by Market Overview:
The construction chemicals market primarily includes cementitious and non-cementitious material, admixtures, sealants, protective coatings, water proofing and concrete repair materials that enhance the overall quality and life of civil infrastructure. Products such as adhesives, concrete plasticizers, waterproofing chemicals are widely used in residential and commercial construction to build sturdier structures.
Market Dynamics:
Rising urbanization and infrastructure development activities are fueling the demand for construction chemicals globally. Rapid pace of urban migration has increased housing needs which is further augmenting the construction of residential and commercial buildings. Moreover, various government projects for construction of roads, highways, bridges, dams are boosting the consumption of admixtures and repair mortars. Initiatives like smart city mission in India is also positively impacting the market growth. However, volatile raw material prices remain a key challenge for manufacturers.
Market key trends:
The construction chemicals market has been witnessing high growth on account of rapid urbanization and industrialization activities across the globe. The construction sector has picked up pace in developing countries of Asia Pacific and Middle East Africa region which is driving the demand for construction chemicals. Further, green building norms and sustainability mandates by various governments worldwide have boosted the usage of eco-friendly construction chemicals. Adoptions of advanced admixtures and specialized building solutions by constructors are also propelling the market growth.
SWOT Analysis:
Strength: Eco-friendly product portfolio and focus on innovation by key players
Weakness: Fluctuating raw material prices
Opportunity: Infrastructure development projects in emerging economies
Threats: Stringent environmental regulations on volatile organic compound emissions
Key Takeaways:
The global construction chemicals market size was valued at $49.9 billion in 2022. The market is expected to grow at a CAGR of 6% during 2023 to 2032 owing to increasing infrastructure development activities across the globe.
Regional analysis:
The Asia Pacific region dominated the global construction chemicals market in 2022 and is expected to maintain its lead over the forecast period. Rapid urbanization and government investments towards infrastructure development in countries like China and India are fueling the demand in this region. Europe and North America are also significant markets backed by thriving construction sectors in these regions.
Key players:
Key players operating in the construction chemicals market are Pidilite Industries, BASF SE, RPM International Inc., Sika A.G., The Dow Chemical Company, Fosroc International, Arkema S.A., Ashland Inc., Mapei S.p.A, and W.R. Grace. These players are focused on developing advanced and eco-friendly construction solutions to strengthen their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
