Concrete Canvas Market is Booming globally with Marginal Growth

Posted by Mrudula Anil Karmarkar on May 10th, 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.

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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.