Expert View: Chemical Anchor Market to See Exponential Growth CAGR of 5.3% by 2032

Chemical Anchor Market

Chemical Anchor Market

Chemical anchor market is projected to reach $1.9 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032

WILMINGTON, DELAWARE , UNITED STATES, March 18, 2024 / -- According to the report, the chemical anchor market valued for $1.2 billion in 2022 and is estimated to reach $1.9 billion by 2032, exhibiting a CAGR of 5.3% from 2023 to 2032.

Allied Market Research published a report, titled, “Chemical Anchor Market by Product Type (Injectable and Capsule), Resin Type (Epoxy, Vinyl Ester, Methyl Methacrylate, Polyester, Hybrid, and Others), and End-use Industry (Construction, Oil And Gas, Marine, Telecommunications, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032."

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Prime determinants of growth

The global chemical anchor market is driven by rising sustainable construction practices. Moreover, increasing awareness and emphasis on sustainable construction practices have led to the adoption of eco-friendly building materials and construction methods. For instance, according to an article published by the U.S. Green Building Council in 2022, the U.S. green building industry is considered as a high revenue generating industry and has achieved a total revenue of $88 billion in 2022. Chemical anchors, with formulations that minimize environmental impact and contribute to the longevity of structures, align with the sustainability goals of the construction industry. This eco-friendly aspect acts as a positive driver of the market. However, chemical anchors offer numerous advantages in several end-use sectors. However, there are certain health hazards associated with the use of volatile organic compound (VOC)-containing chemical anchors. For instance, high levels of VOCs in chemical anchors could particularly affect asthma and sinusitis patients.

Furthermore, VOCs can cause severe irritation to throat and eyes, and a burning sensation to the nasal membranes. Some VOCs can even cause cancer if exposed beyond maximum concentration limits. Moreover, several environmental agencies such as the United States Environmental Protection Agency (U.S. EPA) and European Union (EU) have laid down strict acts and regulations for the use of VOC-containing products. For instance, the United States Environmental Protection Agency (U.S. EPA) regulates VOCs at federal level in 40 CFR 59, which is the National Volatile Organic Compound Emission Standards for consumer and commercial products. These factors together retrain customers from purchasing VOC-containing chemical anchors, thus hampering the market growth.

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Leading Market Players: -
⦁ Hilti
⦁ Sika AG
⦁ 3M
⦁ ITW Red Head
⦁ Fischer Group
⦁ Stanley Black & Decker
⦁ Fosroc
⦁ Henkel AG & Co. KGaA
⦁ Anchoring Systems Inc

The report provides a detailed analysis of these key players in the global chemical anchor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Depending on product type, the injectable segment accounted for the largest share in 2022, contributing to three-fifths of the global chemical anchor market revenue. This is attributed to the fact that injectable chemical anchors are user-friendly and easy to apply. The injection system allows for precise placement of the anchor material, making it convenient for installers to apply the adhesive in various construction scenarios. Furthermore, these anchors are suitable for a variety of substrates, including concrete, masonry, stone, and certain types of rock. This versatility makes them applicable in a wide range of construction and anchoring projects.

The epoxy segment to maintain its lead position during the forecast period

By resin type, the epoxy segment was the major share contributor in 2022, garnering more than one-fourth of the global chemical anchor market revenue. This is attributed to the fact that epoxy chemical anchors offer exceptional bonding strength, creating a strong and durable connection between the anchor and the substrate. This high bonding strength is crucial in applications where the integrity of the anchor is essential for structural stability.

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The construction segment to maintain its lead position during the forecast period

On the basis of end-use industry, the construction segment acquired the largest market share in 2022, contributing more than one-third of the global chemical anchor market revenue. This is attributed to the fact that the demand for chemical anchors is growing in the construction sector. In addition, these anchors play a crucial role in securely fastening and anchoring objects to base materials such as concrete, masonry, and stone. They can further be used in a variety of substrates, including concrete, masonry, stone, and certain types of rock. This adaptability makes them suitable for different construction scenarios and materials.

North America to maintain its dominance by 2032

Region wise, North America was the major shareholder in terms of revenue in 2022, accounting for more than one-third of the global chemical anchor market. The demand for chemical anchors is closely tied to the construction and infrastructure sectors. As North America continues to invest in new buildings, bridges, highways, and other infrastructure projects, the need for reliable anchoring solutions grows. Chemical anchors play a crucial role in providing strong and durable connections in various construction applications.

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