New York, Nov. 09, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on Construction Chemicals Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, and Geography. The increasing demand for construction chemicals from the storage & transportation industry and the rising preference for construction chemicals over water-based ice drive the market growth. However, the inability of construction chemicals to be stored for an extended period restricts the growth of the market. Construction chemicals are specialty products crucial for sustainable infrastructure and energy conservation in the construction industry. They are used to increase the durability of buildings and provide added fortification from environmental hazards.
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| Report Coverage | Details |
| Market Size Value in | US$ 50.95 Billion in 2021 |
| Market Size Value by | US$ 71.45 Billion by 2028 |
| Growth rate | CAGR of 5.8% from 2022 to 2028. |
| Forecast Period | 2022- 2028 |
| Base Year | 2022 |
| No. of Pages | 162 |
| No. Tables | 58 |
| No. of Charts & Figures | 72 |
| Historical data available | Yes |
| Segments covered | Product and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Purchase Options | Request customized purchase options to meet your research needs. |
Construction Chemicals Market: Competition Landscape and Key Developments
Ashland; BASF SE; Choksey Chemicals; Dow; Fosroc, Inc.; MAPEI; Pidilite Industries Ltd.; RPM International Inc.; Saint-Gobain; and Sika AG are a few key players operating in the construction chemicals market. Leading market players adopt various business strategies, including mergers and acquisitions, to expand their geographic presence and consumer base across the world.
In 2021, Asia Pacific dominated the construction chemicals market and is expected to continue its dominance during the forecast period. The growing construction industry in countries, including China, India, and Indonesia, and the rising construction and infrastructure activities with a strong adherence to quality across the region are driving the demand for construction chemicals. Along with this, increasing adoption of green buildings and rising government regulations pertaining to the use of high-quality waterproofing systems bolster the growth of the construction chemicals market in the region.
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The Report Insights and Findings
- Market Perception: In-depth and comprehensive information on the product portfolios of the leading players in the Construction Chemicals Market.
- Competitive Analysis: An in-depth assessment of the market strategies and geographical and business segments of the Construction Chemicals Market leading players.
- Product Development: Detailed insights into upcoming R&D activities, technologies, and new product launches in the Construction Chemicals Market.
- Market Diversification: Complete information on new products, untapped geographies, recent developments and investments in the Construction Chemicals Market.
- Market Recent Development: In-depth information about emerging markets. This report analyzes the market for various segments across regions.
Government Support for Development of Residential Construction Sector Drives Construction Chemicals Market Growth
The 14th Five-Year Plan (2021-2025) period in China aims at adding 6.5 million government-subsidized rental homes in 40 key cities. Along with this, approx. 219,000 old residential communities built before the end of 2000 in urban areas will be renovated by 2025 to offer comfort to the residents. The Sakani program in Saudi Arabia was developed in 2017 by the Ministry of Housing and the Real Estate Development Fund with the aim of facilitating home ownership in the Saudi Arabia through the creation of new housing stock, allocating plots and homes to nationals, and financing their purchase. The program has helped in the development of 178 infrastructure projects covering 244 million square meters. Thus, the increased initiatives and policies by the government of various countries encouraging the development of the residential construction sector is bolstering the constriction chemicals market growth.
Based on application, the construction chemicals market is segmented into residential, commercial, industrial, institutional, and infrastructure. In 2021, the residential segment held the largest market share. The growing residential construction in China, India, and other countries is driving the demand for construction chemicals. According to the Ministry of Housing and Urban-Rural Development, China will build more subsidized rental homes and renovate old residential communities in the next a few years. During the 14th Five-Year Plan (2021-2025) period, China plans to develop 6.5 million government-subsidized rental homes in 40 key cities to offer affordable housing to an estimated 13 million people. Along with this, in India, the Smart Cities Mission launched in 2015. The project aims to develop 100 cities in India with comprehensive infrastructure consisting of adequate water supply, affordable housing, efficient urban mobility, and the use of technology in improving security and safety. Thus, the growing residential construction is driving the construction chemicals market growth.
The global construction chemicals market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2021 and is expected to register the highest CAGR during the forecast period. The growing construction industry across countries in Asia Pacific fuels the growth of the market in the region. The rapidly growing urbanization across developing countries in the region is creating the need for residential complexes and buildings, which are driving the demand for construction chemicals. The construction firms in the region are developing an increased number of residential projects with high-grade construction materials to provide improved structural integrity and sustainability, which bolstered the growth of the construction chemicals market in Asia Pacific.
Key Benefits of the Report Over Competitors
- The report provides qualitative and quantitative analysis to determine Construction Chemicals Market size, share, forecast, market trends and new opportunities.
- Porter's Five Forces analysis highlights the power of suppliers and buyers to enable stakeholders to make or run strategic business decisions and operation and determine the level of competition in the Construction Chemicals Market.
- The research highlights the most impactful factors and key investment pockets in Construction Chemicals Market.
- The major countries in each region are analyzed and their consumer, manufacturing and revenue contribution is mentioned.
- The market player positioning segment provides an understanding of the current position of the market players active in the Construction Chemicals Market
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Construction Chemicals Market Size: Segment Overview
Based on product, the market is segmented into concrete admixtures, asphalt additives, waterproofing chemicals, adhesives and sealants, flame retardants, and others. In 2021, the concrete admixtures segment held the largest construction chemicals market share. Concrete admixtures are added during concrete mixing to enhance specific properties of the fresh or hardened concrete, such as workability, durability, or early and final strength.
Based on application, the market is segmented into residential, commercial, industrial, institutional, and infrastructure. In 2021, the residential segment held the largest market share and is also expected to be fastest-growing segment during the forecast period. Construction chemicals are widely used in residential infrastructure owing to the rise in demand for housing and domiciliary buildings in urban areas. Along with this, the rapidly growing urbanization is propelling the need for residential complexes and buildings. Construction firms across the world are developing a large number of residential projects with high-grade construction materials to provide improved structural integrity and sustainability, which increases the demand for construction chemicals.
Impact of COVID-19 Pandemic on Construction Chemicals Market
Several industries, such as consumer goods, faced unprecedented challenges due to the COVID-19 pandemic. The shutdown of manufacturing units severely affected the production and supply of products. Further, the restricted trade activities hindered the import and export of construction materials across various countries. Due to the COVID-19 pandemic, residential, commercial, and infrastructure construction projects were put on hold, which negatively impacted the construction chemicals market. However, with the gradual revival of economies, many manufacturers resumed their operations with maximum or full capacity. Therefore, production volumes of construction chemicals surged from 2021. The growing construction industry post-pandemic and the resumption of operations of projects, which were put on hold, would fuel the construction chemicals market in the coming years.
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In 2021, Asia Pacific accounted for the largest share in the global construction chemicals market. The growing number of construction chemicals used in many residential and non-residential sectors is anticipated to increase the construction chemicals demand in the Asia Pacific region. Based on product, the global construction chemicals market is segmented into concrete admixtures, asphalt additives, waterproofing chemicals, adhesives and sealants, flame retardants, and others. In 2021, the concrete admixtures segment accounted for the largest revenue share. These concrete admixtures are necessary to improve concrete quality, controllability, faster or slower setting times and other modified properties to achieve specific building results.
Based on product, the global construction chemicals market is segmented into concrete admixtures, asphalt additives, waterproofing chemicals, adhesives and sealants, flame retardants, and others. The concrete admixtures segment is expected to account for the highest growth rate over forecast period. Concrete admixtures are soluble in water and are mixed in small quantities to concrete mixtures for altering certain properties. They help in minimizing the construction projects costs and alters the characteristics of hardened concrete. Based on application, the global construction chemicals market is segmented into residential, commercial, industrial, institutional, and infrastructure. In 2021, the residential segment accounted for the largest revenue share and is expected to account for the highest growth rate over forecast period. Construction chemicals are mainly used for speeding up the work in residential construction projects. In addition, younger generation is easily attracted toward the newly designed houses, and this has also increased the rate of residential construction.
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