Report ID: SQMIG20C2052
Report ID:
SQMIG20C2052 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
62 |
Figures:
70
As of 2022, Asia Pacific held a dominant position in the global market, contributing to over 35% of the overall market share. This region is projected to maintain its leadership by being the fastest-growing market from 2023 to 2030. The growth is primarily driven by the region's expanding population, which exerts pressure on existing infrastructure, leading to structural deterioration and subsequently creating a substantial demand for repair materials.
Furthermore, emerging economies within the Asia Pacific, such as India, are making significant investments in transportation infrastructure development as part of their economic growth initiatives. This initiative is anticipated to spur the creation of new infrastructure projects and the refurbishment of existing ones, consequently boosting infrastructure repair and maintenance activities, thus driving market growth.
The European market is also expected to demonstrate noteworthy demand for repair mortars, given the presence of numerous aging buildings in need of repair and renovation.
In North America, a significant growth trajectory is projected. In 2022, the U.S. president announced plans to allocate approximately USD 2 trillion for addressing the country's aging infrastructure. This initiative, expected to encompass the repair of damaged roads, bridges, and highways, with an expenditure exceeding USD 1 trillion, is likely to bolster the demand for concrete repair materials in the region.
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Report ID: SQMIG20C2052