Construction Chemicals Market is projected to be worth USD 60,349.95 Million by 2030, registering a CAGR of 4.9% during the forecast period (2021 - 2030). according to the latest research report from Market Research Future (MRFR). The global Construction Chemicals Market Growth is mainly driven by the growing construction activity in emerging parts of the world such as India, China, Egypt, and other developing countries, where residential and infrastructural construction has started to pick up steam due to growing government support. Growing population, increasing urbanization, and growing development of government-sponsored residential construction for slum dwellers are likely to be major drivers for the construction chemicals market in Asia Pacific.
Construction chemicals are used in construction materials such as concrete to improve the properties of the materials and make them longer lasting. The growing demand for higher standards in construction activities in developed countries has resulted in growing demand from the construction chemicals market. The increasing demand for higher standards of concrete in developing countries is likely to be a major driver for the construction chemicals market, as the market in regions such as Latin America, Africa, the Middle East, and Asia Pacific represents significant scope due to the large scale of these untapped markets.
Growing government support for higher quality standards in the construction industry is likely to be a major driver for the construction chemicals market in the coming years.
Competitive Analysis:
Leading players in the construction composites market include Chemax Chemical, LATICRETE International Inc., Huntsman International LLC, Tata Chemicals, Evonik Industries AG, Henkel AG, W. R. Grace & Company, RPM International Inc., Dow, Croda International plc, Apple Chemie India Pvt. Ltd., Fosroc Inc., Sika AG, Pidilite Industries Ltd., and BASF SE.
In early 2019, BASF announced intentions to sell its construction chemicals business, valued at around USD 3 billion.
Segmentation:
The global construction chemicals market has been segmented based on product type, end use, and region.
On the basis of product type, the global construction chemicals market has been categorized as concrete admixtures, waterproof chemicals, flooring compounds, adhesives & sealants, and others. The concrete admixtures segment holds a dominant 42% share in the global construction chemicals market and is likely to lead the market in the coming years.
On the basis of end use, the global construction chemicals market has been divided into residential, commercial, industrial, and infrastructure.
Regional Analysis:
North America is a mature market for construction chemicals, with the activity in the market centered on growing regions such as Asia Pacific and the Middle East. Growing demand for construction chemicals in building renovations and new commercial construction is likely to be a major driver for the construction chemicals market in North America.
Commercial as well as residential construction has increased in Asia Pacific, where increasing urbanization has driven the demand for commercial construction in recent years. Growing demand for office buildings in growing urban centers such as Bengaluru, Pune, Mumbai, Delhi, and Hyderabad has driven the demand for better construction in India. Construction chemicals have become highly important for the industry in India, where the development of construction chemicals has also become a flourishing business. The increasing presence of local manufacturers in the construction chemicals business is likely to be a key driver for the construction chemicals market in India over the forecast period.
Growing infrastructure construction in the Middle East is likely to be a major driver for the global construction chemicals market over the forecast period. The Middle East has become one of the fastest growing regions in the world, due to the stability and prosperity brought about the presence of oil in the region. Countries such as Saudi Arabia, the UAE, and Qatar have announced ambitious plans for infrastructure development in the coming years. With Qatar hosting the 2022 FIFA World Cup, construction activities in the country are likely to grow apace in the near future, as construction of stadia and other tourist infrastructure continues at top pace.
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