Concrete Canvas market to Eyewitness Huge Marginal Growth by 2027

Posted by Mrudula Anil Karmarkar on March 4th, 2022

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.

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.Key drivers anticipated to boost the demand for concrete canvas include easy installation, easy use, and low cost. Also, the concrete canvas is more cost-effective than conventional concrete and also provides less logistical burden. The growing inclination towards more efficient and innovative construction materials is projected to drive the market over the forecast period.

In the U.S., the market is projected to witness a CAGR of 9.0% by 2027 owing to increasing non-building construction activities in the country. In addition, ongoing industry efforts to increase awareness among constructors and engineers regarding the benefits of concrete canvas such as easy installation, cost-effectiveness, and reduced carbon footprints is expected to drive the market.

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Concrete canvas is increasingly being used in multiple applications such as slope protection from surface erosion, armor capping of earth bunds in petrochemical tank farms, and to construct vent wall structure for mining. In addition, concrete canvas is also used as an alternative in concreting methods on agricultural sites across the world, including countries such as South Africa and Malaysia.

The ongoing COVID-19 crisis has put a severe impact on the market as the product is used majorly in the construction industry and restrictions on construction activities at the initial phase of the COVID-19 outbreak had reduced the demand for concrete canvas in the first quarter of 2020. These factors might hamper market growth during the forecast period.

Concrete Canvas Market Report Highlights

• The slope protection application segment dominated the market and accounted for the largest revenue share of 41.5% in 2020. 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 2020, 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 2020 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

Increasing consumer inclination towards eco-friendly construction materials is further anticipated to drive the market. Concrete canvas offers lesser carbon emissions as compared to conventional concrete materials and hence is expected to gain constructor’s interest in the coming years. The market has a low industry rivalry due to the lack of brand loyalty among consumers. Although with increasing demand from end-user industries and new entrants in the market, the rivalry is expected to become high in the near future. Some of the prominent players in the concrete canvas market include:

• Concrete Canvas Ltd.
• Milliken and Co.
• Bekaert SA
• Euclid Chemical
• Nycon
• Sika Corporation
• Geofabrics
• Titan Environmental Containment

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.