Government initiatives for green revolution and soaring demand for water proofing chemicals & plasticizer to boost the demand of constriction chemicals.
DUBAI, UAE / ACCESSWIRE / April 12, 2021 / Construction chemical market grew at an average of 3.8% CAGR between 2016 and 2020. According to the research and consulting firm Future Market Insights, sales is expected to expand at over 5% through 2021. Recovery in residential and commercial construction projects and increasing application in coatings, additives, and sealants are set to drive growth in 2021 and beyond.
Increasing demand for construction chemical in the construction and engineering sectors will support the growth of the market through the assessment period. According to the study, recovery in activities in the transport & logistics, and mining sector post pandemic will fuel the demand of construction chemical.
Increasing investment in expansion of smart city infrastructure and urbanization will be the key focus for the construction chemical manufacturers for expansion in UK, Germany, and Western Europe.
Rising demand for concrete admixtures, plasticizers and high levels of reinforcement in public infrastructure projects will accelerate the sales of construction chemicals in the upcoming years.
"Increasing construction chemical applications in maintenance projects, repairing and improving existing infrastructure projects, especially in residential sector to fuel the demand," remarks the FMI analyst.
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Key Takeaways
- Concrete admixture to account for over 35% of market share in 2021
- Plasticizer admixture to witness highest growth revenue attributed to the importance of water control in concrete mixes
- Growing application in public infrastructure projects to sustain growth
- Residential application to emerge as the fastest growing segment accounting for largest market share
- China to be one of the most lucrative market accounting for 66% of market share in APEJ
- Government's increased focused on infrastructure development to make India 2md largest market for construction chemicals
- United States to reach a valuation of US$ 6 Bn in 2021, leading the construction chemical market in North America
Prominent Drivers
- High demand of developed infrastructure in countries such as United States, India and China to bolster the growth
- Improving quality and economic construction coupled with growing urbanization to foster the market demand
- Increased usage of ready-to-mix concrete in developing countries to create growth opportunities for market players
Key Restraints
- Unstable cost of raw material, energy and economic cycles may restrict the growth of construction chemicals material market
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Competitive Landscape
Some of the leading companies operating in construction chemical market profiled by FMI includes GCP Applied Technologies, SIKA AG, The Dow Chemical Co., RPM International Inc., Ashland Inc., MAPEI, Akzo Nobel NV, Arkema SA, Fosroc, Pidilite Industries, Covestro AG, Henkel AG & Co. KGaA, The 3M Company, and Wacker Chemie AG among others. According to the study, the market is moderately consolidated with presence of various players.in regional market. Product expansion and distribution activities carried out among manufacturers to create growth opportunities.
On September 2020, a global leader for construction chemical BASF closed the divestiture of its construction chemicals business to an affiliate of Lone Star, on a price of US$ 3.76 billion for future expansion growth prospects.
More Insights on FMI's Construction chemicals Market
In its latest report, Future Market Insights provides a detailed analysis of the global construction chemicals market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, and scope, the market is segmented on the basis of product (water proofing chemicals, protective coating, concrete admixture, adhesives & sealants, and asphalt additives), application (residential, commercial & industrial and infrastructure), and across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, Japan, APEJ, and MEA).
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SOURCE: Future Market Insights