Construction Chemicals Market is anticipated to reach USD 67.61 billion by 2024, expanding at a 6.3% CAGR during the forecast period. Rising requirements from numerous end-use industries including residential & non-residential and infrastructure is expected to drive the market growth over the next nine years.
In
addition, the market expansion is expected to be driven by rapid shift towards
urbanization and rising focus towards infrastructure development in emerging economies.
Moreover, government initiatives in emerging economies such as India are also
presumed to drive the market growth.
On
account of stricter environmental regulations, the market participants are
focusing on research and development activities to come up with new products
complying with guidelines established by various regulatory bodies. Application
of biochemical as construction chemicals is at its initial stage, that could
prove to be a revolutionary technology in future. Emerging countries such as
India and China are presumed to fuel the market owing to various upcoming
infrastructure projects under development. China was the major construction
market accounting for over 20.0% of the global share in the year 2015.
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The
market growth is also expected to witness a significant growth on account of
rising rate of mergers and acquisitions by major players in the market. In
addition, technological innovations have resulted in the rise in usage of other
specialty chemicals which consist of chemical flooring, surface coating
chemicals, grouting compounds and structural adhesives.
Product Insights
In
terms of market volume share, concrete admixtures accounted for 64.07% in the
year 2015 on account of its wide usage in concrete to strengthen its chemical
and physical properties. Its applications include all types of constructions
such as residential and non-residential infrastructure. The product improves
the strength of the construction by providing strong durability, enhanced
durability, chemical resistance and considerably lowering cement and water
requirement.
Super
plasticizers and plasticizers are broadly utilized as concrete admixtures.
Super plasticizers are suitable for pre-stressed concrete as majority of the
products are chloride free. Chloride causes an oxidation reaction with metals,
which then causes corrosion, weakening the building structure.
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Infrastructure
and non-residential industry accounted for over 60% of the total market revenue
share in 2015. Construction chemicals are applied in non-residential segments
such as hotels, office spaces, retail, erection of warehouse and industrial
buildings. The growth for infrastructure activities is driven by government
initiatives in developing economies which consist of India, China, Brazil and
Mexico. In addition, the market growth is anticipated to be fueled by growing
trend towards metropolitan developments caused an increase in the need for more
residential buildings.
The
expansion of the residential & non-residential segment is caused by growing
per capita income together with strengthening economic policies in the emerging
economies. Overseas investments have increased in the recent years in Asia
Pacific, which is also propelling the growth.
Regional Insights
With
a market share over 45%, the Asia Pacific region was valued as the largest
market for the product globally in 2015. India and China are the key markets in
the region contributing over 50% of the total regional market size. The growth
of construction chemicals market is directly associated with the development of
construction sector.
Asia
is presumed to witness an investment of about USD 8.0 trillion by the year 2020
according to the Asia development bank. Growing urbanization trend and
increasing disposable income of population in countries such as India, Vietnam
and China has generated a necessity for better transport systems, water &
sanitation facilities and buildings. Further, numerous international investors
are focusing on re-allocating their capital in APAC.
Construction
and infrastructure activities have seen a rapid growth in the country since the
launch of 2011-20 Economic Transformation Program (ETP) by the Malaysian
government. The construction sector in Vietnam was valued at USD 24.0 billion
in the year 2012. All these factors are projected to result in the consistent
growth of construction industry in APAC region, which in turn will cause a high
growth of construction chemicals in this region.
Competitive Insights
The
major players in the global construction chemicals market are FOSROC chemicals,
BASF SE, Grace & Co., Arkema S.A., Dow chemicals, Pidilite Industries Ltd.,
Mapei S.P.A and RPM International Inc. The market is extremely competitive in
nature with key players engaged in product innovation and R&D.
Market
players are trying to enlarge their customer reach through various strategies
which consist of new product launches and exhibitions. The U.S. based
manufacturer, Dow Chemicals is a key player in this market. The firm
manufactures a wide range of sealant products and adhesives. Strategic
agreements and launching innovative products has helped the company to preserve
their position in the construction chemicals market globally.
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