Published: June 2018 | Report Code: CM10686 | Available Format: PDF | Pages: 119
Construction Chemicals Market Overview
The global construction chemicals market stood at $55,111.6 million in 2017 and is expected to reach $80,025.4 million by 2023, advancing at a CAGR of 6.5% during the forecast period. Swift urbanization and industrialization, along with increasing awareness about green buildings, are the key factors behind the growth of the market.
Construction chemicals are formulations added to cement, concrete, and other construction materials to keep everything together and also give the final mixture more strength. These are used in high volumes in the construction and civil repair sectors.
GLOBAL CONSTRUCTION CHEMICALS MARKET, BY TYPE, KILO TONS (2013-2023)
On the basis of type, the construction chemicals market is categorized into adhesives, concrete admixtures, protective coatings, asphalt modifiers, sealants, and others, wherein the ‘others’ category consists of flame retardants and flooring chemicals. Of these, concrete admixtures led the market in 2017, with more than 40.0% sales volume. This can be mainly attributed to the high-volume usage of admixtures, as these helps reduce the overall construction cost by changing the characteristics of the hardened concrete, compared to other types of construction materials. For example, by adding admixtures to concrete, the water requirement can be reduced by 5–10%. Further, admixtures improve the concrete quality and help in smoothening the construction process.
Globally, Asia-Pacific (APAC) dominated the construction chemicals market in 2017, with more than 40.0% share in terms of sales volume. Countries in the region such as China, India, and Japan are witnessing rapid growth in the construction sector. Moreover, numerous government incentives aimed at promoting infrastructural development, along with rapid expansion in the residential real estate sector owing to the rising population of the middle-class people, have been helping the APAC market grow.
Construction Chemicals Market Dynamics
The growing usage of construction materials in emerging economies is the most prevalent trend in the construction chemicals market. This is majorly due to the surging population, which is resulting in increased need for infrastructural development around the world. According to a report published by the United Nations (U.N.), the global population is projected to grow to 8.5 billion by 2030 from 7.3 billion in 2015. In addition, owing to the increasing rate of urbanization in developing nations, the consumption of construction chemicals is growing, as these provide the much-needed integrity to structures, thereby making the buildings more durable.
The population in urban areas is increasing rapidly on account of the continuous migration from rural to urban areas. This is especially true in emerging economies, where people are moving to urban areas as part of their quest for better employment opportunities and standard of life. Urbanization results in significant social, economic, and environmental changes; thus, such nations are most likely to face challenges in catering to the needs of the growing urban population, especially with respect to transportation, housing, energy, and infrastructure.
Transformation as a result of urbanization is most visible in developing countries, particularly Brazil, Russia, India, China, and South Africa (BRICS). As the fastest-growing economies in the world, these nations are witnessing construction of new buildings and factories as well as advancements in technology, thereby raising the requirement for construction materials and leading to the growth of the construction chemicals market.
Green building materials have the potential to reduce emissions, owing to which the demand for these is increasing, which, in turn, is helping the construction chemicals market prosper. These chemicals enhance the overall building durability and also offer protection against environmental hazards. Apart from giving the buildings strength, these chemicals help in reducing the volume of cement and water consumed during the construction process, which is another key factor resulting in an increasing demand for these chemicals. Additionally, awareness on energy conservation is growing worldwide, further aiding in the growth of the market.
The construction sector in developed countries is about to become saturated, as these countries are renovating their old infrastructure instead of constructing new buildings and structures. Apart from this, limited advancements in construction material technology are hampering the market growth in these economies. In Europe and North America, most countries, with the exception of Germany, are overhauling the old infrastructure. Therefore, owing to less development scope, the progress of the construction chemicals market is predicted to be restricted in these economies in the coming years.
Construction Chemicals Market Competitive Landscape
Among the key players in the global construction chemicals market are Fosroc International Ltd., Ashland Global Holdings Inc., Arkema Group, BASF SE, Mapei S.p.A., Sika AG, W.R. Grace & Co., SOPREMA Group, Pidilite Industries Limited, Dayton Superior Corporation, Asia Mortar, Bostik SA, Dahsin Waterproofing Co. Ltd., SKK (S) Pte. Ltd., Saint-Gobain S.A., H.B. Fuller Company, and DowDuPont Inc.
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws