Construction Chemicals Market - Segmented by Product Type (Concrete Admixture, Surface Treatments, Repair and Rehabilitation, Protective Coatings, Industrial Flooring), End-user Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global construction chemicals market is expected to be valued at USD 43,873.68 million in 2018 and is anticipated to reach USD 59,350.07 million by 2023, at an estimated CAGR of 6.23% over the forecast period, 2018-2023. Increasing demand from construction in various countries of Asia-Pacific is driving the demand for construction chemicals market. However, shortage of skilled labor across the industry is set to stunt the growth of the market during the forecast period.
Increasing Construction Activities in Asia-Pacific
Rapid increase in population in regions of China and India is expected to give a rise in construction activity. The key areas of expected growth are social infrastructure, schools, hospitals, government accommodation, water, defense infrastructure, and water resources. In Asia, infrastructure accounted for 37%, residential for 34% and non-residential for 29% share of the construction spending. Singapore has mandated elements of prefabricated, pre-finished, and volumetric construction (PPVC) for all projects on government land. The government backs this with subsidies for companies that participate with the aim of increasing and standardizing modern methods of construction (MMC) in the country. All such factors are increasing the demand for construction chemicals in the Asia-pacific region.
Concrete Admixture - A Huge Market Potential
Concrete admixtures reduce concrete construction cost by modifying the properties of hardened concrete, thereby ensuring better quality during mixing, transporting, placing, and curing. This allows users to overcome emergencies during concrete operations. Asia-Pacific has the largest market for concrete admixture, owing to the massive growth in construction in India, China, and various Southeast Asian countries. Various incentives by the governments of the respective countries to promote the infrastructure sector, coupled with the booming residential sector (owing to the burgeoning middle-class population), have largely facilitated the growth of the construction sector in Asia-Pacific over the recent years. Sika AG opened a new concrete admixture production plant in 2017 in Addis Ababa, Ethiopia, and a motor factory near Athens, Greece.
Asia-Pacific to Dominate the Market
The Asia-Pacific construction sector is the largest in the world and is growing at a healthy rate, owing to the rising population, the increase in middle-class incomes, and urbanization. Increasing infrastructure construction activities and the entry of major players from the EU into the lucrative market of China has further fueled the industry’s expansion. Huge consumer base and cheaper manufacturing costs in the Asia-Pacific region are drawing in high FDIs, with India and China being the major beneficiaries. In the FY2016-17, India had a total FDI investment of USD 60.08 billion, which was 8% higher than the previous year, with large investments in real estate and infrastructure. Construction activities have been growing in Asia-Pacific. This, in turn, is driving the demand for construction chemicals in the region.
Major Players -W.R. Grace & Co., Mapei Inc., Henkel AG & Company KGaA, RPM International Inc., Sika AG, etc., among others.
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