Construction Chemicals Market

Construction Chemicals Market Expected to Reach US$ 79.81 Billion by 2023

by

Market Overview:
The global Construction Chemicals Market is estimated to be valued at US$ 79.81 billion in 2023 and is expected to exhibit a CAGR of 5.74% over the forecast period of 2023-2028, as highlighted in a new report published by Coherent Market Insights. Construction chemicals are specialized chemical formulations used in the construction industry to enhance the performance of materials and structures. These chemicals provide various advantages such as improved workability, increased strength and durability, reduced water usage, enhanced waterproofing, and improved overall quality of construction. The increasing construction activities, rapid urbanization, and growing infrastructure projects across the globe are driving the demand for construction chemicals.

Market Key Trends:
One key trend in the Construction Chemicals Market is the increasing demand for eco-friendly construction chemicals. With growing environmental concerns and regulations, there is a rising preference for construction chemicals that have minimal environmental impact. Eco-friendly construction chemicals are sustainable alternatives to conventional chemicals as they have lower carbon footprints, reduce water usage, and emit fewer harmful substances. These chemicals are widely used in green buildings and sustainable construction projects. Manufacturers in the construction chemicals market are focusing on developing innovative eco-friendly solutions to cater to the growing demand and meet the environmental sustainability goals.

Segment Analysis

The Construction Chemicals Market Analysis can be segmented based on type, application, and region. In terms of type, the market can be classified into concrete admixtures, waterproofing chemicals, adhesives and sealants, protective coatings, and others. Among these, the concrete admixtures segment is expected to dominate the market during the forecast period. This is due to the increasing demand for high-performance concrete in various construction projects around the world. Concrete admixtures improve the workability, strength, durability, and chemical resistance of concrete, making them essential in modern construction practices.

Key Takeaways

The global construction chemicals market is expected to witness high growth, exhibiting a CAGR of 5.74% over the forecast period. This growth can be attributed to several factors, including the increasing infrastructure development activities, rapid urbanization, and the growing construction industry in emerging economies. For example, countries like China and India are witnessing significant investments in infrastructure development projects, which are driving the demand for construction chemicals.

In terms of regional analysis, the Asia-Pacific region is expected to be the fastest-growing and dominating region in the construction chemicals market. This can be attributed to the increasing construction activities, urbanization, and rising disposable income of the population in countries like China, India, and Southeast Asian countries. The Asia-Pacific region is also witnessing significant investments in infrastructure projects, such as transportation, residential, and commercial buildings, which is further fuelling the demand for construction chemicals.

Key players operating in the construction chemicals market include Pidilite Industries, BASF SE, RPM International Inc., Sika A.G., The Dow Chemical Company, Fosroc International, Arkema S.A., Ashland Inc., Mapei S.p.A, and W.R. Grace. These companies are focusing on research and development activities to introduce innovative construction chemical products that cater to the changing needs of the construction industry. Additionally, strategic acquisitions, partnerships, and expansions are also adopted by these key players to strengthen their market presence and expand their customer base.

Overall, the construction chemicals market is expected to witness significant growth in the coming years, driven by infrastructure development activities, urbanization, and the increasing demand for high-performance construction materials. The Asia-Pacific region is projected to dominate the market, with key players focusing on product innovation and strategic collaborations to maintain their competitive position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it