Market Size & Trends
The North America concrete crack injection resin market size was estimated to be USD 761.63 million in 2022 and is anticipated to grow a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030. The market is expected to be driven by the increasing consumption in residential, and commercial industrial spaces. These resins are used for sealing holes, cracks, joints, and bonding other building materials, which ultimately reduces the amount of conditioning or heating required inside the building. In addition, these resins provide a barrier against noise, effectively sound-proofing conference rooms, music studios, hospital wards, and other spaces requiring less distraction from external/ambient sounds.
The U.S. dominated the North American concrete crack injection resin market in 2022 and is expected to be one of the fastest-growing markets in the region over the forecast period. The rising demand for the product from several applications including thermal power plants, dams & bridges, and columns & roads is anticipated to boost the market growth in the region.
Major market players are entering into joint ventures and forming alliance to increase their production and reach in the country. According to the Conference Board of Canada, in March 2021, residential building investment increased for 11 months, increasing 7.6% to USD 10.99 billion (CAD 14.0 billion). Strong population growth and low mortgage rates fuel a robust demand for new homes, which will result in the growth of concrete crack injection resin market.
Resin Type Insights
By resin type, epoxy was the largest segment of the North America concrete crack injection resin market in 2022, which accounted for a market share of over 81%. In construction, epoxy resins are used in grouts, hardeners, sealers, mortars, and laminates for wall, roofs, and decks.
Low water permeability, low cure shrinkage, excellent cleaning material and chemical resistance, good mechanical properties, and excellent adhesion is expected to create demand for epoxy resins in construction applications.
Increasing urban population and favorable government initiatives to put up the growth of the construction industry across North America by providing affordable housing, thereby creating demand for epoxy resins. For instance, in April 2019, the Mayor of Atlanta, Georgia (U.S.), in partnership with Invest Atlanta and Atlanta Housing, announced a funding of USD 60 million for developing affordable housing units.
This fund is anticipated to create and preserve more than 2,000 new affordable housing units in the city of Atlanta. The government of Atlanta also announced an investment of USD 1.0 billion to construct and preserve 20,000 affordable housing units in Atlanta by 2026.
Application Insights
Concrete crack injection resin is majorly used in thermal power plants for bonding paste, layup, infusion, and lamination. Rising energy demand worldwide, increasing share of renewable energy sources in the regional power generation mix, and increasing need to reduce dependency on fossil fuels for power generation are anticipated to fuel the growth of wind energy.
Concrete crack injection resin offers high strength, durability, and toughness, which makes it ideal for building & construction industry. The presence of major injection resin manufacturers, such as ChemCo Systems, MBCC Group, and SealBoss Corp., has resulted in the progressive introduction of technologically advanced resins, which is propelling the demand in the construction industry.
Refurbishment of buildings minimizes the environmental impact and upgrades the performance of existing buildings in terms of meeting high-level safety requirements. With the rising concerns over trapped moisture leading to cracks and leakages, concrete crack injection resins are being preferred in newly constructed buildings owing to their high puncture and decay resistance, low-moisture vapor permeability, tensile strength, etc.
The demand is expected to grow significantly for the construction of industrial buildings in the forecast period owing to high puncture, gas, and moisture migration resistance offered by these resins, along with the reduced water vapor level in them after exposure to the severe external environment.
Regional Insights
The construction industry in North America is expected to witness significant growth over the coming years on account of the increasing residential & non-residential construction projects such as commercial buildings, hospitals, and colleges. This is likely to create a niche demand in the forecast period owing to its high sustainability and lightweight properties.
Moreover, government initiatives and policies promoting reforms in the housing sector are expected to positively impact the construction market. Reconstruction activities and development in infrastructure of Canada and Mexico owing to the rapid urbanization & industrialization are anticipated to create market growth for concrete crack injection resin in North America over the forecast period.
Lockdown imposed by the government to contain the spread of COVID-19 led to a decline in the consumption in 2020. Order cancellations, restrictions on exports and imports, and shipping complications further hampered the regional market growth.
Building & construction industry in Canada is offering lucrative growth opportunities owing to the growing projects for thermal power plants, dams, and bridges. The easy availability of cheap labor as compared to the U.S. and lucrative foreign investment policies are attracting the attention of foreign players to set up their plants in Canada. In addition, investments by the government in infrastructure development are anticipated to boost the growth of construction industry, thereby augmenting the demand for concrete crack injection resin over the forecast period.
Key Companies & Market Share Insights
Strategic partnerships, capacity expansions, and new Polymer Type developments are popular strategies adopted by a majority of the players operating in the global polyisobutylene market. Recently, researchers at the University of Tokyo have developed a material called isotactic polar North America Concrete Crack Injection Resin (iPPP), which in comparison to traditional concrete crack injection resins has high isotacticity. Some of the prominent companies in the North America concrete crack injection resin market are:
WEBAC
SealBoss Corp.
Adhesives Technology Corporation (ATC)
ADCOS NV
ISOMAT S.A.
ChemCo. Systems Inc.
CTEch-LLC
Simpson Strong-Tie Company, Inc.
The Euclid Chemical Company
Polymer Products (Phil), Inc.