North America Construction Chemicals Market - Segmented by Product Type, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The North America construction chemicals market is expected to register a CAGR of 5.92% in terms of revenue during the forecast period (2018 - 2023). The United States accounted for the largest market accounting for around 76% of the regional market in 2017. The increasing commercial construction activities in the United States are expected to drive the market during the forecast period.
Increasing Commercial Construction Activities in the United States
The United States construction sector is one of the main consumers of construction chemicals market. The commercial construction has been increasing in the form of offices, malls, restaurants, etc. Additionally, the construction of super-tall skyscrapers, measuring over 984 feet, is currently underway in Chicago, Los Angeles, New York, and San Francisco, while the other cities, like Boston, Austin, and Philadelphia, are also boosting the commercial construction activities in the United States. Cities across the United States are in the middle of a multi-year boom in commercial construction, which is augmented by local and foreign investment. Some of the major construction projects are the USD 225 million children's hospital expansion in New Orleans, the USD 1.5 billion Atlanta Falcons Stadium, the Washington State Convention Center in Seattle, the One Thousand Museum in Miami, and the Comcast Technology Center in Philadelphia. Hence, with this boom in the commercial construction activities in the United States, the demand for construction chemicals in the region is projected to increase substantially during the forecast period.
Concrete Admixtures are the Dominant Product Type
Concrete admixtures are the ingredients which are added to the concrete mixture before or during mixing. Concrete admixtures reduce the concrete construction cost by modifying the properties of the hardened concrete, thereby, ensuring better quality during mixing, transporting, placing, and curing. Thus, they overcome the emergencies that occur during the concrete operations. On the basis of function, these chemicals are categorized into water reducing, retarding, accelerating & super-plasticizing, and viscosity modifier. The demand for concrete admixtures is increasing at a rapid rate during the forecast period.
United States to Dominate the Market Growth
The United States is the second-largest global producer of construction chemicals, after China. The growing infrastructure in the United States, which is one of the major consumers of construction chemicals, is driving the market. The infrastructure industry in the United States grew at 5.94% in 2016. The gradual growth of the commercial sector, primarily office space construction, is likely to have a positive impact on the market. The office space market in the country is estimated to grow by almost 10% in the next few years. Additionally, the rise in home sales, coupled with the renovation of the existing houses, is boosting the demand for residential construction in the United States. The growth in the construction is expected to boost the construction chemicals market in the country during the forecast period.
Major Players: 3M, Aldo Co., Albemarle Corporation, BASF SE, and Bostik Inc., among others.
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