The geopolymer market is expected to register a CAGR of over 38%, during the forecast period. One of the major factors driving the growth of the market studied is the increasing demand for the repair and rehabilitation market, and higher projected output for fly ash. On the flipside, lack of standard regulations and lack of onsite flexibility are expected to hinder the market’s growth.
- The higher demand from the repair and rehabilitation market is expected to grow during the forecast period. - Growing consumer awareness regarding benefits of geopolymer products is likely to act as an opportunity in the future. - Asia-pacific dominated the market across the world, with the increasing construction activities in the region.
Key Market Trends Increasing Building and Construction Activities
Residential and industrial construction activities are the major boosting factors for the global geopolymer market.
Industrial construction activities are expanding at a lucrative rate across the world, mainly in countries, such as India and China, the United States, etc.
For instance, according to the US Census Bureau, in 2018 the value of construction in the United States was around USD 1,293,256 million in construction. In 2018, the value of the residential sector was about USD 545,388 million and non-residential was about USD 747,868 million.
Building construction in the residential sector has been booming across the world, primarily in Asia-Pacific. This can be attributed to population expansion resulting in the need for more residential and commercial sectors, thus, prompting the initiation of government projects.
North American and European building construction are expected to increase because of increasing government projects in the US, Canadian, and German economies.
Government initiatives by different nations for entering new markets or expanding the existing market by increasing the geographical footprint and increasing production units are likely to be the major boosting factors for the geopolymer market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the market share. With the growing construction activities, such as building, roads, railroad sleeper, etc., the demand for geopolymer is increasing. - This can be attributed to population growth, resulting in the need for more residential and commercial sectors. Furthermore, in India, the government has initiated projects, such as ‘100 smart cities’ and ‘Housing for All by 2022,’ which are expected to drive the Indian residential construction market over the forecast period. - In Japan, Tokyo has emerged as the top region for investments and development prospects, of which, the residential sector accounts for a major chunk. - Additionally, geopolymer demand from railroad sleepers is expected to increase, due to the opportunities created by the Asia-Pacific economies, such as Australia, China, and Singapore. - Such investments in the construction industry and a further improvement in the market scenario are expected to drive this segment over the forecast period.
Competitive Landscape The geopolymer market is fragmented. The global geopolymer market is still in the phase of research and development and commercialization of the product is still limited to major regions of Europe, United States, and Australia. The major companies include Wagners, Schlumberger limited, PCI Augsburg GmbH, Milliken & Company, Dow, etc.
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Gross Domestic Product Growth Rate
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