Construction chemical market is expected to grow at a CAGR of 5.9% during the forecast period (2021-2028).
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(Spin Digit Editorial):- Cokato, Minnesota Aug 23, 2021 (Issuewire.com) – Market Overview
Construction chemicals are chemical formulations used with cement, concrete, or other construction materials at the time of construction to hold the construction material together. The quality of cement has improved extensively with the utilization of the development of synthetic substances. Construction chemicals have become one of the important components of the chemical industry playing an important role in global infrastructure development. Improved development prospects in the construction business imply that numerous global organizations have begun contributing to create advanced development of chemical products.
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Increasing construction activity, increasing adoption of innovative construction and growing government developments are the key drivers that are boosting the market growth. The growing awareness among architects, builders, contractors and owners, that construction chemicals help in improving the quality and performance of construction will help the market to boom in the future. The rising formation of mega-cities, increasing living standards and population has a demand for quality construction work which will drive the construction chemical market. ASEAN infrastructure spending and GDP average growth rates are gradually rising over the past few years.
Governments are investing heavily in infrastructure and housing development. Government policies that promote the use of energy-saving materials and environment-friendly specialty chemicals in construction are driving the demand for environment-friendly performance chemicals, such as waterborne coatings. Rising government and foreign investments in mega projects in Asia-Pacific are encouraging chemical manufacturers in the region to make a strong push toward incorporating sustainable and technologically advanced materials in concrete admixtures, waterproofing, and industrial flooring. The government of India is initiating to invest in constructions through different policies. India is one of the fastest-growing markets by country.
The increase in the use of ready-mix concrete (RMC) is increasing the demand for construction chemicals. The use of RMC in construction is around 7% of domestic cement demand and is expected to rise to 20% to 25% in the future.
The demand for construction chemicals will be intense in Southeast Asian countries such as the Philippines, Vietnam, Malaysia, and Indonesia, which are enjoying high investments in large-scale infrastructure and commercial projects.
High prices of construction chemicals, strict government regulations, and lack of skilled labor are the key restraints for market growth. The presence of various small-scale manufacturers that produce low-value products would compensate for the increasing prices of construction chemicals. On May 14, 2018, BASF Japan Ltd. had increased the sales prices for all construction chemical products in small packages by over 10%, including a price review and restructure for air-entraining agents and air-controlling agents for concrete admixtures.
- Concrete Admixtures
- Protective Coating
- Industrial Flooring
- Adhesives & Sealants
- Grinding Aids
- Others (grouts & anchors, surface treatment chemicals)
The global construction chemical market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The North American construction chemical market was worth $5312 billion in 2018 and is forecasted to reach $XX billion by 2026, at a CAGR of 5.4% during the forecast period. This region is further categorized by region into the US, Canada, and Mexico. The US will witness an increase in construction investment and rapid technological advancements by key market players, which will help boost sales revenue for construction chemicals. The construction chemicals market in Canada is also expected to achieve a healthy growth rate buoyed by the presence of massive business opportunities in the construction of roads, highways, rehabilitation housing projects, and maintenance and repair projects of existing building structures. Key market players present in the region include 3M Company, Albemarle Corporation, BASF SE, Henkel AG & Company, and DowDuPont Inc.
The Asia Pacific construction chemical market was worth $34976 billion in 2018 and is forecasted to reach $XX billion by 2026, at a CAGR of 8.8% during the forecast period. Rising government and foreign investments in mega projects in Asia-Pacific are encouraging chemical manufacturers in the region to make a strong push toward incorporating sustainable and technologically advanced materials in concrete admixtures, waterproofing, and industrial flooring. The increasing infrastructure development activities, investment in commercial, residential housing, renovation activities of historical monuments, water retention structures, bridges, and other civil structures have has driven the demand for construction chemicals in the Asia Pacific region. Industry players are facing a decline in sales in the Asia region; this decline is mainly due to the negative currency effects. BASF introduced Master X-Seed 55 admixture on January 24, 2018; it improves both early- and late-age strength development in concrete.
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Some of the key market players are 3M, Akzo Nobel Chemicals AG, Arkema S.A, AxelchemSDN BHD, BASF SE, BOSTIK, Cementaid International Group of Companies, ChrysoGroup, DowDuPont Inc., Fosroc International Limited, GCP Applied Technologies Inc., Henkel AG & Co., Lafarge S.A., Mapei S.p.A, MC-BAUCHEMIE MULLER GmbH & KG Chemische Fabriken, Pidilite Industries, PT Penta Chemicals Indonesia, RPM International S.P.A, Sika AG, and UROMIX CHEMICAL SDN BHD.
The mergers and acquisitions, the formation of strategic partnerships with key market players, and the launch of green construction chemicals for eco-friendly solutions are vital parts of the business strategy of leading companies.
Choskey Chemicals Pvt. Ltd. launched Techseal Solo 901, road grade polysulphide sealant that repairs and builds an expansion in joints with easy application and minimal waste.
Fosroc has introduced a new Patchroc250, a solution for highway repairs, featuring improved characteristics, providing the rapid setting and rapid strength gain, but low heat generation, ensuring no thermal cracking at high thickness.
Construction Composites Market, Construction Fabrics Market, Construction Films Market
Source :DataM Intelligence
This article was originally published by IssueWire. Read the original article here.