According to Market Research Future (MRFR), the Global Concrete Cooling Market had a valuation of USD 900 million in 2015 and is predicted to cross USD 1200 million from 2014 to 2022 (forecast period). The report addresses and explores the effects of the outbreak of COVID-19 on the global concrete cooling market size, including potential opportunities and challenges, drivers, and risks.
Concrete cooling is necessary for mass construction of concrete for construction projects such as dam construction in order to prevent cracking in construction. Strength in concrete develops through the evolution of heat as cement cures and hardens (heat of hydration).
Increased demand for concrete cooling systems from regions with high temperatures is expected to drive market growth in the future. Moreover, the growing popularity of such concrete cooling systems has led to systems that are custom-made and designed to better suit the applications and settings in which they will be used. These days, companies are highly tuned to the needs of their clients, such as strength, durability, and safety.
COVID-19 Impact on the Global Concrete Cooling Market
The COVID-19 pandemic has spread around the globe. In March 2020, the announcement of coronavirus as a pandemic resulted in lockdowns in most countries. The restrictions imposed by the government authorities have forced industry players to allow their workers to work remotely. Nevertheless, the adoption of automated technologies to minimize human interaction in manufacturing facilities is expected to help the development of the global market for concrete cooling. The use of technologies, including automated machinery and advanced electronics during the pandemic, has not only maintained business continuity but has also resulted in improved work productivity.
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Numerous developing and developed economies have introduced partial or full lockdowns throughout the world to maintain social distancing. Many retail outlets and e-commerce services were shut down to curb the spread of the pandemic. During the lockdown, the manufacturing of construction-related products and the provision of related services were restricted to the permitted limits. The production of concrete cooling materials was also affected, resulting in a demand and supply gap. The COVID-19 pandemic has impacted the supply chains, restricting the development of the global market for concrete cooling. These factors have had a severe impact on the global economy and the revenue generation of the construction industry.
Real estate investment plays a key role in creating demand for construction-related products, including concrete cooling products and systems, due to their high use in the construction of commercial and residential buildings. According to the MRF report, the global market is expected to see sluggish growth in the coming year, which is likely to impact demand for concrete cooling products worldwide. The business is expected to rebound in Q4 2020. Industry participants are expected to boost their manufacturing capabilities with the stabilizing market scenario over the projected timeframe.
The global concrete cooling market has been segmented into type and application.
By type, the global concrete cooling market has been segmented into ice cooling, water cooling, air cooling, and liquid nitrogen cooling.
By application, the global concrete cooling market has been segmented into infrastructure, commercial, residential, and others.
Regionally, the global concrete cooling market has been segmented into North America, Europe, Asia Pacific, the Middle East Africa, and the rest of the world.
The Middle East and Africa region is the top-performing region in the global concrete cooling industry. This rise in demand is due to high temperatures in the region and increasing construction activities. The use of concrete cooling solutions is important for the proper curing of concrete at such high temperatures.
The industry giants in the global concrete cooling industry report include- Fujian Snowman Co., Ltd., North Star Ice Equipment Corporation, KTI-Plersch Kaltetechnik GmbH, LINTEC Germany GmbH, Coldcrete Inc., ConCool LLC, Recom Ice Systems, Kirloskar Pneumatic Company Limited, Icelings, and Focusun Refrigeration Corporation.
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