Construction Chemicals Market Size to Hit USD 88.64 BN by 2030

Ottawa, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The global construction chemicals market size was valued at USD 41.16 billion in 2022. The construction chemicals industry is made up of businesses including organizations, partnerships, and sole proprietors, that sell chemicals used in the construction of structures. Construction chemicals are chemical mixtures used to bind materials together during construction, such as cement, concrete, or other building materials. They primarily serve to expedite the procedure and increase the structures' durability and strength.

Construction chemicals are specialized goods that are essential for energy efficiency and sustainable infrastructure. To make structures more durable and to provide additional protection against environmental risks in the construction industry in the global market for construction chemicals, the infrastructure sector is the most appealing. Due to the population growth and urbanization that fuel the demand for environmentally friendly goods and sustainable infrastructure, it would be the first choice for new entrants. Similar to this, chemical items like concrete admixtures aid in reducing the usual amounts of cement and water needed during building. Cities all throughout the world are implementing programs to improve infrastructure.

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By 2050, it's anticipated that more than two thirds of the world's population would live in cities. Most of these quick increases would occur in less developed countries. Additionally, because they are still relatively less urbanized than other regions, continents like Africa and Asia are anticipated to have the fastest rates of urban growth. Africa's urban population is projected to rise from 40% to 56% by 2050, while Asia's urban population will rise from roughly 48% to 64%.

Regional snapshots

The biggest market share was held by the Asia-Pacific in the construction chemicals market during the forecast period. Due to the rising demand for luxury residences, the expansion of construction projects, and the optimal acceptance of product development in the construction industry, particularly in Asian nations like India, China, and Southeast Asia, the region has seen tremendous growth. Additionally, Asian nations like China and India are recognized global leaders in the rate of urbanization, which eventually drives demand for the construction chemicals market.

Report highlights

• On the basis of type, the concrete admixtures segment will have a larger market share in the coming years period, the amount of revenue generated through the use of this product will grow well in the coming year. Concrete admixtures reduce concrete construction costs by modifying the properties of hardened concrete, thereby ensuring better quality during mixing, placing, transporting, and curing. This allows users to overcome emergencies during concrete operations. Increasing construction activities of high-rise and mid-rise buildings in the residential sector around the world are estimated to accelerate the growth of the segment.
• On the basis of application, the non-residential segment has the biggest market share in the construction chemicals market during the forecast period. Due to expanding infrastructure construction, the non-residential category predominated. The need for bridges, highways, dams, and tunnels is accelerating market expansion. A high population rate and expanding disposable economies are also fueling a need for more expensive, higher-quality public buildings, which is propelling the market for construction chemicals worldwide.

Recent developments

• In June 2021- RPM International Inc. disclosed that its Carboline subsidiary has acquired Dudick Inc. Based in Streetsboro, Ohio, Dudick is a producer of high-performance coatings, flooring systems, and tank linings with annual net sales of over USD 10 million. The terms of the purchase were kept private.
  
  

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Scope of the Report

Market dynamics

Drivers

Construction chemicals market growth is anticipated to be primarily driven by expanding new construction and repair & rehabilitation sectors in developing economies. Increase in the industry will be fueled by the increasing demand for residential and non-residential buildings in China, India, and South Korea as a result of rapid population growth. This need has also led to an increase in cement use, which has led to a high demand for various construction chemicals such adhesives, concrete admixtures, and cement additives.

During the projection period, it is anticipated that the introduction of superior product offerings will propel market expansion. The market for construction chemicals is also driven by the need to avoid corrosion. To do this, chemicals such as flooring, surface coatings, corrosion inhibitors, concrete admixtures, repair mortars, grouts, and sealants are employed.

Due to growing migration to cities that are urbanizing quickly, many emerging markets are doing so. An increase in per capita disposable income and a higher standard of life will encourage market demand as a whole. To meet the rising demand brought on by urbanization, more residential and non-residential structures will be built. In addition to residential buildings, there are also structures like movie theatres, shopping malls, hospitals, and restaurants.

Opportunities

In the projected period of 2022 to 2030, the market players would benefit from the governments' increasing attention on eco-friendly chemicals and green construction requirements. The significant expenditures made by well-established market players in eco-binders and silicate binder systems are also projected to contribute to the building chemicals industry's continued expansion.

Challenges

According to predictions, factors such as the unpredictable cost of energy and raw materials as well as the changing state of the economy will hurt the market for building chemicals. As a result, this factor would slow the market's rate of growth for building chemicals. The uncertainty around a future change in governmental laws and regulations is also projected to hinder market expansion, which will increase the time allocated for project completion.

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Market Segmentation

By Type

• Concrete Admixture
• Surface Treatment
• Repair and Rehabilitation
• Protective Coatings
• Industrial Flooring
• Waterproofing, Adhesives
• Sealants
• Grout and Anchor
• Cement Grinding Aids
  
  

By Application

• Residential
• Non-Residential

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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