21st January 2021 – The global Construction Chemicals Market is anticipated to reach USD 67.61 billion by 2024, expanding at a 6.3% CAGR during the forecast period. Rising requirements from numerous end-use industries including residential & non-residential and infrastructure is expected to drive the market growth over the next nine years. In addition, the market expansion is expected to be driven by rapid shift towards urbanization and rising focus towards infrastructure development in emerging economies. Moreover, government initiatives in emerging economies such as India are also presumed to drive the market growth.
On account of stricter environmental regulations, the market
participants are focusing on research and development activities to come up
with new products complying with guidelines established by various regulatory
bodies. Application of biochemical as construction chemicals is at its initial stage
that could prove to be a revolutionary technology in future. Emerging countries
such as India and China are presumed to fuel the market owing to various
upcoming infrastructure projects under development. China was the major construction
market accounting for over 20.0% of the global share in the year 2015. The
market growth is also expected to witness a significant growth on account of
rising rate of mergers and acquisitions by major players in the market. In
addition, technological innovations have resulted in the rise in usage of other
specialty chemicals which consist of chemical flooring, surface coating
chemicals, grouting compounds and structural adhesives.
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Construction Chemicals Market Report with
In terms of market volume share, concrete admixtures accounted
for 64.07% in the year 2015 on account of its wide usage in concrete to
strengthen its chemical and physical properties. Its applications include all
types of constructions such as residential and non-residential infrastructure.
The product improves the strength of the construction by providing strong
durability, enhanced durability, chemical resistance and considerably lowering
cement and water requirement. Super plasticizers and plasticizers are broadly
utilized as concrete admixtures. Super plasticizers are suitable for
pre-stressed concrete as majority of the products are chloride free. Chloride
causes an oxidation reaction with metals, which then causes corrosion,
weakening the building structure.
Infrastructure and non-residential industry accounted for over
60% of the total market revenue share in 2015. Construction chemicals are
applied in non-residential segments such as hotels, office spaces, retail,
erection of warehouse and industrial buildings. The growth for infrastructure
activities is driven by government initiatives in developing economies which
consist of India, China, Brazil and Mexico. In addition, the market growth is
anticipated to be fueled by growing trend towards metropolitan developments
caused an increase in the need for more residential buildings. The expansion of
the residential & non-residential segment is caused by growing per capita
income together with strengthening economic policies in the emerging economies.
Overseas investments have increased in the recent years in Asia Pacific, which
is also propelling the growth.
With a market share over 45%, the Asia Pacific region was valued
as the largest market for the product globally in 2015. India and China are the
key markets in the region contributing over 50% of the total regional market
size. The growth of construction chemicals market is directly associated with
the development of construction sector. Asia is presumed to witness an
investment of about USD 8.0 trillion by the year 2020 according to the Asia
development bank. Growing urbanization trend and increasing disposable income
of population in countries such as India, Vietnam and China has generated a
necessity for better transport systems, water & sanitation facilities and
buildings. Further, numerous international investors are focusing on
re-allocating their capital in APAC. Construction and infrastructure activities
have seen a rapid growth in the country since the launch of 2011-20 Economic
Transformation Program (ETP) by the Malaysian government. The construction
sector in Vietnam was valued at USD 24.0 billion in the year 2012. All these
factors are projected to result in the consistent growth of construction
industry in APAC region, which in turn will cause a high growth of construction
chemicals in this region.
The major players in the global construction chemicals market
are FOSROC chemicals, BASF SE, Grace & Co., Arkema S.A., Dow chemicals,
Pidilite Industries Ltd., Mapei S.P.A and RPM International Inc. The market is
extremely competitive in nature with key players engaged in product innovation
and R&D. Market players are trying to enlarge their customer reach through
various strategies which consist of new product launches and exhibitions. The
U.S. based manufacturer, Dow Chemicals is a key player in this market. The firm
manufactures a wide range of sealant products and adhesives. Strategic
agreements and launching innovative products has helped the company to preserve
their position in the construction chemicals market globally.
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