Underwater Concrete Market by Raw material (Concrete, Precast Concrete), Application (Dams & Reservoirs, Marine Constructions, Underwater repairs, Offshore Wind Power Generation, Tunnel), Laying Techniques, and Region - Global Forecast to 2028
Updated on : August 08, 2023
Underwater Concrete Market
Underwater Concrete Market is valued at USD 135.7 billion in 2023 and is projected to reach USD 175.8 billion by 2028, growing at a cagr 5.3% from 2023 to 2028. Underwater concrete is extensively used in the construction of offshore energy installations like oil and gas platforms, wind farms, and tidal energy structures. As the demand for clean energy sources grows, there is an increasing focus on developing offshore renewable energy projects, which require substantial underwater concrete construction. Further, underwater concrete is crucial for the construction and maintenance of various infrastructure projects such as ports & harbors, bridges, tunnels, and offshore structures. As countries invest in expanding their infrastructure to facilitate trade, transportation, and offshore energy production, the demand for underwater concrete increases.
Attractive Opportunities in the Underwater Concrete Market
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Underwater Concrete Market Dynamics
Driver: Increasing marine construction activities and rising urbanization & population growth
The growth of the underwater concrete market is being fueled by several factors, including increasing underwater construction activities and rising urbanization. The demand for underwater concrete is rising due to the need for infrastructure development in urban areas, including bridges, tunnels, ports, harbors, and offshore structures. Additionally, as coastal areas become more populated, there is a growing requirement for coastal protection measures such as seawalls, breakwaters, and groynes, all of which utilize underwater concrete. The expansion of ports and harbors to accommodate larger vessels and handle increased trade volumes also drives the demand for underwater concrete.
Restraint: Technical complexity and safety risks
Technical complexity and safety risks act as significant restraints in the underwater concrete market. The complex nature of underwater concrete placement, including limited visibility and water pressure, increases costs and project timelines. Safety risks such as strong currents and underwater hazards pose challenges and require extensive safety protocols. Specialized expertise and training are necessary, and the limited availability of skilled personnel can hinder market growth..
Opportunities: Scaling up the use of offshore wind turbines
The scaling up of offshore wind turbines presents significant opportunities for the underwater concrete market. As the demand for offshore wind farms increases, there is a growing need for sturdy foundations, which rely on underwater concrete. Technological advancements and regional development initiatives further fuel the market's growth. The expanding offshore wind industry creates a larger supply chain ecosystem, requiring a reliable supply of underwater concrete. International collaboration and sustainability considerations also play a role in driving market opportunities. Overall, the offshore wind sector's expansion provides a favorable landscape for the underwater concrete market to flourish.
Challenges: Curing challenge
Curing poses a major challenge in the underwater concrete market due to limited access, water displacement, difficulty in temperature control, extended curing periods, compatibility with water chemistry, adverse environmental conditions, and monitoring complexities. These factors make it difficult to ensure proper curing conditions and maintain the quality and performance of underwater concrete. However, ongoing developments in specialized admixtures, placement techniques, and understanding of curing mechanisms are helping to address these challenges and improve the durability and strength of underwater concrete.
Underwater Concrete Market Ecosystem
By Raw Material, Precast concrete accounted for the highest CAGR during the forecast period
Precast concrete refers to concrete components that are manufactured in a controlled environment, usually a factory or precast plant, before being transported and installed at the construction site. It involves casting concrete in reusable molds or forms, allowing for standardized production and quality control. The growth of precast concrete can be attributed to the increasing infrastructural projects such as offshore energy projects, port and harbor construction, and bridge and tunnel projects.
By Laying Techniques, Tremie method accounted for the largest share in 2022
The tremie method is versatile and used in many underwater construction projects, such as marine foundations, bridge piers, and other submerged structures. It can be used in various different depths and locations, making it suitable for a wide range of applications. The tremie method also minimizes water contamination of the concrete mix. By submerging the discharge end of the pipe, it prevents water from entering the concrete, maintaining its desired properties and strength. These factors make the tremie method, reliable and effective laying techniques for underwater constructions.
By Application, Marine constructions accounted for the largest share in 2022
Marine construction projects drive the growth of the underwater concrete market due to various factors. These projects involve the development of coastal infrastructure, offshore energy installations, underwater transportation infrastructure, coastal protection measures, and repair and rehabilitation work. The demand for underwater concrete arises from the need to construct durable and resilient structures in marine environments. Additionally, government investments and initiatives in maritime infrastructure further contribute to the market's expansion. Overall, the demand for underwater concrete is fueled by the increasing focus on coastal development, offshore energy projects, connectivity, and the need to protect coastal areas from erosion and other natural hazards.
Asia Pacific is projected to account for the highest CAGR in the underwater concrete market during the forecast period
The Asia Pacific region is experiencing significant investments in offshore energy projects, including offshore wind farms and oil and gas platforms, which fuel the demand for underwater concrete in constructing foundations, support structures, and pipelines. Moreover, the region's growing emphasis on renewable energy and offshore exploration further drives the need for underwater concrete. Additionally, with its extensive coastlines and numerous islands, the Asia Pacific region requires extensive development of coastal infrastructure and coastal protection measures. This contributes to the demand for underwater concrete in projects like seawalls, breakwaters, and revetments.
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Underwater Concrete Market Players
Underwater Concrete market comprises key manufacturers such as Cemex, S.A.B. de C.V.(Mexico), Heidelberg Materials (Germany), Sika AG (Switzerland), Conmix (UAE), RPM International Inc. (US), and others. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the underwater concrete market. The major focus was given to the new product development due to the changing requirements of transportation and electronics product consumers across the world.
Underwater Concrete Market Report Scope
|
Report Metric |
Details |
|
Market Size Value in 2023 |
USD 135.7 billion |
|
Revenue Forecast in 2028 |
USD 175.8 billion |
|
CAGR |
5.3% |
|
Years Considered |
2021–2028 |
|
Base year |
2022 |
|
Forecast period |
2023–2028 |
|
Unit considered |
Value (USD Million), Volume (Million Meter Cube) |
|
Segments |
Raw Material, Laying techniques, Application, and Region |
|
Regions |
Asia-Pacific, North America, Europe, South America, and Middle East & Africa |
|
Companies |
The major players are Cemex, S.A.B. de C.V.(Mexico), Heidelberg Materials (Germany), Sika AG (Switzerland), Conmix (UAE), RPM International Inc. (US), and others covered in the underwater concrete market. |
This research report categorizes the global Underwater concrete market on the basis of Type, Application, and Region.
Underwater Concrete Market, By Laying Techniques
- Tremie Method
- Bucket Placing
- Pump Method
- Others
Underwater Concrete Market, By Application
- Dams & Reservoirs
- Marine Constructions
- Underwater Repairs
- Offshore Wind Power Generation
- Tunnel
- Others
Underwater Concrete Market, By Raw Material
- Concrete
- Precast Concrete
Underwater Concrete Market, By Region
- Asia Pacific (APAC)
- North America
- Europe
- South America
- Middle East & Africa
The market has been further analyzed for the key countries in each of these regions.
Recent Developments
- In May 2023, Sika AG acquired the MBCC Group to strengthen its footprint across all regions and reinforce its range of products and services across the entire construction industry.
- In March 2022, Sika AG has acquired Sable Marco Inc., a manufacturer of cementitious products and mortars in Canada.
- In June 2022, Sika AG opened a new manufacturing site for concrete admixtures in stafford, virginia. with this, the company will be able to cater to the demand from the construction industry in north america..
- In July 2021, RPM International Inc. acquired a US-based chemical manufacturing plant from ChampionX Corporation. This plant was owned and operated by RPM’s Tremco Construction Products Group.
- In November 2022, Mapei S.P.A. has recently invested in opening a new headquarters in Germany and upgrading the existing research and development center.
Frequently Asked Questions (FAQ):
What are the major drivers driving the growth of the underwater concrete market?
The underwater concrete market is expected to witness significant growth in the future due to the growing marine construction activities, technological advancements and infrastructure development and reconstruction projects.
What are the major challenges in the underwater concrete market?
The major challenges in the underwater concrete market are curing, construction costs and intense competition in the market.
What are the restraining factors in the underwater concrete market?
The major restraining factor faced by the underwater concrete market are technical complexity & safety risks, and environmental implications.
What is the key opportunity in the underwater concrete market?
Scaling up the use of offshore wind turbines is the key opportunity in the underwater concrete market
What are the end-use industries where underwater concrete are used?
The underwater concrete is majorly used in dams & reservoirs, marine constructions, underwater repairs, offshore wind power generation, and tunnel. .
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TABLE OF CONTENTS
This research involved the use of extensive secondary sources and databases, such as Factiva and Bloomberg, to identify and collect information useful for a technical and market-oriented study of the Underwater concrete market. Primary sources included industry experts from related industries and preferred suppliers, manufacturers, distributors, technologists, standards & certification organizations, and organizations related to all segments of the value chain of this industry. In-depth interviews have been conducted with various primary respondents, such as key industry participants, subject matter experts (SMEs), executives of key companies, and industry consultants, to obtain and verify critical qualitative and quantitative information as well as to assess growth prospects.
Secondary Research
In the secondary research process, various sources such as annual reports, press releases, and investor presentations of companies; white papers; and publications from recognized websites and databases have been referred to for identifying and collecting information. Secondary research has been used to obtain key information about the industry's supply chain, the total pool of key players, market classification and segmentation according to the industry trends to the bottom-most level, regional markets, and key developments from both market-and technology-oriented perspectives.
Primary Research
The Underwater concrete market comprises several stakeholders in the supply chain, which include suppliers, processors, and end-product manufacturers. Various primary sources from the supply and demand sides of the markets have been interviewed to obtain qualitative and quantitative information. The primary participants from the demand side include key opinion leaders, executives, managers, and CXOs of companies in the Underwater concrete market. Primary sources from the supply side include associations and institutions involved in the Underwater concrete industry, key opinion leaders, and processing players.
Following is the breakdown of primary respondents—
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the size of the global Underwater concrete market. The research methodology used to estimate the market size includes the following:
- The key players in the industry were identified through extensive secondary research.
- The supply chain of the industry and market size, in terms of value, were determined through primary and secondary research.
- All percentage shares split, and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of key industry players along with extensive interviews with key officials, such as directors and marketing executives.
Market Size Estimation: Bottom-Up Approach
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Market Size Estimation: Top-Down Approach
Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market was split into several segments and subsegments. To complete the overall market size estimation process and arrive at the exact statistics for all segments and subsegments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data have been triangulated by studying various factors and trends from both the demand and supply sides. In addition, the market size has been validated by using both the top-down and bottom-up approaches.
Market Definition
Underwater concrete, also known as subaqueous concrete or undersea concrete, refers to a specially designed concrete mixture that is placed and cured underwater or in saturated conditions. It is formulated to achieve proper setting and hardening even when submerged, allowing for the construction, repair, or maintenance of structures in aquatic environments. The underwater concrete is used in several applications such as Dams & reservoirs, Marine Constructions, Tunnel, Offshore Wind Power Generation, Underwater Repair, etc.
Key StakeHolders
- Raw Material Suppliers and Producers
- Regulatory Bodies
- End User
- Research and Development Organizations
- Industrial Associations
- Underwater concrete manufacturers, dealers, traders, and suppliers.
Report Objectives
- To define, describe, and forecast the global underwater concrete market in terms of value and volume.
- To provide insights regarding the significant factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To analyze and forecast the market based on laying techniques, raw materials, region, and application.
- To forecast the market size, in terms of value and volume, with respect to five main regions: North America, Europe, Asia Pacific, South America, and Middle East & Africa.
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape.
- To strategically profile key players in the market.
- To analyze competitive developments in the market, such as new product launches, capacity expansions, and mergers & acquisitions.
- To strategically profile the leading players and comprehensively analyze their key developments in the market.
Available Customizations:
Along with the given market data, MarketsandMarkets offers customizations as per the specific needs of the companies. The following customization options are available for the report:
Product Analysis:
- Product Matrix which gives a detailed comparison of the product portfolio of each company
Regional Analysis:
- Further breakdown of the Rest of the APAC Underwater concrete market
- Further breakdown of the Rest of Europe’s Underwater concrete market
Company Information:
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Underwater Concrete Market