Concrete Cooling Market Unlocking Potential (2023-2035)
Global Concrete Cooling Market Key Insights
During the forecast period of 2023-2035, the global concrete cooling market is expected to reach an estimated value of ~USD 5.4 billion by 2035, by expanding at a CAGR of ~8%. The market further generated a revenue of ~USD 2 billion in the year 2022. Major key factors propelling the growth of concrete cooling market worldwide are the need for concrete cooling in construction industry owing to the disadvantages of using hot concrete, and growing urban population who are in need for new homes.
Market Definition of Concrete Cooling z
Concrete cooling is a process used in lowering the temperature of freshly poured concrete to a certain level in order to maintain the concrete’s characteristic temperature. It is employed for construction projects in nations with hot temperatures where a lot of construction activities are carried out. Water used in the hydration process affects the temperature of concrete. Concrete cooling systems entail cooling the water used for mixing prior to hydration. According to the circumstances, different combinations of concrete cooling are traditionally utilized at a construction site. Concrete cooling towers are used in heavy industrial applications such as petrochemical, power plants, chemical plants, and refineries.
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Global Concrete Cooling Market: Growth Drivers
The growth of the global concrete cooling market can majorly be attributed to the growing urbanization, backed by rising urban population. Approximately 4.4 billion people, or 56% of the world’s population, reside in cities. By 2050, approximately 7 out of 10 people would live in cities, with the urban population predicted to be more than double from its current level. Hence, owing to the large number of people expected to reside in cities the demand for construction activities is expected to increase, further boosting the market growth. The average number of residential buildings built each day between 2018 and 2050 would be close to 10,000, with about half of those buildings representing multifamily housing. Further, the number of buildings needed for businesses and services would also increase as urban areas grow. Hence, urban areas would need to develop an average of more than 3,600 non-residential structures every day to keep up with demand worldwide. Additionally, there has been growing investment in infrastructure projects. According to the Department for Promotion of Industry and Internal Trade, foreign direct investment (FDI) totaled USD 26.17 billion and USD 26.30 billion between April 2000 and December 2021 in the construction development (townships, housing, built-up infrastructure, and construction development projects) and construction (infrastructure) activity sectors, respectively (DPIIT). Hence this factor is also estimated to boost the market growth.
The global concrete cooling market is also estimated to grow majorly on account of the following:
- Growing Construction of Dams
- Rising Disposable Income Which is Pushing Population to Have Sophisticated Life, in Which House Plays a Prominent Role
- Surge in Construction Activities in Hot Region
Global Concrete Cooling Market: Restraining Factor
Despite its widespread use, cooling concrete with ice has a lot of drawbacks. Opening ice bags and/or crushing ice before adding it to the mixing trucks takes a lot of time. Unfortunately, there isn’t an automated system that could do this straightforward work, and these jobs have a high injury rate. Manually dumping ice bags into crushers could sometimes result in worker injuries from getting entangled in the equipment. Further, the difficulty of ensuring homogeneous distribution and complete melting is a more serious issue. Hence, these factors are estimated to hinder the growth of the market.
Global Concrete Cooling Market Segmentation
- By Cooling Method (Air, Water, Ice, Liquid Nitrogen, and Others)
- By Application (Industrial, Infrastructural, and Others)
- By End-Use (Highway, Dams, Sea Port, and Others)
The highway segment is anticipated to hold the largest market share over the forecast period. The growth of this segment can be attributed to the growing construction of highways. For instance, with a total length of 5.89 million kilometers, India has the second-largest road network in the world (kms). Further, every year, more than 240,000 km of urban roads and more than 915,000 km of rural roads are expected to be built all over the world.
- By Region
The Asia Pacific concrete cooling market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions, backed by growing construction activities in developing nations, such as, China and India, and rise in in demand for concrete cooling for the construction of dams, backed by the surge of hydro energy in this region. The ministry of Road Transport and Highways had a budget of USD 14.85 billion for FY 2021–22, according to data from the India Brand Equity Foundation (IBEF), and the government plannned to build 23 new national highways by 2025.
The market research report on global concrete cooling also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Concrete Cooling Market
Some of the key players of the global concrete cooling market are Plersch Kältetechnik GmbH, Fujian Snowman Co., Ltd, Coldcrete Inc., ConCool Concrete Cooling Systems, North Star Ice Equipment, The Kirloskar Group, LINTEC Corporation, Chirag Ice Factory Pvt Limited, Recom Ice Systems B.V., Focusun Refrigeration (Shanghai) Corporation, and others.
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