Exponential population growth along with favorable government policies to provide houses at reasonable costs will push Construction Chemicals Market revenue. As per Global Market Insights, Inc., “Construction Chemicals Market value is forecast to surpass USD 50 billion by 2024.” 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.
China construction chemicals market size, by product, 2013 – 2024 (USD Million)
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.
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:
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.
Written By : Dhananjay Punekar