Competitive Analysis

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.

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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).