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Construction chemicals market Size, Future Scope, Demands and Projected Industry Growth to 2024

Author : Ravi Chawat | Published Date : 2020-11-27 

The latest research reports say that the Global construction chemicals market size will reach US$50 billion by 2024. Explained below are a few notable factors augmenting the product demand over the next few years. The industry is highly competitive with market players primarily depending on strategic alliances, technologic innovations, and joint ventures to enhance their production capabilities and retain their market positions. Key construction chemicals companies operating in the industry include BASF SE, RPM International, 3M Company, AkzoNobel Chemicals, Tata Chemicals, Huntsman Corporation, and Henkel AG, among several others.

Rise in carbon dioxide levels across the globe is posing serious health and environmental threat. Stringent policies are being adopted by governments and internationally recognized organizations to spread awareness regarding the use of sustainable alternatives and their possible benefits. As per the European Commission, buildings are responsible for nearly 40% of the total consumption of energy and generate over 33% of the total greenhouse emission across the region.

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Construction chemicals carry the ability to improve the natural characteristics of construction materials along with reducing the total carbon footprint level. The properties of the products that help in controlling environmental depletion will supplement their demand in the near future. Increasing incidences of fire in buildings leading to loss of life and property are bolstering the use of protective coatings in buildings.

These coatings help in providing protection from fire, prevent discoloration, resist salt and UV damage and prevent rotting. Increasing awareness among people regarding the need to ensure safety in both residential and commercial complexes will support the need for protective coatings. In the year 2015, concrete admixtures made key contributions to the overall market revenue accounting for more than 50% of the total construction chemicals industry size. The products find extreme usage in residential and commercial buildings as well as other concrete structures such as flyovers, bridges, roads, etc.

Construction chemicals and materials play an important role in making modern infrastructure durable and sustainable. These chemicals are added to concrete or cement during construction to enhance the quality and strength of concrete, impart water tightness, and protect concrete structures form environmental and atmospheric degradation.

Growth Drivers:

  • Booming construction industry in BRICS nations
  • Positive environmental impact and rising government initiatives

Different types of chemicals used in construction including concrete admixtures, asphalt modifiers, waterproofing admixtures, adhesives, sealants, and protective coatings.  Chemicals manufacturers have been experimenting with new technologies to develop innovative and sustainable solutions.

For instance, in September 2020, France’s Chryso and U.S. based Solidia Technologies developed a new ultralow carbon concrete. The companies added chemicals that can absorb carbon dioxide during concrete formation and reduce overall carbon footprint by up to 70 percent.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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