CHICAGO, Aug. 14, 2019 /PRNewswire/ -- According to the new market research report "Ultra-high Performance Concrete Market by application (Residential, Commercial, Infrastructural, and Others (healthcare, institutional, military, hospitality, and anti-detonating construction)), and Regions – Global Forecast to 2024", published by MarketsandMarkets™, the Ultra-high Performance Concrete Market is projected to grow from USD 369 million in 2019 to USD 550 million by 2024, at a CAGR of 8.3% from 2019 to 2024. It is expected to grow in accordance with the growth of the construction industry across the globe. Factors such as the increase in the infrastructural and residential construction and innovation, along with the demand for durable construction material with the ability to withstand extreme weather and resist chemical attacks & deterioration, are expected to support market growth during the forecast period.
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In terms of volume, the infrastructural segment is estimated to lead the ultra-high performance concrete market in 2019.
The infrastructural segment held the largest market share among all the application segments of the ultra-high performance concrete market, as ultra-high performance concrete offers new opportunities for infrastructural works, building constructions, and many niche markets. However, UHPC, as an outstanding technology, has been struggling to become a main-stream technology for everyday use due to the lack of design codes and the initial high investment costs involved in constructing manufacturing facilities.
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In terms of both value and volume, the residential segment is projected to grow at the highest rate in ultra-high performance concrete market during the forecast period.
The ultra-high performance concrete market is widely accepted in residential high-rise buildings, owing to various advantages offered, which include durability, high strength, and protection from extreme weather conditions. The growth of the ultra-high performance concrete (UHPC) market is largely associated with the growth in the residential applications in the construction industry. The construction industry is expected to push the concrete industry to new altitudes, which, in turn, will help the construction market achieve greater revenues and volumes in the near future, which will drive the demand for UHPC at a significant pace.
The Asia Pacific region is projected to grow at the highest rate in the ultra-high performance concrete market during the forecast period
The Asia Pacific region is projected to grow at the highest rate in the ultra-high performance concrete (UHPC) market, in terms of both value and volume, from 2019 to 2024. Factors such as the increasing number of new housing units and huge investments in the infrastructural sector are expected to drive the UHPC market. Also, the increasing demand in China, Japan, Malaysia, South Korea, and other countries, due to the tremendous growth of construction opportunities in these countries, has also driven the market for UHPC.
Some of the key players operating in the UHPC Market are LafargeHolcim (Switzerland), ACC Limited (India), Sika AG (Switzerland), Vicat (France), U.S. Concrete (US), CEMEX (Mexico), TAKTL (US), and Gulf precast concrete (Abu Dhabi). Mergers & acquisitions, expansions, investments, partnerships, and agreements are some of the major strategies adopted by these key players to enhance their position in the ultra-high performance concrete market.
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