The global Underwater Concrete market size was estimated at USD 129.65 billion in 2023 and is projected to reach USD 193.27 billion in 2030 at a CAGR of 5.87% during the forecast period 2023-2030.
Underwater concrete is a special type of high-performance concrete used for the construction of bridges, ports, foundations in high water soils, and almost all offshore and land structures. The introduction of the underwater concrete process can save engineers from using the conventional construction method by isolating the water, which will reduce the disturbance in the plant operation and save significant savings. Immersed concrete is a highly flowable concrete that can spread into place under its own weight and achieve adequate compaction without vibration, segregation and flow defects.
Increase in dams and bridges, favorable government initiatives for underwater construction and increasing use of hydropower have expanded the market area. The need for repair and maintenance of existing underwater structures is increasing, driving the growth of the global underwater concrete market. In addition, increasing use of underwater concrete in hydropower, marine, coastal defense, underwater repair, tunnels, swimming pools and other industries is fueling the growth of the underwater concrete market globally. Improvement in the quality of hydraulic construction in developing countries is also a driving factor for the global underwater concrete market. However, fluctuating prices of raw materials and wrong investment can hinder market development. However, introduction of non-washable underwater concrete mixes and increasing production of eco-friendly underwater concrete will create huge opportunities for market growth during the forecast period.
The subsea concrete market had been hit hard by the COVID-19 pandemic as the demand for subsea concrete had decreased in several industries. Import and export of construction materials had been suspended due to closures and shutdowns during the pandemic. Transport services were banned worldwide, affecting trade in construction materials. Therefore, the supply and demand of these materials ceases. However, after the removal of the restriction, the underwater concrete market has accelerated its growth as it offers many advantages in various industries.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The underwater concrete market offers lucrative opportunities for industry players and investors as marine construction projects continue to grow. Ensuring durability, corrosion resistance and compliance with environmental standards is critical to the sustainable growth of the underwater concrete industry. The underwater concrete market is expected to continue to grow, fueled by urbanization, coastal infrastructure development and the expansion of offshore energy projects. Advances in concrete technology, including self-compacting concrete and fiber-reinforced concrete, are likely to contribute to market expansion. These factors have led to the expansion of the market and increased demand for Underwater Concrete solutions.
North America to Dominate the Market
