NEWARK, Del, July 16, 2024 (GLOBE NEWSWIRE) -- The construction industry is witnessing a surge in activities post the pandemic, and this has resulted in an increased demand for materials associated with infrastructure development. One such material is construction chemicals, which are getting substantial attention from companies involved in construction, be it private or public. The market valuation of construction chemicals is in line to reach a staggering USD 48,209.4 million as of 2024.
The construction chemical market size is expected to grow at a modest CAGR of 5.20% through 2034, owing to the adoption of these chemicals in residential settings. The mechanization of the construction sector has also led to the construction of numerous roads, dams, buildings, shopping malls, and other structures in emerging economies like India, South Korea, Brazil, Thailand, and others. This is why, there is an excellent demand for construction chemicals, which is the reason for the market valuation to reach an expected amount of USD 79,548.1 million by the end of 2034.
The increasing demand for construction chemicals can be attributed to the need for sustainable infrastructure development. They also help in reducing the carbon footprint of the construction process, thereby promoting environmentally friendly construction practices. With the construction industry expected to grow significantly in the coming years, the demand for construction chemicals is likely to remain strong, making it a lucrative market for investors.
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“The construction sector is significantly making a comeback in recent years. Companies involved in the construction chemical market must recognize this trend and should seize the opportunity to capitalize on the industry's growth”, opines Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Market Study
- The concrete admixture segment dominates the global construction chemical market with an expected share of 62.70% in 2024.
- Based on application, the residential segment leads the construction chemical market with an expected share of 41.50% in 2024.
- The construction chemical market in India is anticipated to grow at a CAGR of 10.72% through 2034.
- The construction chemical market in China is estimated to rise at 8.04% CAGR through 2034.
- The construction chemical market in Spain has the potential to increase at 5.36% CAGR through 2034.
- The French construction chemical market is predicted to rise by 5.03% CAGR through 2034.
- The construction chemical market in Italy is in line to grow at a CAGR of 4.69% through 2034.
Development of the Construction Industry in the North America Region Drives Global Growth
Significant opportunities exist in developing countries throughout the North American region, driven by rapid industrialization across developing economies in the region. In addition, increasing government, as well as foreign investments apropos of the construction activities, is further underpinning the growth of the North American construction chemicals market. Government initiatives in the countries like the US, and Canada to promote the infrastructure sector, coupled with the booming residential sector have largely facilitated the growth of the construction sector in the region, over recent years.
The rapidly increasing demand for public, commercial and residential buildings paired with the technically advanced construction industry is driving the global construction chemical market. Demands for buildings, roads, bridges, tunnels, and dams for the betterment of the infrastructure facility of the nation are further driving the market. This trend is expected to continue in the forthcoming years, thereby boosting sales of construction chemicals
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Competitive Landscape
The construction chemical market is highly competitive with several manufacturers and suppliers catering to the needs of real estate firms.
- Established players in the market have a strong foothold, owing to their prolonged presence and experience in the industry.
- Companies in the market are actively collaborating and merging to leverage each other's expertise and expand their market share.
Key Companies
- Sika AG
- BASF SE
- Dow Chemical Company
- Henkel AG & Co. KGaA
- RPM International Inc.
- Fosroc International Limited
- MAPEI Corporation
- Arkema Group
- W. R. Grace & Co.
- GCP Applied Technologies Inc.
- Huntsman Corporation
- CHRYSO SAS
- LafargeHolcim Ltd
- KÖSTER BAUCHEMIE AG
- Pidilite Industries Limited
- Saint-Gobain
- 3M Company
- Bostik SA
- GCP Applied Technologies
- Cormix International Limited
Opportunities abound in the Concrete Admixture Segment
Concrete admixtures reduce concrete construction costs by modifying the properties of hardened concrete, thereby ensuring better quality during mixing, transporting, placing, 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.
In addition, the residential application segment in the construction sector is experiencing an increase in demand for construction chemicals as a result of decreasing housing prices and rapid urbanization in various developing countries like China and India. Furthermore, the increase in government policies aimed at encouraging Public-Private Partnerships (PPP) and infrastructure over the forecast period is expected to boost the construction chemicals market's growth.
The main drivers behind the adoption of construction chemicals, particularly for building activities, are the growing awareness of the environmental risks posed by conventional buildings and changes in government legislation around the world.
Moreover, major participants in the construction chemical market are concentrating on green and sustainable materials for underground structure protection, polycarboxylate ether-based green admixtures, thermal insulation, overall building protection, cool roof treatments, and other aspects that are essential for sustainability.
Additionally, the primary factor influencing the demand for construction chemicals is that they improve the performance of structures like structural tapes, thermoset hot melts, and multi-purpose adhesives. The responsible use can alter the global residential and non-residential market and benefit the environment.
Recent Developments:
- In December 2023, Saint-Gobain acquired a majority stake in IMPTEK Chova del Ecuador to expand its waterproofing solutions in Latin America.
- Chembond Chemicals underwent a restructuring plan in December 2023, leading to a 12.72% rise in shares.
- In December 2023, Saint-Gobain acquired Menkol Industries to reinforce its position in the Indian market and bolster its Construction Chemicals segment.
- Magicrete completed a mass housing project in Ranchi in March 2024, constructing over 1,000 apartments using their 3D modular precast concrete system.
- In January 2024, SCCL and Dyno Nobel signed an MoU for a new chemical facility in Ras Al Khair, aiming to produce nitric acid and ammonium nitrate.
- Vink Chemicals commenced construction on a new production facility in Schwerin in April 2024, creating 45 full-time jobs and enhancing supply chains.
Which Trends Are Promoting The Demand For Construction Chemicals Market?
- Green Construction
The importance of LEED ratings, green points, and sustainable buildings has increased among major participants in the construction sector. The environmental advantages of using these chemicals outweigh any additional costs due to construction.
The International Finance Corporation (IFC) estimates that green buildings represent significant worldwide investment opportunities in the next ten years, and are anticipated to be worth $24.7 trillion by 2030.
- Standard Material
The construction chemicals market is producing a wide range of solutions, such as slight modifications of standard materials and the creation of new material assemblages to highlight multifunctional features and significantly support novel materials with diverse applications.
For the foreseeable future, these factors are probably going to have a big impact on how the construction chemical market share develops.
- Urbanization
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 encourage demand for construction chemicals market. To meet the rising demand brought on by urbanization, more residential and non-residential structures are likely to be built.
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Key Segments of the Construction Chemical Industry
By Product Type:
- Waterproofing Chemicals
- Protective Coating
- Concrete Admixture
- Adhesives & Sealants
- Asphalt Additives
By Application:
- Residential
- Commercial & Industrial
- Infrastructure
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- Asia Pacific
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Asia Pacific waterproofing chemicals market size reached USD 363.1 million in 2018. The market is projected to top USD 1,223.1 million by end of 2033, representing 9.6% CAGR in the evaluation period between 2023 and 2033.
The global construction fabric market size reached USD 17,541.2 million in 2023. Over the forecast period, demand is anticipated to rise at 4.6% CAGR.
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The global demand for concrete admixture is expected to rise at a healthy CAGR of 6.1% per year to USD 15.1 billion in 2022
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