Europe Construction Chemicals Market - Growth, Trends, and Forecast (2019 - 2024)
The European construction chemicals market (hereafter, referred to as the market studied) is expected to register a CAGR of 5.28%, during the forecast period of 2019 - 2024. Major factors driving the market studied are the growing construction industry in Germany and France, and increased adoption of innovative construction procedures. Regulations for VOC emissions is expected to majorly hinder the growth of the market studied.
By product type, the concrete admixture segment dominated the market in 2018 and is expected to grow during the forecast period. However, grouts and anchors segment is expected to witness the fastest CAGR during the forecast period.
Increasing focus on sustainable materials is likely to act as opportunities in the future.
Key Market Trends
Residential Sector to Dominate the Market
The residential segment primarily includes elite housing, middle-class housing, and low-cost housing.
The elite class is synonymous to luxury, and housing is no exception. The demand for apartments, penthouses, villas, and bungalows in gated communities, with world-class designs and amenities, is expanding rapidly. The developers are launching projects to cater to such demands.
The rising middle-class population, coupled with increasing disposable incomes, has facilitated expansion in the middle-class housing segment, thereby, increasing the use of construction chemicals in the segment, during the forecast period.
The low-cost housing segment is rising at a steady rate, primarily owing to the various government initiatives to provide affordable housing to the urban and rural poor.
All the aforementioned factors helps in the growth of the construction industry in the region. This, in turn, increases the demand for the construction chemicals in the residential sector in Europe, during the forecast period.
Germany to Dominate the Market in European Region
Germany had the largest market for construction chemicals in Europe in 2018, which is expected to increase during the forecast period. Germany has the largest construction industry in Europe.
German has been continuously investing in quality infrastructure and has one of the best infrastructures in the world. According to the World Economic Forum’s Global Competitiveness Report 2017-2018, the country ranked 10th in terms of infrastructure index.
According to industry experts, the demand for new houses is estimated to be around 350,000 per year until 2020, which is expected to boost the construction sector.
The non-residential and commercial buildings in the country are expected to witness significant growth prospects in the coming years. The growth is supported by lower interest rates, an increase in real disposable incomes, and numerous investments by the EU and the German governments.
The construction industry in the country has been growing slowly, mainly driven by the increasing new residential construction activities.
Hence, due to the booming housing market and real estate demand, the construction and building industry is expected to grow rapidly. This is expected to increase the demand for construction chemicals over the forecast period.
European construction chemicals market is consolidated. The major players of the market studied include, Sika AG, BASF SE, DowDuPont, MAPEI, and RPM International amongst others.
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