Sub-Saharan Africa Ferrocement Market to Grow at a CAGR of 8.98% Through 2028

Rising Infrastructure projects & Mass Housing Developments in the nations are driving the Sub-Saharan Africa Ferrocement Market.

According to TechSci Research report, “Sub-Saharan Africa Ferrocement Market - By Region, Competition, Forecast & Opportunities, 2028”. The market for sub-Saharan Africa ferrocement is expected to be valued USD 405.79 million and register  CAGR of 8.98% over the upcoming years i.e., 2023 to 2028 because of factors including rapid population growth and urbanization, growing infrastructure activities, increasing agricultural productivity, rising marine industry, and increasing use of renewable power generation across the sub-Saharan Africa countries.

Governments in Sub-Saharan Africa are increasing their usage of renewable energy as rising urbanization, population expansion, and economic development drive electricity demand while governments across the region try to provide access to affordable energy. The decreasing cost of solar energy systems, which enables the area to move ahead to sustainable and low-carbon alternatives, is another factor supporting the use of renewable resources in Sub-Saharan Africa. According to the Africa Solar Industry Association (AFSIA) in 2021, there are currently over 7,600 solar projects in the pipeline and over 1,000 solar projects that are already operational, which will cause the Sub-Saharan Africa Ferrocement Market to expand at a faster rate during the forecast period. More blackouts also create opportunities for rooftop solar growth and, by extension, for the market participants in ferrocement as industrial and residential demand grows and costs decline. Furthermore, the availability of renewable resources in Sub-Saharan Africa makes it an appealing region for international investment. Foreign firms spent more than USD 34.7 billion in the renewables sector up until the end of 2020, with USD 20 billion going to the solar power industry. Therefore, it is anticipated that demand for ferrocement would rise in the next years all throughout the area as a result of efforts to make the region dependent on renewable sources like solar, biogas, etc.

Based on application, the sub-Saharan Africa ferrocement market is segmented into Agriculture, Water Supply & Sanitation, Rural Energy, Housing, Marine, and Others. The Sub-Saharan African cement market is dominated by the agriculture category, which will have a 32.17% market share in 2022. Agriculture in Africa has a major social and economic influence. In Sub-Saharan Africa, agriculture supports about 60% of the population and generates around 23% of the region's GDP. Three countries—Ethiopia, Tanzania, and Nigeria—account for 60% of Sub-Saharan Africa's total production capacity, according to a study of the potential of production in the region's 44 countries. Important developments affecting agriculture in Sub-Saharan Africa include rapid urbanisation and growing population. The building of canals, gates over dams, cross-drainage work, aqua-duct, and penstocks, among other agricultural infrastructure projects, are major applications of ferrocement. Following the African nations' Maputo Declaration Meeting, the African Union was created. The Global Comprehensive Africa Agriculture Development Programme (CAADP) is boosting food security in the area through increasing agricultural revenue in African countries. To guarantee that agricultural production increases by at least 6% annually, budgetary allocations for agriculture need to be set at 10%.

In terms of geography analysis, the sub-Saharan Africa ferrocement Market is segmented into eight major countries namely, South Africa, Nigeria, Ethiopia, Kenya, Angola, Ghana, Tanzania, and Zimbabwe. With a market share of 25.21% in 2022, South Africa is the market leader in the Sub-Saharan region of the world. Due to the abundance of natural resources and favorable agricultural environment in South Africa, the country's economy has historically been built on primary industries. Some of the key contributors to the GDP and the economic engine include the manufacturing, wholesale and retail commerce, financial services, transportation, mining, agricultural, and tourism sectors. The World Bank estimates that South Africa's GDP was USD 41,9946 million in 2021. The GDP contribution of South Africa to the world economy is 0.31%. According to a collection of development indicators by the World Bank, which used information from reputable sources. In 2021, the rural population of South Africa was estimated to be 32.15 per cent of the overall population of the nation. The country has a much smaller rural population than other Sub-Saharan African countries. The Additional Growth Path acknowledged underlying difficulties with the economy and identified opportunities in certain sectors and industries or employment drivers to reach its target of five million new jobs by 2020. Infrastructure lays the groundwork for increased growth, diversity, and job creation, therefore as authorities focus on developing infrastructure, the South African Ferro Cement Market is anticipated to expand.

Browse over 31 market data Figures spread through 87 Pages and an in-depth TOC on the "Sub-Saharan Africa Ferrocement Market"

Key market players in the Sub-Saharan Africa Ferrocement Market include:

• Milinkovic Company Limited
• Univar Solutions Inc. (Chempoint)
• AM-COR Inc.
• Constrotech Innovative Components
• Prefer Industries
• Rocla (Pty) Ltd
• COMAC (Construction Management & Consulting Services) Ltd

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“Sub-Saharan African governments are increasing their usage of renewable energy as rising urbanisation, population growth, and economic development are pushing up electricity consumption and governments across diverse nations are attempting to enhance access to inexpensive energy. Solar panel manufacturing has utilised ferrocement. The decreasing cost of solar energy systems, which enables the area to move ahead to sustainable and low-carbon alternatives, is another factor aiding the adoption of renewable resources in Sub-Saharan Africa. Additionally, the factors like rising urbanization, improving water infrastructure as well as growing use of renewable power generation fuel the market growth of the Sub-Saharan Africa ferrocement market.” in the upcoming years Mr Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
 

“Sub-Saharan Africa Ferrocement Market, By Application (Agriculture, Water Supply & Sanitation, Rural Energy, Housing, Marine, Others), By Manufacturing Process (Centrifuging, Guniting, Semi Mechanized, Hand Plastering), By Region, Competition, Forecast & Opportunities, 2028”, has evaluated the future growth potential of Sub-Saharan Africa Ferrocement Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Sub-Saharan Africa Ferrocement Market.

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