At 21.2% CAGR, Geopolymer Market Size to hit US$ 19 Billion, Globally, by 2028 – Report by IMARCGroup
IMARC Group has recently released a new research study titled “Geopolymer Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Geopolymer industry?
The global geopolymer market size reached US$ 6.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19 Billion by 2028, exhibiting a growth rate (CAGR) of 21.2% during 2023-2028.
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Geopolymer is an inorganic ceramic material synthesized by combining source materials that are rich in silica and alumina, such as fly ash (FA) and ground granulated blast furnace slags (GGBFS), and robust alkali solutions.
What is geopolymer used for?
It has an amorphous microstructure at room temperature, offers high heat resistance and can be used for thermal insulation. It provides high strength, ultra-porosity, low drying shrinkage, low creep, and acid resistance.
At present, significant growth in the construction industry and the increasing utilization of geopolymers as a binder in concrete for repairing bridges, tunnels, and roads is catalyzing the demand for geopolymer worldwide.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the geopolymer market?
Presently, rapid urbanization, rising global population, and the growing investments in the development of smart cities by governments of numerous countries are among the major factors driving the usage of geopolymers in industrial, commercial, and residential areas. There is an expansion in the number of renovation and remodeling projects of homes, hotels, offices, shopping malls, airports, and educational institutions, which is also providing a thrust to the market growth.
Besides this, due to increasing environmental concerns, several initiatives are being undertaken by governing agencies of numerous countries to encourage the adoption of sustainable construction materials like geopolymers and minimize carbon footprints, which is favoring the market growth.
The expanding number of demolishing activities of unauthorized buildings and weak foundations are also currently bolstering the market growth. Moreover, the rising need for repairing and replacing existing pipes in municipal piping systems worldwide is contributing to the market growth.
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In addition, geopolymers are employed in numerous medical applications, such as damaged bone tissues and dental. Along with this, the growing prevalence of cardiovascular diseases (CVDs), rising number of surgical procedures, and significant growth in the healthcare sector are influencing the market positively. Apart from this, increasing mining activities and the rising adoption of geopolymers to enhance the condition and improve the productivity and safety of mining equipment are creating a positive outlook for the market.
Furthermore, geopolymers are used in the manufacturing of water and waste handling products, such as septic tanks, water and sewer system components, grease interceptors, and hazardous material containers, which is offering lucrative growth opportunities to key players operating in the industry. Additionally, extensive research and development (R&D) activities to commercially use slag produced from the metal processing industry in the production of geopolymers are expected to propel the growth of the market in the coming years.
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