The global construction chemicals market size is expected to reach USD 67.61 billion by 2024, according to a new report by Grand View Research, Inc. The global market is estimated to register a CAGR of 6.3% during the forecast period. Rising urbanization, coupled with various infrastructural developments are boosting the market growth.
Construction chemicals are the chemical compounds used to modify the properties of the construction materials. These chemicals reduce the amount of water used in construction. They play a crucial role in improving the overall performance of a building and non-building structures. These chemicals can be categorized into different product segments including concrete admixtures, construction adhesives, construction sealants, protective coatings, and waterproofing chemicals.
The most important group of raw materials found in almost every construction chemical formulation are polymers. In many cases, the chemical producer, construction chemical manufacturer, and end-user work together on the formulation to get the desired product. Most of the key players in this market spend around 3% of their total expenditure on R&D activities every year. BASF SE, The Dow Chemical Company, Bayer Material Science, Wacker Chemie AG, and SABIC are some of the major raw material suppliers for these chemicals.
China is the largest regional market for construction chemicals. The building and construction industry in China has been growing at a rate of around 16.2% annually. The non-residential building is expected to be the largest construction market. Rapid urbanization is one of the major factors for the growth of the construction industry in China. In 2014, the Chinese government launched “New Style Urbanization Plan (2014-2020)” to build green cities, smart cities, and cultural cities. In addition, EU-China partnership and agreements for urban development have played an important role in the development of the construction sector in China.
Non-residential and infrastructure end-use segment is expected to have high penetration due to rapid urbanization in emerging economies. On the other hand, the residential segment is expected to witness the fastest growth rate of 6.6% during the forecast years, in terms of revenue. Construction chemicals are used in new buildings, as well as for repair and rehabilitation of the old buildings. They reduce the water and cement content in the concrete and impart chemical properties such as cross-linking, which results in increased strength of the mortar.
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Further key findings from the study suggest:
The global market for construction chemicals stood at 33,135 kilo tons in 2015 and is projected to expand at a volume-based CAGR of 5.2% over the forecast period
The residential segment accounted for 33.0% of the total market volume in 2015
Sluggish growth in the European construction sector due to rising utility expenditure is expected to limit the market development in the region
Major companies in the market include BASF SE; Pidilite Industries Ltd.; FOSROC Chemicals India Pvt. Ltd.; Sika AG; W. R. Grace and Co.; Dow Chemical Co.; RPM International, Inc.; Arkema S.A.; and Mapei S.p.A.
Grand View Research has segmented the global construction chemicals market on the basis of product, end use, and region:
Construction Chemicals Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Construction Chemicals End-use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Non-residential & Infrastructure
Construction Chemicals Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Middle East & Africa (MEA)
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