Market Trends of Pervious Concrete Industry
This section covers the major market trends shaping the Pervious Concrete Market according to our research experts:
Increasing Usage in the Infrastructure Industry
- Pervious concrete is the fastest-growing fiber sector in the construction industry. Pervious concrete is used in green building alternative that is suitable for many applications such as reduced construction requirements for drainage structures, reduced pollution by preventing environmental damage, and allowing rainwater to drain directly to a sub-base due to which it has created the tremendous potential to meet customer needs in an eco-friendly manner in the infrastructure industry. Different countries have started building new & developing of infrastructures programs.
- In january 2022, the U.S. Department of Transportation launched the historic bridge replacement, protection, rehabilitation, preservation, and construction program (Bridge Formula Program) that represents the single largest dedicated bridge investment since the construction of the interstate highway system.
- The rising underground water level has been the most essential factor due to the ongoing water crisis resources in some regions. With this new opportunity, the infrastructure industry is getting benefitted by using pervious concrete which protects streams and lakes and allows vegetation to thrive.
- India has the second-largest road network in the world, spanning a total of 5.89 million kilometres (kms). This enhanced production of road infrastructure and its maintenance which has stimulated the market demand for pervious concrete.
- Superior properties of pervious concrete such as capturing stormwater, recharging groundwater, and minimize site disturbance enhanced its usage in road industry. In India, the government aims to construct 65,000 kms of national highways by 2022, similarly very large amount of road construction projects are going on globally which in-turns stimulates the demand for pervious concrete market.
- Owing to all these factors, the market for pervious concrete is likely to grow globally during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China and India are among the fastest emerging economies in the world.
- China is the world's leading producer and exporter of construction materials. The Chinese building & construction industry depicted significant growth over the years. In 2021, the construction output value in China achieved its peak at around CNY 29.3 trillion, and in the same year, China produced about 190 million metric tons of cement.
- Similarly, added value in the construction industry in China has been increasing by at least 3.5% annually in the recent decade and the construction industry in China generated an added value of approximately CNY 7.3 trillion in 2020.
- According to IBEF, in 2019, the real estate industry in India generated sales of USD 1.72 billion and it is expected to reach USD 9.30 billion by 2040. Also, highway construction in India increased at 17.00% CAGR between FY16-FY21. Despite pandemic and lockdown, India has constructed 13,298 km of highways in FY21.
- In the last decade, the total length of China's roads has increased significantly by around one million kilometers.
- Due to all such factors, the market for pervious concrete in the region is expected to have a steady growth during the forecast period.
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