Concrete cooling market size is forecast to reach $1.69 billion by 2025, after growing at a CAGR of 5.70% during 2020-2025.Concrete cooling is a technique used for dropping the temperature of the poured concrete to curb the water evaporation after cement hydration, helping it in retaining its properties and tensile strength. Concrete cooling market is mainly powered by the increasing construction activities in tropical climatic countries such as Asia Pacific regions.
By Type – Segment Analysis
The water cooling segment is anticipated to dominate the concrete cooling market and is projected to grow with 6.12% between 2020 and 2025 due to its cost-effectiveness, ease of use, simple functionality and availability that increases its use in various applications such as buildings, ports and highways. Water cooling directly lowers the temperature of the water to be mixed with the cement aggregates to near freezing levels making it most effective compared to air cooling system. Heat removal rate of water cooling system is higher than that of air cooling, resulting in the key factor for driving the water cooling system market.
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By Application – Segment Analysis
On the basis of application highways construction holds the largest market share and also expected to continue its dominion in the forecast period. Concrete cooling systems are ideal for the region with warm climates. Rapid urbanization and increase in transportation sector are the main drivers for the growth of concrete cooling market. After highways, building constructions holds the major segment of concrete cooling market. According to International Energy Agency (IEA), floor area in buildings are expected to double to more than 415 square meters, globally by 2050. Also, the rapid growth in purchasing power in emerging economies and many developing countries increases the demand in buildings by 50% by 2050 (IEA, 2016) is fueling the market of concrete cooling.
Geography – Segment Analysis
Asia Pacific accounts for the largest share of 41% in concrete cooling market. Hot climatic conditions along with the possibilities for several infrastructural developments resulted in their domination in this market. Due to high temperature in these regions, concrete and water ratio is affected, which results in the decrease in the strength and bonding properties of the concrete owing for the need for concrete cooling system. Construction sector has grown rapidly with the rise in purchasing powers in developing countries for a sophisticated lifestyle, which subsequently raised the concrete cooling market.
North America and Europe led by France, U.K, Italy and Germany expects moderate demand during the forecast period due to low temperature in these regions. Buildings and construction activities don’t require much cooling system resulting in the moderate growth of concrete cooling market in these regions.
Drivers – Concrete Cooling Market
High temperature and increase in transportation and construction activities
The concrete cooling market is primarily driven by the growing construction industry and rapid industrialization especially in the Middle East and APAC region. The changing lifestyle and high disposable income of the consumers has increased the construction activities owing the need for concrete cooling. Higher temperature of tropical areas decreases the water content and bonding properties of concrete which further results in cracks owing the need for concrete cooling system.
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Challenges – Concrete Cooling Market
Harmful gas emissions and government regulations
Although concrete markets is growing day by day which further increases the concrete cooling market but the release of carbon dioxide, sulfur and nitrogen dioxide during the manufacturing of cement is the main concern. To inhibit such emissions government has put on some regulations for the concrete manufacturing which hinders the growth of concrete cooling markets.
Moderate expansion in low temperature regions
North America and European countries such as Germany, Italy, France and U.K have low or moderate concrete cooling demands due to the low temperatures in these regions. Buildings and construction activities in these regions need less or no cooling system resulting in the low demands for concrete cooling market and act as a stagnant for the growth of concrete cooling market. Moreover, due to the market saturation these developed countries encounter lower growth in construction sector compared to APAC and Middle East.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the concrete cooling market. In 2019, the market of concrete cooling has been consolidated by the top five players accounting for xx% of the concrete cooling market share. Major top 10 companies of concrete cooling market KTI-Perch Kaltetechnik GmbH, Fujian Snowman Co. Ltd., ConCool LLC, Kirloskar Pneumatic Company Limited, LINTEC Germany GmbH, Recom Ice Systems, Focusun Refrigeration Corporation, Icelings, North Star Ice Equipment Corp and Coldcrete Inc. among others.
Acquisition and Expansions
In September 2018, Dryvit Systems Inc., has acquired Nudura Corporation. The acquisition is done to provide built environment with premium, labor saving and cost-effective building solutions.
In October 2018, Taiwan Cement has created a joint venture with Turkey’s OYAK in The Netherlands, via a newly created subsidiary, Dutch TCC Holdings by investing US$ 1.1 Bn.
In 2016, KTI-Perch Kaltetechnik GmbH has expanded its premises and production facility in Balzheim.
Asia Pacific dominates the concrete cooling market owing to increase in the demand from end use industries such as building and construction.
Increase in technological advances in building and construction sector creates potential for the growth of concrete cooling markets.
Low climatic condition in North America and Europe acts as an inhibitor for the growth of concrete cooling market.
Release of harmful gases during the concrete manufacturing and the government regulations acts as a restraint for concrete cooling market
A. Decorative Concrete Market
B. Specialty Concrete Market
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