Construction Chemicals Market to Reach $67.61 Billion by 2024 – Industry Report by Hexa Research

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“Construction chemicals market” is driven by rising demand from several end-use industries comprising residential and non-residential & infrastructure. Brisk move towards urbanization along with escalating focus of infrastructure growth in promising economies will stimulate the demand further.

The global construction chemicals market size is expected to grow significantly over the next seven years on account of its growing requirement from various sectors including construction & infrastructure. Rising demand in the Asia Pacific for infrastructure & construction industry and technological advancements is expected to drive the industry growth. In addition, growing infrastructure projects in developing economies and shift towards urbanization in these economies will drive the market growth over the next seven years.

Construction chemicals are compounds that are added to concrete and mortar to enhance compatibility with the structure of buildings. 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. In addition, the property of these chemicals to minimize the quantities of water and cement required during the construction is anticipated to boost the demand for this product in the upcoming years.

These chemicals find application in asphalt modifiers, concrete admixtures, sealants & adhesives and protective coatings. Concrete admixtures find usage in concrete to improve chemical and physical properties of concrete and are expected to lead the industry in terms of market volume share. They are mainly used in residential, non-residential and infrastructure projects and are expected to augment the market growth over the following years. The presence of chloride results in corrosion and makes the building structure weak. Super plasticizers and plasticizers find its application in concrete admixtures owing to their property of being chloride free and are likely to boost the market growth.

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Stringent environment norms by different regulatory bodies act as a restraint to the industry growth. Industry participants have been investing on R&D activities to launch new products which comply with regulatory norms owing to the presence of stringent environmental regulations. Usage of bio-chemicals as construction chemicals is in a preliminary stage and is expected to drive the demand of the industry.

Residential, non-residential and infrastructure industry was the major contributor to the market and is anticipated to fuel the industry growth over the forecast period. These chemicals find their applications in the non-residential sector for construction of roads, bridges, industrial buildings, warehouses, hotels, manufacturing buildings, office spaces and retail.

Increasing urbanization and government initiatives in emerging economies including China, India, Brazil, and Mexico have resulted in a growing need for more residential projects, which is expected to drive the market growth further. In addition, rising per capita coupled with strong economic policies in the developing countries are expanding the infrastructure industry. Foreign investments in infrastructure sector have increased over the years in Asia Pacific and are likely to fuel the industry growth.

Asia Pacific was the global leader in construction chemical market owing to rapid urbanization and construction of the main infrastructure projects in China, Japan, and India. Moreover, rising disposable income of population in China, India, Malaysia, Singapore, Indonesia and Vietnam has resulted in demand for better water & sanitation facilities, transport systems and buildings and are expected to witness significant industry growth.

Construction companies in Europe are growing steadily on account of industrial expansion. The augmentation of the industry is directly linked with the development of construction industry and is likely to observe industry growth.

Key market participants are BASF SE, Axim Italcementi Group, RPM International Inc., W.R. Grace, CICO Technologies Ltd, Sika A.G., Fosroc International, The Dow Chemical Company Arkema S.A.), Mapei S.p.A, Ashland Inc., and Pidilite Industries.

Industry participants are expanding their customer base through strategies including exhibitions and new product launches. For instance, U.S. based Dow Chemical Company is a key player in this industry. The company produces a wide range of sealant products and adhesive. The company has launched innovative products and made strategic agreements to maintain its position in the global construction chemicals industry.

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