Pune, India, December 18, 2018 /MRFR Press Release/- Market Research Future published a cooked research report on Global Cement and Concrete Additives Market.
Market Research Future (MRFR) has announced a new release on the global cement and concrete additives market. According to the report, the global cement and concrete additives market is expected to rise to a valuation of USD 32,706.5 million by the end of the forecast period (2018-2023). It can exhibit a solid 8.16% CAGR during the period to reach the benchmark.
Cement and concrete additives are substances added to cement and concrete to improve their characteristics in some way. The properties gained can expedite the construction process rapidly and assist the realty sector to flourish. The growing construction industry is likely to be the major driver for the global cement and concrete additives market over the forecast period.
The construction industry has grown rapidly in developing as well as developed nations over the last decade due to the growing demand for new infrastructure as well as residential construction in the former and the growing need for renovation projects in the latter. The growing demand for high-performance construction materials is likely to be a major driver for the global cement and concrete additives market. The construction industry has been quick to make use of technological innovations to improve its output, resulting in growing demand for construction materials that have been enhanced in some manner. The growing demand for high-performance construction projects, including in advanced buildings and innovative construction, is likely to drive the global cement and concrete additives market over the forecast period.
Emergence of 3D printing technologies that can aid in construction is likely to lead to an increase in the demand for fiber additives over the coming years. This could become a major opportunity for players in the global cement and concrete additives market, as 3D printing has immense advantages that the construction industry will look to incorporate into its workings. The growing adoption of technological advancements in the construction industry in developed as well as developing countries is thus likely to be a major driver for the cement and concrete additives market in the coming years.
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The report segments the global cement and concrete additives market by type, application, and region.
By type, the cement and concrete additives market is segmented into chemical, mineral, and fiber additives. The chemical additives segment dominates the global cement and concrete additives market and is likely to remain the leading contributor to the market over the forecast period, emerging with a market share of close to 50% by 2023. The chemical additives segment is expected to account for USD 15,127.4 million by 2023.
By application, the market is segmented into residential, industrial, commercial, and other construction. Residential construction is likely to remain the major contributor to the global cement and concrete additives market over the forecast period, emerging with a value of USD 14,589.8 million by 2023.
By region, the report takes a look at the state of the cement and concrete additives market in North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific. Asia Pacific is likely to be the major regional segment of the global cement and concrete additives market over the forecast period, holding a share of close to 50% in the global market. The APAC market is expected to reach a value of USD 16,385.4 million by 2023.
The growing population and urbanization in Asia Pacific has given rise to a growing demand for residential construction, as an ever-increasing number of people are flocking to urban regions in search of job opportunities. This is likely to remain a key driver for the global cement and concrete additives market over the forecast period, as new construction in the region is likely to employ new and technologically advanced construction materials and mechanisms to produce a lasting impact.
Leading players in the global cement and concrete additives market include Borregaard LignoTech (Norway), BASF SE (Germany), Cementaid (Australia), Fosroc Inc. (U.K.), CEMEX S.A.B. de C.V. (Mexico), Oscrete Construction Products (Australia), GCP Applied Technologies Inc. (U.S.), Sika AG (Switzerland), Elkem ASA (Norway), and Yara International ASA (Norway).