Construction chemicals market is solely driven by the overall building and infrastructural development activities around the globe. Rapidly flourishing construction market in the Asia Pacific, led by China and India, will have a significant impact on the product demand in the forecast span. These chemicals are extensively used to improve the quality of cement, concrete, asphalt, and other building materials. The growing demand for earthquake resistant buildings around the Ring of Fire in Asia Pacific and the east coast of North and Latin Americas, and the Alpide Belt in Europe and Asia Pacific will boost the market demand for stronger and weather resistant buildings and infrastructure.
Construction ChemicalsIndustry Overview
Construction Chemicals Market will likely cross $50 billion by 2024; according to a new research report by Global Market Insights, Inc. Rapidly escalating infrastructure spending across BRICS countries will be an important factor that will catalyze the global construction chemicals market in the coming years. China construction industry was valued at $1.7 trillion for 2015 with extremely strong growth prospects. Other countries of the region with high growth prospects include India and Japan with more than $1 billion collective revenue. Growing population and government initiatives to provide low cost homes and develop infrastructure will further augment the construction chemicals market in next eight years.
Construction Chemicals Industry By Product
Concrete admixtures find application across commercial and residential buildings as well as infrastructures, such as bridges, roads, flyovers, etc. In 2015, the segment accounted for above 50% of the overall construction chemicals market size and will witness a significant growth owing to its contribution to cement quality.
Admixtures can be broadly classified into mineral and chemical concrete admixtures. Mineral include fly ash, rice husk ash, silica fume, and granulated blast furnace slag. Chemical admixtures include superplasticizers, normal plasticizers, waterproofing admixtures, air-entraining agents, accelerating agents, and retarding agents.
Asphalt modifiers find extensive application in the construction of roads and highways accounted for less than a tenth of the overall construction chemicals market, but with growing demand for good quality roads and increasing road development activities in the developing countries will likely notably enhance the product demand in the forecast span.
Construction Chemicals Industry By Region
According to the European Commission, buildings account for up to 40 percent of the total energy consumption and produce more than 33 percent of the overall greenhouse emissions in the region. The product ability to enhance the natural properties of the construction materials while reducing the overall carbon footprint provides them a competitive advantage. With various state and central level governments focusing on environment friendly, safer, and “greener” buildings, the construction chemicals market will witness a notable progress in the coming years. Protective coatings demand in commercial as well as residential complexes, in order to add fire resistant features to the building will grow significantly owing to increasing safety awareness.
Competitive Construction Chemicals Industry Share
Presence of large scale manufacturers characterizes the global construction chemicals market competitive scenario, which is consolidated in nature. Principal product manufacturers include Sika Group, BASF SE, Arkema, W. R. Grace & Company, Dow Chemical, Ashland, Pidlite Industries, RPM International, 3M Company, Fosroc, Henkel AG, Evonik Industries, Tremco Group, Knopp GmbH, Tata Chemicals, Albemarle, MAPEI, AkzoNobel Chemicals, Huntsman Corporation, and Gujarat Alkalies And Chemicals.