Global construction chemicals market is projected to reach $80,025.4 million by 2023, the market growth is driven by growing urbanization and increasing demand for aesthetically appealing residential and commercial infrastructures, according to P&S Market Research.
Insights into market segments
On the basis of type, the construction chemicals market is categorized into concrete admixtures, adhesives, sealants, protective coatings, asphalt modifiers, and others. Others include flooring chemicals and flame retardants.
Among all types, the volume sales of concrete admixtures are expected to exhibit fastest growth in the construction chemicals market, witnessing a CAGR of 5.4% during the forecast period. Concrete admixtures offer high compressive strength, high workability, watertight, durability, wear resistance, and high finish for the complex modern structures. Along with that, the major reasons for growth include government initiatives and sustainable infrastructure opportunities in the construction industry, which require the use of concrete admixtures.
APAC to emerge as the fastest growing market
The construction chemicals market in Asia-Pacific (APAC) is expected to register a CAGR of 7.1% during the forecast period, in terms of value. The market growth in the region is mainly driven by the growing demand for construction chemicals from countries such as China and India. China is regarded as the construction capital of the world and the scale of construction in the country is gaining momentum at a fast rate. The strong demand of construction products in the country is mainly driven by huge government investment in infrastructure projects in recent years.
Browse report overview with detailed TOC on "Construction Chemicals Market by Type (Concrete Admixtures, Adhesives, Sealants, Protective Coatings, Asphalt Modifiers), by Geography (U.S., Canada, Germany, France, U.K., Italy, China, Japan, India, South Korea, Brazil, Mexico, Saudi Arabia, South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/construction-chemicals-market
Increasing private investment in the construction industry — Opportunity for market growth
High population growth rate and associated demand of infrastructure development are encouraging private players to invest generously in the industry. For instance, in Mexico, according to Council on Foreign Relations, due to the investment by private sector in commercial and residential building projects, the growth of construction activities increased by 2.0% in 2016 from the 2015 growth rate. Hence, private investment in the construction industry is expected to provide lucrative growth opportunities to the construction chemicals market.
Green building materials have an emission reduction potential, due to which, the market of green buildings is growing, in turn driving the construction chemicals market. Construction chemicals improve the overall durability buildings, along with providing protection against environmental hazards. Along with that, awareness about energy conservation has also been increasing globally, owing to which manufacturers dealing in the construction sector are adopting environment friendly construction chemicals. Thus, the growing awareness of the eco-friendliness of green buildings is the major factor driving the adoption of construction chemicals around the world.
Construction Chemicals Market Competitive Landscape
Some of the major players operating in the global construction chemicals market are Ashland Global Holdings Inc., Fosroc International Ltd., BASF SE, Arkema Group, Sika AG, W. R. Grace & Co., Mapei S.p.A, Pidilite Industries Limited, SOPREMA Group, Asia Mortar, Dayton Superior Corporation, Dahsin Waterproofing Co. Ltd., Bostik SA, Saint-Gobain S.A., SKK (S) Pte. Ltd., DowDuPont Inc., and H.B. Fuller Company.
GLOBAL CONSTRUCTION CHEMICALS MARKET SEGMENTATION