South & Central America Construction Chemicals Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product (Concrete Admixtures, Asphalt Additives, Waterproofing Chemicals, Adhesives and Sealants, Flame Retardants, and Others) and Application (Residential, Commercial, Industrial, Institutional, and Infrastructure)
The construction chemicals market in South & Central America is expected to grow from US$ 2,221.54 million in 2022 to US$ 2,715.09 million by 2028. It is estimated to grow at a CAGR of 3.4% from 2022 to 2028.
Strong Growth of the Construction Industry in Developing Countries
The construction chemicals help to enhance the workability, performance, functionality, chemical resistance, and durability of the construction materials. The rapidly urbanizing population is driving the demand in the construction sector in the country. In addition, the growth in population and increase in government spending on infrastructure are major drivers for the construction market in Indonesia. Further, in Brazil, the construction sector is a key contributor to gross domestic product (GDP) growth. The construction market in Brazil offers key opportunities for the foreign multinational companies expanding into Latin America. Hence, the strong growth of the construction industry in these developing countries is mainly driving the construction chemicals market growth.
Argentina, Brazil, and rest of South & Central America are the key contributors to the construction chemicals market in the South & Central America. Despite the surge in COVID-19 cases, South and Central America's construction sector seems to benefit from a faster-than-expected recovery in the region's economy. The rising household income levels and the rising number of people migrating from rural to urban areas are likely to propel the demand for the residential construction sector in the country. The augmented focus on reasonable housing by both the public and the private sector may propel development in the residential construction sector, thereby boosting the usage of construction chemicals in construction applications. Furthermore, South and Central America's market growth can be qualified to expand production capacity by the leading construction companies in the region. For instance, Sika launched its new plant in Santa Cruz de la Sierra, Bolivia. With this, the company aims to increase its production capacity for mortar and concrete admixtures and strengthen double its position in the Bolivian construction market. The new production facility would also help double the usable spaces, replace the existing plants, and boost the sustainability and efficiency of production. Such expansion activities are driving the South and Central American construction chemicals market growth. It is considered that with the rising presence of global and local market players, along with growing research and development activities, the construction chemicals market is expected to find immense opportunities during the forecast period.
South & Central America Construction Chemicals Market Segmentation
The South & Central America construction chemicals market is segmented into product, application, and country.
Based on product, the market is segmented into concrete admixtures, asphalt additives, waterproofing chemicals, adhesives and sealants, flame retardants, and others. The concrete admixtures segment registered the largest market share in 2022.
Based on application, the market is segmented into residential, commercial, industrial, institutional, and infrastructure. The residential segment held a larger market share in 2022.
Based on country, the market is segmented into Argentina, Brazil, and rest of South & Central America. Brazil dominated the market share in 2022.
Ashland Global Holdings Inc; BASF SE; MAPEI S.p.A; Sika AG; Compagnie de Saint-Gobain S.A.; Pidilite Industries Limited; RPM International Inc; and Dow Chemicals Company are the leading companies operating in the construction chemicals market in the South & Central America region.
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