Dublin, Sept. 25, 2024 (GLOBE NEWSWIRE) -- The "United States construction chemicals Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The United States construction chemicals Market is valued at US$14.347 billion in 2024 and is projected to grow at a CAGR of 5.43% over the forecast period
The United States Construction Chemicals Market has been growing and driven by the expanding construction industry, rising infrastructure development, and greater use of green chemicals. Several projects and construction activities are taking place in the country, giving rise to the demand for construction chemicals. Further, innovative environment-friendly chemicals are shaping the market demand. Government policies and incentives support this market demand.
Growing construction and building industry
The construction industry in the United States has been increasing steadily and is a major part of the country's economy. The construction spending in the United States was 2,122,229 (million USD) in January 2024, which had been 1,932,302 in 2022. This rise in construction spending indicates the industry's expenditure on raw materials. Due to this demand from industry, various industries are investing in the country for further growth. For instance, Dow Chemical's 2023 planned incremental capacity expansion in the United States to accelerate building and infrastructure end-market growth. Further, the demand for affordable housing has caused the expansion of the demand for materials.
Developing infrastructure industry
The development of infrastructure by the United States has been critical in the demand for building chemicals in the country. The American infrastructure statistics lie in developing water supply facilities, waterways, dams, levees, electricity plants, hazardous waste disposal plants, parks and recreation facilities, transportation structures, and schools. The government-approved bipartisan infrastructure law, combined with the Build Back Better Framework, would invest $461 billion announced for over 60,000 projects. These projects would likely range from repaving roads and water systems. It would help states to competitive funding for massive bridge and transit projects.
Demand for the green material
The growing demand for the construction industry leads to developing green materials in the country. The government policies promoted by the government are a major cause of the demand for green materials. In August 2023, the U.S. Environmental Protection Agency announced the implementation of the label program to boost clean American manufacturing. These would encourage buyers to find and buy cleaner, more climate-friendly construction materials and products. This would be a $100 million investment by the government. This investment would encourage further green policy implementation in the country. This policy implementation would likely increase the demand for green construction materials.
United States Construction Chemicals market restraints:
Environmental concerns regarding the use of synthetic chemicals are hampering the market's growth. The government is bringing policies to curtail the production of environmentally damaging chemicals.
United States Construction chemicals market key developments:
- In May 2024, Axalta Coating Systems, a leading global coatings company, announced the acquisition of the CoverFlexx Group from Transtar Holding Company for an initial cash consideration of $285 million, plus an additional $10 million earnout based on the business's 2024 performance. CoverFlexx Group manufactures coatings for automotive refinish and aftermarket applications, focused on economy customers in North America. The company offers a wide range of primers, basecoats, and clearcoats, as well as aerosols, fillers, bed liners, detailing products, and paint shop accessories.
- In May 2024,US LBM, a leading distributor of specialty building materials in the United States, acquired Better Built Truss, a manufacturer and supplier of structural roof and floor components based in Northern California. With this acquisition, US LBM would operate 12 locations in Northern California, including three structural component manufacturing facilities. Better Built Truss operates two facilities in Oakdale and Ripon, CA.
- In May 2024,PPG built a new paint and coatings manufacturing facility in Tennessee. It would be a $300 million investment in advanced manufacturing in America. The facility would be a 250,000-square-foot facility, PPG's first new manufacturing plant to be built in the U.S. The facility could supply products for transportation, heavy-duty equipment, building and construction, and consumer sectors.
- In November 2023,Sika invested in polymer production at its Sealy site in the US state of Texas. This would be the second polymer investment in Texas in just five years. Polymers are chemical building blocks needed to manufacture Sika ViscoCrete, a concrete admixture. The company initiated this expansion due to the rising demand for its concrete admixture in the USA and Canada.
Companies Featured
- Ardex Group
- Arkema
- Dow
- H.B. Fuller Company
- Henkel AG & Co. KGaA
- MAPEI S.p.A.
- MBCC Group
- RPM International Inc.
- Saint-Gobain
- Eastman Chemical Company
Market Segmentation
By End Use Sector
- Commercial
- Industrial and Institutional
- Infrastructure
- Residential
By Product
- Adhesives
- Anchors and Grouts
- Concrete Admixtures
- Concrete Protective Coatings
- Flooring Resins
- Repair and Rehabilitation Chemicals
- Sealants
- Surface Treatment Chemicals
- Waterproofing Solutions
By Geography
- West Region
- Midwest Region
- South Region
- North Eastern Region
For more information about this report visit https://www.researchandmarkets.com/r/vx8rb3
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