As per the report published by Fior Markets, The global construction chemical market is expected to grow from USD 36.35 billion in 2017 to USD 64.72 billion by 2025 at a CAGR of 7.46% during the forecast period from 2018-2025. Asia Pacific region dominated the global construction chemicals market with USD 16.56 Billion in 2017. This growth was witnessed due to rising levels of urbanization and massive ongoing infrastructure and housing development projects in India and China. Middle East region is projected to report impressive due to massive construction activities being undertaken in UAE, Qatar and Saudi Arabia.
Global Construction Chemical market by Type (Concrete Admixture, Construction Adhesives, Construction Sealants and Flame Retardants), End User (Residential, Non-Residential), Region, Forecast 2018-2025.
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Prominent players in global construction chemicals market are BASF SA, Dow Chemicals, Pidilite Industries, Arkema S.A., Fosroc Chemicals, Ashland Inc., Mapei SpA, Sika AG, WR Grace and Company. As more and more demad is coming from the developing economies around the world all the major producers of construction chemicals companies have ramped up their production capacities to cater this increased demand effectively.
Type segment is subdivided into concrete admixture, construction adhesives, construction sealants and flame retardants. As demand for construction chemical has direct relationship with demand for concrete. Concrete admixture segment led the demand for construction chemicals market with 36.78% of total market. Demand adhesives and sealants is also expected to witness impressive growth on the back of demand for waterproofing and weatherproofing houses and residential structures against the forces of nature. End userr segment is categorized into Residential and Nonresidential. Residential segment is projected to witness highest demand for construction on account of massive spending being undertaken for construction and redevelopment of residential housing complexes around the world. Residential segment is slated to grow at a CAGR of 8.42% during forecast period. Nonresidential segment is also expected to progress at robust speed due exponential spending on building of bridges, Metro rail in India and China.
Construction chemicals help in modifying properties of construction materials by improving the stability and the performance. By reducing the quantity of water required construction chemicals make construction process more eco-friendly. Construction chemicals are also beneficial in reducing the time required for the construction process thus making it more cost and time efficient. Ongoing research and development in the fields of construction chemicals are only bound to increase the demand thus expanding the global market for construction chemicals.
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