Shotcrete Market: Current Analysis and Forecast (2024-2032)
Emphasis on Technique (Wet Mix and Dry Mix); System (Manual and Robotic Spraying); Application (Underground Construction, Water Retaining Structure, Repair Work, Bridges, and Others); and Region/Country
Global Shotcrete Market Size & Forecast
The global Shotcrete Market was valued at USD 8.1 billion in 2023 and is expected to grow at a strong CAGR of around 7.5% during the forecast period (2024-2032) owing to innovations such as robotic shotcrete application and improved pump technologies enhance application accuracy, reliability, and reduce labor costs.
Shotcrete Market Analysis
The global shotcrete market is expanding as seen below due to the flexibility and resistance it provides when applied in construction, mining, and tunneling industries for spraying on walls. Some examples of its advantages are a high rate of application, nonrelevant on the surface geometries, and well adapted for tunnel walls, slope, and mining excavation sites. Fiber-reinforced and robotic applications also add to the appeal of shotcrete by increasing strength, decreasing application time, and increasing safety for workers. The increasing demand for global infrastructure development, especially in the growing economies, and the increased importance of new sustainable construction methods are expected to drive the shotcrete market in the coming years.
Global Shotcrete Market Trends
This section discusses the key market trends that are influencing the various segments of the global Shotcrete market, as found by our team of research experts.
Manual Segment Transforming Industry
The manual method of shotcrete application is still useful for smaller and more complex projects for which close and/or intricate access is needed. By contrast, skilled operators can select certain areas which are important in cases where automation is impossible. Manual systems are cheaper to implement and use because they are accompanied by less complex equipment and therefore are preferable for use in small business entities and for small projects. These dynamics and flexibility, coupled with labor cost control persist to fuel demand in markets with moderate labor costs. It remains especially important in the emerging areas where automation remains out of reach.
Europe is expected to grow at a significant rate during the forecast period.
Europe held a major share of the shotcrete market due to significant spending on infrastructure development specifically in urban areas. The increasing usage of shotcrete in regions such as underground construction, slope stabilization, and protection of surfaces in the region is expected to drive the process demand in the forthcoming years. Furthermore, Europe is continuing to focus on research and development and technological advancement within the construction industry. These European-based firms encourage research and developmental activities that result in new-generation shotcrete materials hence increasing the rate of this process.
Global Shotcrete Industry Overview
The global Shotcrete market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players in the market are BASF; Sika Limited; ACS; Bauverlag BV GmbH; CEMEX S.A.B. de C.V.; Saint-Gobain (GCP Applied Technologies); US Concrete Products; HOLCIM; MAPEI Corporation; Normet
Global Shotcrete Market Report Coverage
Report Attribute | Details |
Base year | 2023 |
Forecast period | 2024-2032 |
Growth momentum | Accelerate at a CAGR of 7.5% |
Market size 2023 | USD 8.1 billion |
Regional analysis | North America, Europe, APAC, Rest of the World |
Major contributing region | Europe is expected to dominate the market during the forecasted period. |
Key countries covered | U.S., Canada, Germany, U.K., Spain, Italy, France, China, Japan, and India |
Companies profiled | BASF; Sika Limited; ACS; Bauverlag BV GmbH; CEMEX S.A.B. de C.V.; Saint-Gobain (GCP Applied Technologies); US Concrete Products; HOLCIM; MAPEI Corporation; Normet |
Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
Segments Covered | By Technique; By System; By Application; By Region/Country |
Reasons to buy this report:
The study includes market sizing and forecasting analysis confirmed by authenticated key industry experts.
The report briefly reviews overall industry performance at one glance.
The report covers an in-depth analysis of prominent industry peers, primarily focusing on key business financials, type portfolios, expansion strategies, and recent developments.
Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
The study comprehensively covers the market across different segments.
Deep dive regional level analysis of the industry.
Customization Options:
The global shotcrete market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Shotcrete Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Shotcrete market were the three major steps undertaken to create and analyze the adoption of the global Shotcrete in major regions. Exhaustive secondary research was conducted to collect the historical market figures and estimate the current market size. Secondly, to confirm these insights, numerous findings and assumptions were considered. Moreover, exhaustive primary interviews were conducted with industry experts across the value chain of the global Shotcrete market. For the assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. The detailed method is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the global Shotcrete market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the global Shotcrete market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as technique, system, application, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After analyzing the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the global Shotcrete market. Further, we conducted factor analysis using dependent and independent variables such as technique, system, application, and global Shotcrete market regions. A thorough analysis of demand and supply-side scenarios was conducted considering top partnerships, mergers and acquisitions, business expansion, and product launches in the global Shotcrete market.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Shotcrete market, and market shares of the segments. All the required percentage shares split and market breakdowns were decided using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to several factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach were applied to arrive at the market forecast 2032 for different segments and sub-segments across the major markets globally. The research method adopted to estimate the market size encompasses:
The industry’s market size, in terms of revenue (USD) and the adoption rate of the global Shotcrete market across the major markets domestically
All percentage shares, splits, and breakdowns of market segments and sub-segments
Key players in the global Shotcrete market in terms of types offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were combined with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Shotcrete market. Data was split into several segments and sub-segments after studying various parameters and trends in the global Shotcrete market's technique, system, application, and regions.
The Main Objective of the Global Shotcrete Market Study
The current & future market trends of the global Shotcrete market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the market's overall attractiveness at a regional level, providing a platform for the industrial participant to exploit the untapped market to receive help from a first-mover advantage. Other quantitative goals of the studies include:
Analyze the current forecast and market size of the global Shotcrete market in terms of value (USD). Also, analyze the current forecast and market size of different segments and sub-segments.
Segments in the study include areas of technique, system, application, and regions.
Define and analyze the regulatory framework for the industry.
Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
Analyze the current and forecast market size of the global Shotcrete market for the major regions.
Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
Company profiles of the global Shotcrete market and the growth strategies the players adopt to sustain the fast-growing market.
Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the global Shotcrete market’s current market size and growth potential?
The global shotcrete market was valued at USD 8.1 billion in 2023 and is expected to grow at a CAGR of 7.5% during the forecast period (2024-2032).
Q2: What are the driving factors for the growth of the global Shotcrete market?
Shotcrete provides cost savings through reduced labor and time requirements, especially when compared to traditional form-and-pour concrete methods.
Q3: Which segment has the largest global Shotcrete market share by technique category?
The wet mix category has the largest share of the global Shotcrete market by technique segment.
Q4: What are the emerging technologies and trends in the global Shotcrete market?
Robotics in shotcrete application is gaining traction for its precision, speed, and ability to reduce risks associated with human-operated machinery
Q5: Which regions dominate the global Shotcrete market?
Europe is expected to dominate the market during the forecast period.
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