Construction chemicals market to 2023
The global construction chemicals market is projected to reach $80,025.4 million by 2023, driven by growing urbanisation and the increasing demand for residential and commercial infrastructure. The volume sales of concrete admixtures are expected to show the fastest growth at a CAGR of 5.4%. Concrete admixtures offer high compressive strength, high workability, watertightness, durability, wear resistance, and high finish. The major reasons for growth include government initiatives and sustainable infrastructure opportunities.
The construction chemicals market in Asia-Pacific (APAC) is expected to register a CAGR of 7.1% during the forecast period, in terms of value. The market growth in the region is mainly driven by demand for construction chemicals from countries such as China and India. China is regarded as the construction capital of the world and the scale of construction in the country is gaining momentum. The strong demand for construction products in the country is mainly driven by government investment in infrastructure projects in recent years.
High population growth the and associated demand for infrastructure are encouraging private investors. For instance, in Mexico, according to the Council on Foreign Relations, the growth of construction activities increased by 2.0% in 2016 from the 2015 growth rate due to investment by the private sector in commercial and residential building projects.
Green building materials have an emission reduction potential, and this is cuaseing the market for green buildings to grow, in turn driving the construction chemicals market. Construction chemicals can improve the overall durability of buildings, and provide protection against environmental hazards. In addition, awareness about energy conservation has also been increasing, as a result of which manufacturers in the construction sector are adopting environment-friendly construction chemicals.
Some of the major players operating in the global construction chemicals market are; Ashland Global Holdings Inc., Fosroc International Ltd., BASF SE, Arkema Group, Sika AG, W. R. Grace & Co., Mapei S.p.A, Pidilite Industries Limited, SOPREMA Group, Asia Mortar, Dayton Superior Corporation, Dahsin Waterproofing Co. Ltd., Bostik SA, Saint-Gobain S.A., SKK (S) Pte. Ltd., DowDuPont Inc., and H.B. Fuller Company.
See also: Construction chemicals market.
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