Pune, India, July 31, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Construction Chemicals Market Revenue, Share, Size, Growth Factors, Opportunity and Forecast to 2028 – COVID-19 Impact and Global Analysis – by product, and application,” the construction chemicals market was valued at US$ 50.95 billion in 2022 and is projected to reach US$ 71.45 billion by 2028; it is expected to grow at a CAGR of 5.8% from 2022 to 2028. The projected growth of the market is attributed to high demand from the construction industry.
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Global Construction Chemicals Market: Competitive Landscape and Key Developments
Ashland Global Holdings Inc.; BASF SE; Mapei S.P.A.; Linde Plc; Sika Ag; Fosroc, Inc; Compagnie De Saint-Gobain S.A; Pidilite Industries Limited; Choksey Chemicals Pvt Ltd; Rpm International Inc.; and Dow Chemicals Company are some of the major players operating in the global construction chemicals market. Players operating in the global construction chemicals market are constantly focusing on strategies such as investments in research and development activities.
Construction Chemicals Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 50.95 Billion in 2022 |
| 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. of 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 |
| Companies Covered | Ashland Global Holdings Inc.; BASF SE; Mapei S.P.A.; Linde Plc; Sika Ag; Fosroc, Inc; Compagnie De Saint-Gobain S.A; Pidilite Industries Limited; Choksey Chemicals Pvt Ltd; Rpm International Inc.; and Dow Chemicals |
In 2022, Asia Pacific held the largest share of the global construction chemicals market and is expected to account for highest growth rate over forecast period. 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. The building and construction industry contributes to the market's growth. For instance, in India, the construction industry is the second largest industry after agriculture, accounting for about 11% of the country's GDP.
Government Support for the Development of the Residential Construction Sector
Various construction chemicals play a vital role in residential construction projects. Various government bodies across different countries are supporting for the development of the residential construction sector. For instance, during the 14th Five-Year Plan (2021-2025) period, China has planned to add 6.5 million government-subsidized rental homes in 40 key cities to help an estimated 13 million people in need of affordable housing. To offer more comfort to the residents, near about 219,000 old residential communities built before the end of 2000 in urban areas will be renovated by 2025. China also announced a plan to mend rickety rural homes or upgrade those in earthquake-prone rural areas, while the housing provident fund is expected to cover more people in the workforce.
Further, in Saudi Arabia, Sakani was formed in 2017 by the Ministry of Housing and the Real Estate Development Fund with the goal of facilitating home ownership in the Kingdom through the creation of new housing stock, allocating plots and homes to nationals and financing their purchase. The programme has an aim of reaching 70% home ownership by 2030. Sakani program helped 70,000 families in the first quarter of 2021, surpassing its target of serving 51,000 families. Therefore, various government supportive measures for the development of the residential construction sector are leading to an increase in the residential construction activities. This is creating demand for different construction chemicals, driving the construction chemicals market growth.
Construction Chemicals Market: Segmental Overview
Based on product, the construction chemicals market is segregated into concrete admixtures, asphalt additives, waterproofing chemicals, adhesives and sealants, flame retardants, and others. The concrete admixtures segment holds larger market share in the global construction chemicals market in 2022. Manufacturers mainly use concrete admixtures to reduce the cost of transportation, arranging and to overcome emergencies during certain operations. The successful application of concrete admixtures depends on the proper dosing method and application of the infusion method. 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 application, the construction chemicals market is segregated into residential, commercial, industrial, institutional, and infrastructure. The residential segment holds largest market share in the global construction chemicals market in 2022. The demand for waterproofing chemicals is increasing in residential construction. These waterproofing chemicals make residential structure water resistant such that they are not affected by water. 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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Impact of COVID-19 Pandemic on the Construction Chemicals Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic caused supply chain disruptions in chemical & materials and hampered the growth of the construction chemicals market. The adverse effect of the pandemic on construction industry negatively impacted the demand for construction chemicals from these industries.
However, various economies have started reviving their operations. With this, the demand for construction chemicals started increasing. The increasing use of construction chemicals in residential, commercial, industrial, and institutional construction is expected to offer more growth opportunities for the global construction chemicals market during the forecast period.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Waterproofing Chemicals Market Forecast to 2028 - Covid-19 Impact and Global Analysis
Concrete Admixtures Market Size and Forecasts (2020 - 2030), Global and Regional Growth Opportunity Analysis
Adhesives and Sealants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Adhesives
Asphalt Additives Market Forecast to 2028 - Covid-19 Impact and Global Analysis
Specialty Chemicals Market Forecast to 2028 - COVID-19 Impact and Global Analysis
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