The construction chemicals market is expected to reach USD 37.55 billion during the projection period, with a CAGR of 8.60 percent. Construction chemicals are specialty goods essential for long-term infrastructure and energy conservation in the construction sector, as well as for increasing building durability and protecting against environmental dangers. In the worldwide construction chemicals market, infrastructure is the most appealing area.
The demand for construction chemicals is determined by the amount of concrete consumed and construction development activities in a given location. Due to stable economic conditions and rising demand for residential units and infrastructure development activities, slow growth is predicted in European and North American areas; however, promising growth is expected in developing parts of the world in the construction chemicals market. The demand for concrete admixture is rapidly rising. Manufacturers have begun to respond to this desire by taking action.
The development of the building chemicals market may be hampered by a lack of awareness of the products' benefits in emerging countries. In addition, a lack of product training may represent a danger to the industry's growth in the next years. Furthermore, high product costs may stymie the market, as most small and medium-sized builders and contractors strive to keep overall construction costs as low as possible to maximize profit.
The outbreak of COVID had declined the market growth. The production unit experienced a shutdown in construction activities for minimising the infection rate. The industry experienced economic losses and even experienced labor losses. A change in consumer behavior and change in market trends were observed. The reduction in growth had a great impact on the construction chemicals industry.
The state government has imposed a countrywide lockdown and shutdown which led to the banning of construction activities. Anyone seen violating the rules was severely punished.
Asia-Pacific is expected to be the most dominant and fastest-growing region where the demand for construction chemicals is very large. Asia-Pacific region comprises the regions of China, India, some areas of Japanese land, and South-Korean regions. North America and the European region also hold a large market share but are expected to grow at a low CAGR after the Asia-Pacific and China region. China is marked to cover the largest market share regionally as well as globally. The estimated market growth in the Chinese region is said to be the second largest after Asia-Pacific.
Some of the significant market players of the construction chemicals market are
The report provides a detailed analysis of the qualitative and quantitative aspects of the construction industry. The report gives in-depth analysis about the manufacturers of the construction chemicals market and also gives information about the raw material so manufactured by them. All the details about the market segmentation have been covered in the report. It summarises the market analysis of the key players operating in various regions of the market.
|Market Size||USD 37.55 billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, End Use and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), Pidilite Industries Ltd (India), Sika AG (Switzerland), Fosroc, Inc. (India), Apple Chemie India Pvt. Ltd (India), Croda International Plc (UK), Dow (US), RPM International, Inc (US), W. R. Grace & Company (US), Henkel AG (Germany), Evonik Industries AG (Germany), Tata Chemicals (India), Huntsman International LLC (US), LATICRETE International, Inc (US), and Chemax Chemical (India)|
|Key Market Opportunities||Government across the developing countries are significantly investing in infrastructure development|
|Key Market Drivers||
The infrastructure segment is the most popular and attractive segment throughout the globe. It is firstly preferred for the new entrants due to the rise in population and urbanization which help in sustaining the infrastructure and using environment-friendly products. Residential is expected to be the second-largest segment for the entry of newcomers. The residential segment is expected to carry the highest construction chemicals market revenue during the forecast period.
The industrial sector covers a major share of 63%. Investing more in construction chemicals market revenue and adopting new governmental strategies like Make in India and "Pradhan Mantri Awas Yojna" which supports both infrastructural and industrial enhancement which creates market expansion opportunities for the industry.
Waterproofing chemicals are expected to occupy a value of USD 37.55 Billion during the forecast period and are expected to occupy at a CAGR of 8.60%. It is in high demand during the upcoming years. It is used in vast amounts for polymer-modified volume and cementitious composites, concrete made of waterproof material and polysulphide sealants, and many more.
North America covers the largest area globally holding a revenue of USD 37.55 billion. Significantly this region is in huge demand for the development of commercial land projects along with investing huge sums which accelerates the market growth. This region uses technologically advanced chemicals for the manufacturing of innovative materials, helping in driving the construction chemicals market size. It has also been marked that size expansion in this region has contributed to middle-class residential housing.