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Construction Chemicals Market Size 2019 - 2024 Expected Developments To Be Observed Worldwide

Author : Ronak Bora | Published Date : 2019-06-07 

Based on the product categories, the construction chemicals market has been segmented into asphalt modifiers, protective coatings, concrete admixtures, adhesives and sealants. Asphalt modifiers finds its extensive use in the construction of roads and highways and is likely to grow with over 9% CAGR in the forecast period.

The 'Smart City' mission launched by the government of India will elevate the construction sector growth, thereby propelling regional construction chemicals market size over the next few years. Construction sector in China, worth USD 1.7 trillion in 2015, is predicted to contribute substantially towards the industry revenue over the years to come.

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As per Global Market Insights, Inc., "Construction Chemicals Market value is forecast to surpass USD 50 billion by 2024." Exponential population growth along with favorable government policies to provide houses at reasonable costs will push Construction Chemicals Market revenue. High spending by BRICS nations on infrastructural development and construction activities will further drive the industry trends. BRICS construction sector, which was estimated at USD 3 trillion in 2015, is anticipated to cross USD 9 trillion by 2024 and will contribute significantly towards ferroalloy industry revenue. Furthermore, rising demand for eco-friendly green construction along with growing requirement for energy conservation is anticipated to propel industry size over the coming timeframe.

Concrete Admixtures, minerals, protective coatings, asphalt modifiers, adhesives, and sealants are the major construction chemicals products. Concrete admixtures segment, which accounted for over 50% of construction chemicals market share in 2015, will observe a noticeable growth over 2016-2024, owing to its growing demand across residential and commercial complexes. Escalating requirement for improving the road quality and infrastructure in emerging economies will boost the demand for asphalt modifiers over the coming few years. Rising efforts for preserving heritage sites and buildings will also add to the rising popularity of sealants and adhesives over the years to come.

Below are the geographical trends influencing global construction chemicals market over 2016-2024:

  • Europe construction chemicals industry revenue, valued at over USD 4.5 billion in 2015, is anticipated to record an annual growth of 8% over the coming period of 2016-2024, driven by high demand for sealants, protective coatings, and adhesives for repair and maintenance of heritage constructions.
  • Latin America construction chemicals industry is projected to witness a massive growth over the coming seven years, owing to beneficial government polices to provide houses at reasonable costs to the low-income group population. Brazil is projected to contribute considerably toward the regional share.
  • Asia Pacific held a major chunk of share in the global construction chemicals market owing to urbanization and heavy industrialization in the developing countries such as India, China and Japan. In 2015, the region is likely to grow with a CAGR of over 9% during the forecast period and registered a revenue exceeding USD 14 billion. Rising population in the developing economies such as India, China Japan, Vietnam, Malaysia, Indonesia and others are boosting the regional construction chemicals industry to new heights.
  • The construction chemicals market in North America generated over 3.5 billion in 2015 and will comparatively grow at a slower rate as compared to Europe and Asia Pacific owing to developed infrastructure and construction industry.

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Construction Chemicals industry is highly consolidated with top four industry players contributing to nearly 50% of the overall revenue. Market participants will also try to increase their ROI and increase their regional presence through product innovations, strategic collaborations, and joint ventures. W. R. Grace & Company, Huntsman Corporation, BASF SE, The DOW Chemical Company, Evonik Industries, Knopp GmbH, 3M Company, Arkema, AkzoNobel Chemicals, RPM International Incorporation, Sika Group, Henkel AG & Company KGaA, and Pidlite Industries Limited are some of the key players in construction chemicals market.

Lack of awareness about the product benefits in the developing countries may hinder the global construction chemicals market growth in near future. Due to its excellent properties, the product is expensive as compared to the others in the same category. Most of the small level builders and contractors minimize the construction costs to maximize their profits and tend to use low cost & poor quality material over these high cost materials leading to further hindrance to the global construction chemicals market.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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