DUBLIN, Nov. 21, 2023 /PRNewswire/ — The “Global Construction Chemicals Market Outlook, 2028” report has been added to ResearchAndMarkets.com’s offering.
Global Construction Chemicals Market Outlook, 2028″ the market is anticipated to cross USD 120 Billion by 2028, increasing from USD 83.59 Billion in 2022. The market is expected to grow with 6.58% CAGR by 2023-2028.
The global market for construction chemicals is being driven by the quickly rising demand for public, commercial, and residential structures as well as the technologically sophisticated construction sector. The industry is also being driven by demand for structures including dams, highways, bridges, and tunnels to improve the nation’s infrastructure.
The rapid urbanization observed in many developing economies has resulted in a significant increase in urbanization rates. Rising disposable income per capita and an improved standard of living are poised to stimulate overall market demand. Builders are responding to this surge in demand brought about by urbanization by constructing new homes and various structures, including movie theaters, shopping malls, hospitals, and restaurants. Consequently, this market is expected to experience substantial growth.
On a global scale, there is a considerable upsurge in the construction of new apartment buildings and other forms of permanent urbanization. The expansion of the construction chemical market will be driven by an increase in residential construction projects initiated by companies that use high-quality construction materials to enhance structural integrity and sustainability.
The high demand for both residential and non-residential structures in countries like China, India, and South Korea, attributed to their high population growth rates, is expected to drive industry growth. This heightened demand has also led to increased cement consumption, subsequently creating a strong demand for various construction chemicals such as concrete admixtures, cement additives, adhesives, and sealants. The introduction of improved product offerings aimed at enhancing performance is expected to further drive the global market’s growth during the forecast period.
Asia-Pacific dominated the market in terms of revenue in 2022 and is projected to maintain the highest Compound Annual Growth Rate (CAGR) of 7.66% during the forecast period.
Asia-Pacific currently holds a dominant position in the construction chemicals market due to the region’s robust growth in the construction sector and government incentives aimed at boosting infrastructure development. The region’s expanding middle class and the resulting growth in the residential sector have also contributed significantly to market expansion.
The region has witnessed substantial growth due to increased demand for luxury residences, expansion of construction projects, and a strong acceptance of product development within the construction sector, particularly in countries like India, China, and Southeast Asia.
Competitive Landscape
Industrial participants are focusing mainly on acquisitions and strategic partnership to increase their overall market share. Also, most of the manufacturers are spending in the new and novel product innovation to gain a competitive edge within the international and domestic market.
Also, companies offer a wide range of construction chemicals for new and existing infrastructure applications. For instance, Sika AG provides a wide range of construction chemical products which are used in cement, repair & rehabilitation, insulation, waterproofing, flooring, and others.
Report Highlights
The construction chemicals industry is experiencing a strong trend toward environmentally friendly and sustainable products. This includes the use of recycled and renewable materials, as well as products that reduce energy consumption and promote green building practices. Examples include low-carbon concrete admixtures, sustainable waterproofing solutions, and environmentally friendly coatings.
Innovations in materials science and technology are driving the development of high-performance construction chemicals. Nanotechnology is being used to create advanced additives that can improve the strength and durability of concrete and other construction materials. Additionally, smart coatings and materials with self-healing properties are gaining traction, reducing maintenance and repair costs.
The construction chemicals industry is increasingly adopting digital technologies for product development, distribution, and monitoring. This includes the use of data analytics, sensors, and IoT devices to track the performance of construction materials and structures in real-time, enabling predictive maintenance and more efficient resource management.
The rapid growth of urbanization and the need for modern infrastructure in emerging economies are significant drivers for the construction chemicals industry. As cities expand, there is a growing demand for durable and sustainable construction materials that can withstand the challenges of urban environments. This has led to an increased use of construction chemicals to enhance the strength, durability, and longevity of structures.
Environmental concerns and stricter regulations have driven the construction industry to adopt more sustainable and eco-friendly construction practices. Construction chemicals that can reduce the carbon footprint, improve energy efficiency, and enhance the sustainability of buildings and infrastructure are in high demand. This includes products like low-VOC (volatile organic compound) coatings, green concrete additives, and materials for waterproofing and insulation.
Compliance with various local, national, and international regulations and standards can be a significant challenge for the construction chemicals industry. Different regions have different rules governing the use of certain chemicals, and manufacturers must navigate a complex landscape of regulations, certifications, and approvals.
The construction chemicals industry faces cost and pricing pressures from multiple angles. The cost of raw materials can fluctuate, impacting product costs. Moreover, there is often intense competition, which can lead to pricing pressures. Balancing product quality, performance, and cost-effectiveness is a constant challenge.
Company Profiles
3M Company
BASF SE
H.B. Fuller
Mapei S.p.A.
The Dow Chemical Company
Sika AG
Pidilite Industries Limited
RPM International Inc
Henkel AG & Co. KGaA
Akzo Nobel N.V.
Wacker Chemie AG
Covestro AG
Thermax Ltd
Compagnie de Saint-Gobain S.A.
Jotun Group
Ashland Inc
Fosroc International Ltd.
Bostik
Axalta Coating Systems Ltd.
The Sherwin Williams Company
Considered in this report:
Geography: Global
Historic year: 2017
Base year: 2022
Estimated year: 2023
Forecast year: 2028
Aspects covered in this report:
Global Construction Chemicals market Outlook with its value and forecast along with its segments
Region & Country-wise Construction Chemicals market analysis
Various drivers and challenges
On-going trends and developments
Top profiled companies
Strategic recommendation
Regions & Countries covered in the report
North America (United States, Canada, Mexico)
Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
Asia-Pacific (China, Japan, India, Australia, South Korea)
South America (Brazil, Argentina, Colombia)
Middle-East & Africa (UAE, Saudi Arabia, South Africa
By Product Type:
Concrete Admixture
Waterproofing Chemicals
Repair and Rehabilitation
Adhesives and Sealants
Industrial Flooring
Surface Treatment
Cement Grinding Aids
Protective Coatings
Grout and Anchor
By End-User Industry:
Commercial
Residential
Industrial
Infrastructure
For more information about this report visit https://www.researchandmarkets.com/r/hwwe1m
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