Concrete Canvas Market | Segments, Analysis, Outlook, Estimate and Forecast Report | 2020 – 2027.
The global concrete canvas market size is expected to reach USD 791.3 million by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.6% from 2020 to 2027. Growing demand from roadways and railways construction owing to high efficiency and low cost of the product is expected to remain the primary driver of the market.
Concrete canvas offers multiple benefits over conventional concretes such as high durability, eliminating the need for concrete mixing equipment, flexibility, and cost-effectiveness. Such benefits offered by the product are expected to increase its demand for construction materials used in highways and roadways as well as in the military and defense sector.
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In addition, the product has a high threat of substitution from other conventional concretes present in the market as the technology on account of limited consumer awareness regarding the product. However, additional benefits offered by the product tighter with stringent government regulations regarding usage of green building products is projected to drive the market.
Rapid growth in highways and railways construction in Asian countries is the primary growth driver in the market. For instance, in India, national highway construction recorded a growth of around 20% from the previous year. Furthermore, rising government investments in highway construction are also forecasted to induce product demand in the coming years.
Concrete Canvas Market Report Highlights
- The slope protection application segment dominated the market and accounted for the largest revenue share of 41.5% in 2019. Concrete canvas demand in slope protection application is projected to gain pace as the product does not require any heavy plant and machinery and can be installed even in limited access sites
- The military and defense segment accounted for the highest revenue share and contributed around USD 129.2 million in 2019, in terms of revenue. The segment is likely to be driven by rising defense expenditure across the world to recapitalize and modernize their military
- The petrochemical segment is anticipated to witness a CAGR of 13.8% by 2027 and is expected to be valued at USD 121.4 million by 2027. Concrete canvas is increasingly being employed in petrochemical projects as it reduces the risk of debris, rebound, or back spray. In addition, the material takes less time in installation, hence reducing the contractor’s time on site
- Asia Pacific dominated the market and accounted for the largest revenue share of 38.4% in 2019 and contributed USD 126.2 million in terms of revenue. The regional demand is majorly driven by China due to increasing technological advancements and growing roadways infrastructure in the country
- The market is consolidated due to the presence of fewer players in the industry. However, strategic initiatives taken by market players are projected to increase competition in the market. For instance, in 2015, Concrete Canvas Ltd. launched CC Hydro, a new concrete canvas series that is used in the petrochemical sector for bund lining applications
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Grand View Research has segmented the global concrete canvas market on the basis of application, end-user, and region.