Categories: Chemical & Material
Format :
Construction Chemicals Market Overview
“The Construction Chemicals Market Predictable at $30 billion in 2022, is estimated to increase at a CAGR of 9% from $36 billion in 2023 to $80 billion by 2030.”
Construction chemicals are essential in the construction industry, used to enhance the durability and strength of building materials like cement and concrete. These chemicals expedite the process, provide functionality, and protect unique features of structures. They are crucial in the chemical business and have significantly impacted the construction industry, making it more environmentally friendly and using better-quality materials. As a result, construction chemicals have transformed the construction industry's settings. They are frequently employed in building projects to promote sustainability because their use has improved the quality of building materials.
Cities worldwide are enhancing infrastructure to accommodate over two-thirds of the world's population by 2050. This growth is primarily in less developed countries, with Africa and Asia experiencing the fastest urban growth rates. Africa's urban population is expected to rise from 40% to 56% by 2050, while Asia's urban population is expected to rise from 48% to 64%.
>>> Download Sample Report Now: https://marketreportservice.com/request-sample/construction-chemicals-market-54428
Key Takeaways
Concrete admixtures are anticipated to hold the biggest market share in 2022, by type.
The non-residential application is anticipated to hold the biggest market share in 2022.
In 2022, the Asia-Pacific region accounted for the majority of revenue.
Market Dynamics
Growth Factors
The building chemicals industry is expanding due to increasing demand for premix admixtures and premium construction chemicals due to decreased infrastructure durability caused by frequent rainstorms and wet winters, resulting in increased demand for these products.
Trends
Increasing Residential Segment Demand
Elite class luxury is reflected in opulent homes, with developers building projects to meet rising demand for apartments, penthouses, villas, and bungalows in gated communities with top-notch architecture and facilities.
People worldwide are increasingly interested in purchasing luxury residences for comfort, prestige, and seclusion, leading to an increase in upscale home developments worldwide.
The Asia-Pacific region is expected to experience the fastest growth rate in house construction due to the rising markets in China and India, with the largest low-cost house development market in Southeast Asia.
The demand for luxury residences is expected to rise in the US, Canada, Germany, the UK, India, and Japan due to economic growth and significant investments by the high-income group.
Drivers
The changing dynamics of the construction industry
The construction chemicals market is expected to grow due to the growth of new construction and repair sectors in developing nations, such as China, India, and South Korea. Rapid population growth and increased demand for residential and non-residential constructions will drive industry growth. This demand for construction chemicals, including adhesives, concrete admixtures, and cement additives, is expected to be fueled by improved product offerings, such as polymer-based grouts and mortars, speciality cement additives, and specialty cement additives.
Construction chemicals are essential for enhancing the functionality and toughness of structures while reducing corrosion. The demand for these chemicals is driven by the increasing demand for public, commercial, and residential structures, as well as the technologically advanced construction industry. The global market for construction chemicals is also driven by the demand for new infrastructure, such as highways, bridges, tunnels, and dams. If this trend continues, construction chemicals sales are expected to rise.
Rapid urbanization –
The building industry's expansion, driven by urbanization, is stifling the market for construction chemicals. However, the benefits of these substances, such as compressive durability and resilience, are becoming increasingly recognized. The market is expected to grow rapidly due to middle-class residential dwelling growth and migration to urbanizing cities, resulting in a surge in demand for construction chemicals.
Competitive Landscape of the Construction Chemicals Market
Recent Developments in Construction Chemicals Market
In October 2021, Sao Paulo State Housing Union (Secovi-SP) recorded 5,555 new residential units sold in Sao Paulo. The number is more likely to rise owing to consumer spending on residential housing units.
In February 2022, Shining Building Business Co., a building construction company in Taiwan, planned to launch new housing projects worth NTD 30 billion (USD 1.08 billion) in Taiwan and China. The plan included projects valued at NTD 10.8 billion in Taiwan and NTD 19 million in Chengdu, China.
In February 2022, Sika established a new manufacturing facility in Tanzania, East Africa, and is already producing mortars as well as concrete admixtures locally. This investment will help the company in backward integration.
In January 2022, Holcim agreed to buy PRB Group, France's largest independent maker of specialty building solutions, for EUR 340 million (USD 395 million) in net sales in 2022 (estimated). PRB Group provides a wide range of high-performance building solutions, including coatings, insulation, adhesives, and flooring systems, as well as sophisticated energy efficiency and rehabilitation solutions.
Regional Insights
In 2022, Asia-Pacific held the largest revenue share in the construction chemicals market due to its strong expansion in construction and government incentives. The region's growing residential sector, driven by the rising middle class, has also contributed to market expansion. The region's growth is attributed to the demand for luxury residences, construction projects, and product development in Asian countries like India, China, and Southeast Asia. The fact that Asian countries like China and India have some of the highest rates of urbanization in the entire globe is ultimately what drives the demand for building chemicals.
North America is expected to experience profitable growth from 2023 to 2032 due to its expanding economy and solid market fundamentals for commercial real estate developments, as well as potential growth in the construction chemicals market due to its expanding population.
Segments Covered in the Construction Chemicals Market
Construction Chemicals Market By Type
Construction Chemicals Market By Application
Construction Chemicals Market By Geography
Frequently Asked Questions:
What is the construction chemicals market size?
The global construction chemicals market size was accounted at USD 30 billion in 2022 and it is expected to reach around USD 80 billion by 2030.
What will be the CAGR of global construction chemicals market?
The global construction chemicals market is poised to grow at a CAGR of 9% from 2023 to 2030.
Who are the prominent players operating in the construction chemicals market?
The major players operating in the construction chemicals market are BASF SE, GCP Applied Technologies Inc., MUHU (China) Construction Materials Co., Ltd., Holcim, M&I Materials Limited, RPM International, Sika India Pvt. Ltd., Fosroc Inc., Dow, Arkem S.A., Ashland Inc (U.S.), Mapei S.p.A, CHRYSO GROUP, GCP Applied Technologies Inc., Pidilite Industries Ltd., Dupont, SOLVAY, W. R. Grace & Co.-Conn., Setral Chemie GmbH.
Which are the driving factors of the construction chemicals market?
Expanding new construction and repair & rehabilitation sectors in developing economies are the primary driving factors of the construction chemicals market.
Base Year:2022
Historical Data:2018-2022
No of Pages:121
Single User
Multi User
Corporate User
Only one user can access the report. It cannot be printed or shared. Delivery in online PDF.
US $ 2499
Multiple users can access the report. It cannot be printed or shared. Delivery in online PDF.
US $ 3499
The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. Free update of the report after 1 year.
US $ 4499