Rising marine construction projects, including bulk terminals, oil platforms, dock structures, wind farms, submarine pipelines, oil platforms, and bridges are predicted to boost demand for underwater concrete.

Fact.MR, in its newly published research report, reveals that the global underwater concrete market is estimated at US$ 193.11 billion in 2023. The market is predicted to expand at a CAGR of 8.6% and reach a value of US$ 441 billion by 2033.

Concrete is one of the prominent materials used in construction projects. Underwater concrete is applied to build complex infrastructures that are in contact with water. These projects include pillars of bridges, dams, ports, swimming pools, hydro projects, and platforms. The exceptional hydrophobic properties and strength of underwater concrete are leading to their increased demand.

Key Market Growth Drivers

• Expansion of ports as well as harbors for vessel accumulation and handling large trade volumes is predicted to drive the sales of underwater concrete across the globe.
• Constant improvements in manufacturing technology used in the production of underwater concrete are creating lucrative prospects for industry players.

In recent years, governments in many countries have been investing heavily in capacity expansion and enhancement of the operational efficiency of ports. Around 80% of the global trade activities around the world are completed by maritime routes. This gives rise to the need to develop ports and similar infrastructure. In addition, growing demand for underwater cement from various end users, including power and oil & gas, is estimated to open up opportunities for players.

• The market in China is predicted to accelerate at a CAGR of 13.7% and reach a value of US$ 83 billion by the end of 2033.
• Global sales of aggregates are projected to advance at 9.6% CAGR and reach US$ 137.9 billion by 2033.

Despite the multiple features and advantages of underwater concrete, there are certain challenges associated with the material. Constant fluctuations in the cost of raw materials required for the production of underwater concrete are anticipated to limit expansion opportunities.

Will Expansion of the Marine Industry Drive Sales of Underwater Concrete?

“Increasing Focus on Expansion of Harbors and Ports to Handle Increased Trade Volumes”

Increasing underwater construction activities along with rapid urbanization are contributing significantly to the growth of the construction industry. In addition, the need for infrastructure development in urban areas involving the construction of harbors, ports, tunnels, bridges, and offshore structures is also rising.

As coastal areas become populated, the need for more efficient coastal protection measures, including breakwaters, bridges, and groynes, rises significantly. All of these structures require marine concrete for strength. Demand for underwater concrete in infrastructure development is being driven by the substantial expansion of harbors and ports to accommodate larger vessels and handle increased trade volume.

“Increasing Utilization of Offshore Wind Turbines”

Significant rise in the utilization of offshore wind turbines is expected to generate promising opportunities for underwater cement manufacturers. As demand for offshore wind farms continues to grow, there is a substantial increase in the need for robust foundations, relying on subsea concrete.

Technological advancements taking place in the offshore sector are predicted to fuel demand for underwater concrete. The growth of the offshore wind industry is estimated to create a larger supply chain system that needs a reliable distribution of underwater concrete. Sustainability considerations and international collaborations are also playing a pivotal role in driving market opportunities. As a concluding remark, it can be asserted that the expansion of the offshore wind sector offers prospects for players in underwater construction.

What Key Challenges Do Suppliers of Underwater Concrete Face?

“Technical Complexities and Safety Risks Associated with Underwater Concrete Application”

There are certain technical complexity issues associated with the use of underwater concrete. The complex aspects involved in the placement of underwater concrete, including water pressure and limited visibility, are predicted to lead to an increase in the cost and timelines of projects.

Risks such as strong currents are predicted to create challenges against safety protocols. Application of offshore concrete requires specialized training, and the dearth of skilled personnel is projected to hinder market expansion.

“Challenges in Curing Underwater Concrete”

Curing is expected to pose various challenges, including issues related to water displacement, limited access, extended curing periods, difficulties in temperature control, adverse environmental conditions, compatibility with water chemistry, and complexities in monitoring. These factors are expected to pose difficulties in maintaining the performance and quality of underwater concrete.

What Measures are Start-ups Adopting to Penetrate This Competitive Market?

“Investments in R&D Activities to Enhance Performance of Underwater Concrete”

Start-ups are projected to invest in research into specialized admixtures and in understanding displacement techniques and curing mechanisms to address the challenges associated with underwater cement. In addition, these research activities are also helpful in improving the strength and durability of underwater concrete.

Country-wise Insights:

North America is anticipated to hold a significant share of the global market owing to constant advancements in marine engineering. Further, the market in Asia Pacific is predicted to expand at a rapid pace because of increasing government initiatives to develop ports and offshore infrastructures to conduct trade. Underwater metro projects in countries such as India are estimated to widen the horizon for market players. The Asia Pacific market reached US$ 44 billion in 2022.

Why are Underwater Concrete Companies Eyeing the United States?

“Growing Use of Underwater Concrete in Construction of Hydropower Plants”

Sales of underwater concrete in the United States reached US$ 48.41 billion in 2022, according to Fact.MR, a market research and competitive intelligence provider.

Underwater concrete is used extensively in the construction of hydropower plants in the United States. In addition, advancements in underwater construction technologies, including advanced materials and procedures, are predicted to drive demand for underwater concrete. Rising investments in marine infrastructure projects such as renewable energy programs and offshore wind farms are projected to create prospects for suppliers in the United States.

Which Countries in Europe are Investment-worthy Markets?

“Rising Investments in Improving Aging Marine Infrastructure in United Kingdom and Germany”

The German market is predicted to advance at a CAGR of 6.3% from 2023 to 2033. The United Kingdom market is predicted to grow at a rapid pace, and Germany is forecasted to hold a significant revenue share in the coming decade.

Aging marine infrastructure in Germany and the United Kingdom is leading to the constant need for routine repair, maintenance, and rehabilitation to ensure effective and safe operations. Moreover, stringent environmental regulations aim to reduce pollution and safeguard marine habitats, which is boosting demand for underwater concrete. Significant investments in improving marine infrastructure are also driving opportunities for players.

Why are Manufacturers of Underwater Concrete Interested in India, China, and Japan?

“Increasing Volume of Maritime Trade Necessitating Efficient Offshore Infrastructure”

Demand for underwater concrete in China is projected to accelerate at 13.7% CAGR and reach a value of US$ 83 billion by 2033. Moreover, the Japanese market is forecasted to expand at a 5.1% CAGR through 2033.

Rapid economic expansion and urbanization in countries, including India, Japan, and China, are propelling the demand for new harbors, ports, coastal protection works, bridges, and offshore buildings. Underwater concrete is used as a long-lasting and dependable building material that is capable of withstanding hostile underwater environments. In addition, advancements in various underwater building technologies, government initiatives to encourage marine trade and tourism, and increased investments in infrastructure development are contributing to the significant growth of the industry.

Category-wise Insights:

In 2022, cement accounted for 40% share of the global market revenue. This is attributed to the growing use of cement as a binder to harden the mixture used in the production of underwater concrete.

Which Raw Material is Extensively Used to Manufacture Underwater Concrete?

“Strength and Durability of Aggregates Boosting Their Use in Underwater Concrete Production”

Worldwide demand for aggregates is predicted to increase at a CAGR of 9.6% and reach US$ 137.9 billion by 2033-end. The quality of aggregates, including gravel, crushed, and sandstone is critical for the manufacturing of underwater concrete. They are used as primary components of concrete and offer durability, strength, and various other mechanical properties to underwater concrete.

Which Application of Underwater Concrete Accounts for Significant Revenue Share?

“Rising Use of Underwater Concrete for Construction and Maintenance of Maritime Structures”

Global demand for underwater concrete for the construction, maintenance, and repair of marine structures is estimated to increase significantly. Construction of critical marine structures, including foundations of bridges and dams, requires underwater concrete. In addition, the need for the repair and maintenance of the existing structures is also pushing sales of underwater concrete.

Increasing need for different types of marine buildings with improved water construction quality across developing countries is predicted to scale up the demand for underwater concrete.

Competitive Analysis:

• Sika AG, in May 2023, acquired MBCC Group. The motive of this initiative is to strengthen Sika’s reach across geographies and further reinforce its product range and services in the construction industry.
• Mapsei S.P.A., in November 2022, invested in the construction of its headquarters in Germany and the upgradation of its existing R&D center.
• ROP International Inc., in July 2021, acquired a chemical manufacturing plant from ChampionX Corporation. This plant is based in the United States and owned and managed by Tremco Construction Products Group.
• Heidelberg Cement, in September 2019, acquired Giant Cement’s Keystone Cement plant. The latter is a subsidiary of Elementia S.A.B. and is working to strengthen its footprints in North America.