The global construction chemicals market is expected to reach USD 67.61 billion by 2024, according to a new report by Grand View Research, Inc. Construction chemicals were widely used in non-residential & infrastructure sector accounting for over 60% of the global revenue share in 2015. Upcoming projects such as Panama Canal expansion is expected to foster the market growth over the forecast period.
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Moreover, the global market was valued at USD 39.16 billion in 2015 and is projected to witness growth over the forecast period on account of rising residential and infrastructure activities in rapidly developing economies of Asia Pacific. Government initiatives in emerging economies such as India are also expected to fuel market growth.
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Further key findings from the report suggest:
- The global construction chemicals market demand was 33,309.2 kilo tons in 2015 and is projected to grow at a CAGR of 5.2% over the forecast period. They help in reducing the water and cement content in concrete, thereby bringing down the overall cost of the structure and reducing emissions. They impart properties such as cross-linking which results in increasing strength of the mortar.
- The market for concrete admixtures was estimated at USD 17.35 billion in 2015. Admixtures are mixed with cement, sand and water to impart specific properties to the base material such as durability. Most of the admixtures are available in a ready-to-use form and are added to the mortar at the construction site.
- Demand in Asia Pacific was 17,119.6 kilo tons in 2015 and is projected to witness tremendous growth on account of increased government spending on the infrastructure sector and rising opportunities for FDI in China and India. Increasing demand for industrial, transportation and commercial facilities is expected to drive growth.
- MEA is also projected to be a key market for construction chemicals over the forecast period. Infrastructure projects worth USD 172 billion have been planned in 2015 by various national governments in the region.
- Key industry players include BASF SE, Pidilite Industries Limited, FOSROC Chemicals India Private Limited, Sika AG, W.R. Grace & Company, Dow Chemical Company, RPM International Inc., Arkema S.A. and Mapei S.P.A. These companies focus on R&D for product development to enhance their portfolio.
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