The global chemical anchors market size is expected to reach U.S.$1.20 billion by 2028, expanding at a CAGR of 4.1% from 2020 to 2028. This is according to a new report, Global Chemical Anchors Market 2020-2028, from ResearchAndMarkets.
The rising demand for chemical anchors across industrial and infrastructure projects is primarily owing to their superior performance and durability. This features are expected to help propel market growth for this type of fastening product.
Furthermore, the growing demand for anchors that are easy to install and are more efficient and reliable, coupled with the popularity of the technologies used in its production, is driving manufacturers to continuously engage in innovation, requiring them to take the necessary steps to maintain and improve the product standards.
Technological improvements have increased the functioning of the product. The product provides a fair shelf life and a high level of corrosion resistance that is at par with its counterpart two-component epoxy polyamide coatings.
Epoxy is an important component in the chemical anchoring formulation, hence boosting its application as compared to its counterparts.
One of the major factors influencing the production is raw material availability, distribution network, and favorable geographical locations. The primary raw material used in the manufacturing of chemical anchors is polymer, which is directly being sourced from China. Major manufacturers have long-term tie-ups with key raw material suppliers from the country owing to the low cost and efficient supply chain.
However, in the post-pandemic scenario, manufacturers are looking for a diversified supply chain by focusing on raw material procurement from multiple locations. This is creating opportunities for a large number of manufacturers who are looking to build long-standing partnerships.
The use of the Internet of Things (IoT) has enabled companies to harness data in industrial environments, wherein they have started collecting data to understand and improve operational performance.
For example, the Hilti Group (in February 2020) paved the way for IoT to enter into the fasteners market by launching IoT-enabled smart fasteners that identify and document anchors, screws, and bolts installed.
- By product, capsule adhesive anchors are expected to register the fastest CAGR of 5.0% over the forecast period owing to the increasing use of the product in the infrastructure and commercial segments
- In terms of resin, unsaturated polyester chemical anchors are primarily used in masonry and uncracked concrete applications. However, methacrylates and pure epoxy type anchors are better suited for more demanding applications, including rebar and fractured concrete
- The rising construction spending, particularly in the emerging economies, is a key factor promoting growth in the chemical anchor industry. Rising product awareness, coupled with the high consumer spending in the residential sector, is propelling the demand for chemical anchors
- In the U.S., the demand for chemical anchors is expected to increase on account of the growing investments in infrastructure repair and rebuilding. Chemical anchors are being used in a majority of steel constructions, column bases, and scaffold anchoring
- Manufacturers in the chemical anchor industry are involved in adopting several strategies, including acquisition, joint venture, new product development, and geographical expansion, which aid in enhancing their market penetration
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