Construction Chemicals Market Is Likely to Grow at a CAGR Value of Around 6.8% By 2028 – Exactitude consultancy research
Exactitude Consultancy
7 min read
The demand for construction chemicals depends upon concrete consumption and extent of construction development activities occurring in a specific region. As per the trends in the construction sector, slow growth is expected in European and North American regions, whereas promising growth is expected in developing regions of the world in the construction chemicals market due to stable economic conditions and increasing demand for residential units and infrastructure development activities
Luton, Bedfordshire, United Kingdom, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Construction Chemicals Market.
The global Construction Chemicals Market is expected to grow at more than 6.8% CAGR from 2022 to 2029. It is expected to reach above USD 54.67 billion by 2029 from a little above USD 34.21 billion in 2020.
Construction Chemicals Market Overview
Construction chemicals are chemical compounds used to bind them with other construction materials like cement and concrete at the time of construction. Natural or synthetic materials are added to the construction mix to increase the binding strength, reduce cost and improve durability. They are also mixed with concrete and mortar to enhance the strength of the buildings.
These chemicals are mainly used for speeding up the work in construction projects that are under development or in new projects to add strength and durability to the construction. These chemicals are mixed in a variety of construction materials to increase productivity, increase performance, boost functionality, and safeguard the components of a building.
These chemicals improve properties such as durability, surface finish, compressive strength, and resistance to undesirable working conditions, and climatic and are expected to drive the industry growth.
Construction chemicals are essential in any industrial or commercial building project especially when there is a huge demand for infrastructure development driving the global economy. With the changing lifestyle of people around the world, an aesthetic concrete world is coming into existence defining the rise of the construction chemical market.
Trends and key drivers of the construction chemicals industry Construction chemicals are used not only to add life to the structures but also to aid in minimizing quantities of cement and water required during construction.
Drivers
Foreign investment activities
Government regulations that are based on concepts of 'Green Revolution, urbanization, and rise in housing demand
Growing preference for ready-mix concrete (RMC)
Renovation and repairs of older structures
Increased preference for green buildings
Trends
Increased investments in research and development (R&D), especially in Asian regions, and the entry of new players.
Use of sustainable products and technological advancements.
Overall demand for construction chemicals in India is expected to rise further due to the increase in the construction of new buildings as well as renovation activities.
In the Asia Pacific region, India and China together, contribute over 50 percent of the total regional market size.
Role of Construction chemicals in modern construction Construction chemicals can be used with various elements in different applications for improving important quality of construction materials such as durability, workability, and sustainability of the structures. They are used by the construction and civil repair industry and help to enhance concrete quality and strength, provide water-tightness and protect concrete structures from atmospheric degradation Construction chemicals and waterproofing are also widely used for infrastructure projects such as bridges and flyovers, roads, and highways construction, airport buildings, overhead bridges, among others. Construction chemicals also function in reducing the quantity of water and cement used in construction projects.
Construction Chemicals Market Segmentation By Product Type
Waterproofing Chemicals
Protective Coating
Concrete Admixture
Adhesives & Sealants
Asphalt Additives
Flooring Compounds
Caulks and Sealants
Repair and Rehabilitate Structures
Grout and Anchor
In construction, cement is frequently employed as a binding agent. Concrete is made by mixing cement in measured amounts with sand, water, and crushed rock. The addition of concrete admixtures then enhances the characteristics of concrete. The rising utilization of concrete admixtures is driving the expansion of the construction chemicals market. By End-use Industry
Commercial
Office Space
Retails
Education Institutes
Hospitals
Hotels
Other Commercials
Industrial
Cement
Iron and Steel
Capital Goods
Automobile
Pharmaceutical
Paper
Petrochemical (Including Fertilizers)
F&B
Others
Infrastructure and Public Places
Roads and Bridges
Railways
Metros
Airports
Water
Energy
Government Buildings
Statues and Monuments
Residential
Elite Housing
Middle-class Housing
Low-cost Housing
Public
Government Buildings
Statues and Monuments
The residential market is incredibly fragmented, and rising urbanization has led many consumers to move into metropolitan areas. This market’s expansion is anticipated fuelled by shifting lifestyles, fast urbanization, rising living standards, and a rising desire for attractive residential constructions.
Construction Chemicals Market Regional Insights
Due to the expanding construction industries in India, China, South Korea, and Japan, the Asia Pacific region dominated the market with a 4% share. China is a large consumer of building chemicals due to its rapidly rising population. The need for construction chemicals is also expanding thanks to increasing industrialization.
North-America construction chemicals market is a dominating market in the global market. This market has generated revenue of $14.2 billion over the forecast period. The booming economy and significant market fundamentals for commercial real estate projects are anticipated to drive the demand for construction chemicals in this region
Other countries which are expected to boost the global market are India, Brazil, Russia, and Australia. Also, an increase in state and federal funding for public works and institutional infrastructure also expected to boost the construction chemicals market, particularly in the US and Canada. Competitive Insights
The Global Construction Chemicals market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. Top key players engaged in the construction chemical market are Ashland Inc (US), Henkel (Germany), Dow (US), Jotun (Norway), BuildCore Chemicals (India), Croda International PLC (UK), ACC Limited (India), Evonik (Germany), BASF SE (Germany), Fosroc, Inc. (UAE), SWC Brother Company Limited (Thailand), Sika AG (Switzerland), 3M Company (US), GCP Applied Technologies Inc (US).
Mar 23, 2022, Berger Fosroc Ltd, a joint venture of Berger Paints Bangladesh and Fosroc International Ltd, yesterday opened a construction chemicals plant to cater to the growing domestic market for chemicals and cut import dependence.
January 20, 2022:First Graphene Limited has entered into a collaboration agreement with global construction chemicals manufacturer Fosroc International Limited (Fosroc) for the development of PureGRAPH® graphene-enhanced cement additives, or grinding aids.
7 November 2022:Fosroc Announces Launch of New E-Commerce Online Shop
September 22, 2022: Saint-Gobain’s Acquisition of GCP Applied Technologies to Close on September 27, 2022
In May 2022, The CMA will look into Saint-Gobain's acquisition of GCP Applied Technologies. In December 2021, Saint-Gobain announced that they had reached an agreement to buy GCP for $2.3 billion in a deal valued at roughly $2.3 billion (USD).
In May 2022, Verdant Innovations of the United States launched its first line of specialty green sustainable chemicals. As the company develops additional chemical solutions to meet the needs of all clients involved in the manufacturing and delivery of consumer products, Cellulose Solutions will distribute all green solutions.
FAQS
What is the global demand for Construction Chemicals in terms of revenue?
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What are the driving factors fueling the growth of the market?
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What are the applications of the construction chemicals market?
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