The Construction chemicals market is estimated to be valued at US$ 49.9 Bn in 2022 and is expected to exhibit a CAGR of 6% over the forecast period 2023 to 2032, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Construction chemicals refer to chemicals used in construction industry for different construction activities. These chemicals are commonly used as admixtures, flooring, repairing and waterproofing among others. Some key application areas include concrete admixtures, protective coatings, adhesives & sealants, asphalt modifiers etc. With rising infrastructural projects and construction spending globally, the demand for construction chemicals is anticipated to grow substantially over the coming years.
Market Dynamics:
The construction chemicals market is projected to witness high growth driven by two key factors. Firstly, the growing infrastructure development activities across both developed and developing regions is propelling the demand for construction chemicals. Mega infrastructural projects related to roads, railways, airports, bridges etc require large volumes of construction materials where chemicals play a vital role. Secondly, the increase in construction spending globally especially in countries like China, USA, India is another major driver. With economic recovery and investments focused on real estate and infrastructure sectors, the spending on construction is expected to surge significantly, thus boosting consumption of associated chemicals over the forecast period. Rising populations and urbanization levels are further expected to drive more infrastructure projects worldwide thereby supporting market growth.
SWOT Analysis
Strength: Construction chemicals enhance the life and performance of concrete and mortar. They provide properties like waterproofing, corrosion resistance etc. Growing infrastructure development globally is increasing their demand.
Weakness: Stringent regulations regarding the use of certain chemicals may restrict the growth. Higher prices compared to conventional construction materials is also a weakness.
Opportunity: Megaprojects in emerging economies offer significant opportunities for market expansion. Innovation of green and sustainable products present new opportunities.
Threats: Economic slowdowns can negatively impact infrastructure spending and reduce market demand. Volatility in raw material prices is also a threat.
Key Takeaways
The global construction chemicals market is expected to witness high growth, exhibiting CAGR of 6% over the forecast period, due to increasing infrastructure development globally. The market was valued at $49.9 billion in 2022.
Regional analysis
Asia Pacific dominates the global construction chemicals market and is expected to continue its lead, growing at over 7% CAGR till 2032. Rapid urbanization and investments in infrastructure like roads, railways etc in China, India are major demand drivers in the region. Europe and North America are also significant markets aided by high construction spending in countries like US, Germany etc.
Key players
Key players operating in the construction chemicals market are Pidilite Industries, BASF SE, RPM International Inc., Sika A.G., The Dow Chemical Company, Fosroc International, Arkema S.A., Ashland Inc., Mapei S.p.A, and W.R. Grace. These players are focusing on development of green and sustainable products to capitalize on changing environmental regulations.
Read More:
https://www.ukwebwire.com/emerging-construction-chemicals-market-sector-opening-new-growth-avenues/
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