The global construction chemicals market is expected to value $80,025.4 million by 2023. the growth of the market is driven by the increasing rate of urbanization and rising demand for visually pleasing residential and commercial buildings.
Insights into market segments
Based on type, adhesives, sealants, concrete admixtures, asphalt modifiers, protective coatings, and others are the various categories of the construction chemicals market. Among these, the sales volume of concrete admixtures is predicted to grow the fastest during the forecast period, registering a CAGR of 5.4%. Advantages of using admixtures in concrete for the construction of complex modern structures include high workability, compressive strength, durability, finish, and wear resistance. Moreover, admixtures make the buildings watertight. In addition to this, the major factors supporting the growth of the market are government initiatives for sustainable infrastructure, which mandate the use of concrete admixtures.
APAC to emerge as the fastest-growing market
The construction chemicals market is predicted to witness the fastest growth in Asia-Pacific (APAC) during the forecast period, registering a CAGR of 7.1% in terms of value. The growth of the market in the region would be primarily driven by the increasing requirement for construction chemicals from nations such as India and China. China is considered the construction capital of the world, and the construction activities in the country are gaining momentum at a high rate. Besides, the healthy demand for construction products in China is buoyed by huge investments by the government in infrastructure projects.
Increasing private investment in the construction industry offering opportunity for market growth
High rate of population growth and the resulting demand for infrastructure are encouraging private players to invest in the industry generously. According to the Council on Foreign Relations, owing to the investments made by the private sector in residential and commercial real estate projects in Mexico, the growth rate of construction activities in the country increased by 2.0% in 2016 compared to 2015. Therefore, private investment in the construction domain is expected to offer immense growth opportunities to the construction chemicals market players.
Besides, green building materials can potentially reduce emissions, owing to which the number of green buildings being constructed is growing globally, thereby driving the construction chemicals market. Construction chemicals enhance the overall durability of buildings besides providing them protection against environmental hazards. Apart from this, awareness on energy conservation has been rising around the world, due to which real estate companies are shifting toward eco-friendly construction chemicals. Thus, the increasing awareness about the eco-friendliness of green buildings is a key factor leading to the increasing adoption of construction chemicals around the world.
Construction chemicals market’s competitive landscape
Fosroc International Ltd., BASF SE, Ashland Global Holdings Inc., Sika AG, W.R. Grace & Co., Mapei S.p.A., Arkema Group, SOPREMA Group, Asia Mortar, Pidilite Industries Limited, Dahsin Waterproofing Co. Ltd., Bostik SA, Dayton Superior Corporation, SKK (S) Pte. Ltd., DowDuPont Inc., Saint-Gobain S.A., and H.B. Fuller Company are among the key players operating in the global construction chemicals market.