NEWARK, Del., Feb. 7, 2024 /PRNewswire/ -- The global construction anchor market is anticipated to exhibit robust growth, expanding from US$13.87 billion in 2024 to a projected US$24.84 billion by 2034, representing a compound annual growth rate (CAGR) of 6.0% over the ensuing decade. This significant market expansion underscores the anticipated upsurge in demand for construction anchors.

Market players are upgrading their product lines with a structured strategy of raising their investments in research and development activities. The main focus of research and development efforts is anticipated to be the development of new products that meet market requirements.

The chemical anchor holds the majority of the share in the market. It is considered a key solution for applications in the construction sector. Several construction anchor companies are increasing the range of chemical anchors with enhanced capabilities and features. Growing demand for construction anchors with more strength in extreme situations is guiding the efforts of leading players. Additionally, the increasing requirement for chemical anchors that can effectively fulfill the dynamic loading requirements is anticipated to fuel market growth.

Leading vendors are also introducing a green line of construction anchors, which are eco-friendly. Additionally, companies are focusing on enhancing the product resistance in their newly launched products.

"Industry players are introducing a green portfolio of construction anchors to promote sustainable construction practices. From the expansion point of view, key players are projected to find significant growth in emerging economies as investments in construction activities in these countries are rising," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Key Takeaways from the Construction Anchor Market Report

• The market value of construction anchor increased from US$ 10,087.70 million in 2019 to US$ 13,153.01 million in 2023.
• By product type, the chemical segment is anticipated to acquire a market share of 91.15% in 2024.
• Demand for construction anchors is projected to be significant in building and construction applications. In 2024, the application segment is likely to account for 41.83% market share.
• In the United States and Germany, the construction anchor market is expected to rise at CAGRs of 5.1% and 6.8%, separately, over the forecast period.
• In China and India, the sales of construction anchors are anticipated to surge at CAGRs of 6.8% and 7%, respectively, through 2034.
• The Australia construction anchor industry is predicted to increase at a CAGR of 6.8% from 2024 to 2034.

Competitive Landscape

The market space is dynamic and competitive. To increase the market share, leading companies are developing new anchor to address certain requirements like high-temperature resistance, underwater fastening, etc. Additionally, players are presenting an extensive range of anchors to serve several multiple applications and materials. Furthermore, companies are constantly upgrading their existing products and creating innovative solutions to beat the market competition.

Key players are focusing on developing strong partnerships with retailers and distributors to expand their customer base. Moreover, leading companies are increasing their investments toward brand reputation, reliability, and quality via sponsorships and marketing campaigns. Industry leaders are also collaborating with complementary businesses to expand their expertise or offer integrated solutions. Additionally, they are also acquiring companies that have distinct technologies to enhance their market position.