Use of Self-Levelling Concrete Surging in Construction Sector
Date
1/17/2022 3:12:53 AM
(MENAFN- P&S Intelligence) The Government of India aims to provide houses to every eligible urban dweller by 2022, under its flagship program— Pradhan Mantri Awas Yojana – Urban (PMAY-U). Similarly, the Kingdom of Saudi Arabia introduced the Housing Program in 2018 to increase the ownership rate from 47% in 2017 to 70% by 2030. Furthermore, in 2021, the European Parliament called on the European Commission and the member nations to increase their investments in social and affordable housing projects to deal with homelessness caused due to the post-COVID-19 economic slowdown.
Therefore, the increasing construction activities, owing to the surging demand for housing units, is expected to help the self-levelling concrete market demonstrate a CAGR of 5.1% during 2018–2023. The market was valued at $5,000.3 million in 2017 and it is projected to generate $6,726.3 million revenue by 2023. The construction sector uses self-levelling concrete, which is a mixture of water and powder and exhibits exclusive flow viscosity to level out and smoothen the floor area.
According to P&S Intelligence, Europe consumed the highest volume of self-levelling concrete in the recent past, primarily on account of the booming local real estate construction industry in the region. In recent years, the local real estate companies have focused on supply chain integration in the construction sector. This has caused a sharp surge in commercial construction activities in the region. Whereas, North America has emerged as the second-largest consumer of self-levelling concrete over the last few years, due to the hefty investments made by the government and private companies in the infrastructure industry.
Whereas, the Asia-Pacific (APAC) self-levelling concrete market is expected to accelerate at the highest rate in the foreseeable future. This will be due to the increasing construction activities in India, China, Japan, South Korea, and Taiwan, owing to the booming population, the soaring number of infrastructure projects, and mounting investments being made in the construction sector. For instance, the Residence Card System of the Government of China, which promotes urban residency, will encourage the construction of more houses in the country, thereby, creating a huge requirement of self-levelling concrete.
Thus, the surging construction activities and expanding industrial sector will propel the consumption of self-levelling concrete in the forthcoming years.
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