by The construction chemicals market is estimated to be valued at US$49.9 billion in 2022 and is expected to exhibit a CAGR of 6% over the forecast period 2023 to 2032, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Construction chemicals are used in construction projects to improve the quality and durability of structures. Some common construction chemicals are concrete admixtures, protective coatings, asbestos removal, concrete repair, and industrial flooring. Concrete admixtures help in waterproofing, plasticizing, accelerating or retarding the setting time of concrete. Protective coatings are applied on structures to protect them from environmental impacts, fire, moisture, etc. Asbestos removal chemicals are used to safely dismantle asbestos-containing materials from buildings during renovation or demolition. Concrete repair chemicals fill cracks, crevices and restore damaged concrete surfaces. Industrial flooring chemicals are used for creating durable flooring solutions in factories, warehouses, and other commercial spaces.
Market Dynamics:
The growth of the construction chemicals market is driven by rising infrastructure development projects around the world. Governments of developing nations are heavily investing in infrastructure projects such as highways, bridges, airports, and railways to drive economic growth. Additionally, the increasing focus on sustainable construction is also propelling the demand for various green construction chemicals. Eco-friendly construction chemicals help reduce the environmental impact of construction activities and assist in achieving sustainability certifications for green buildings. 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 are some of the key players operating in the
Segment Analysis
The global construction chemicals market is divided into five primary segments – concrete admixtures, waterproofing chemicals, protective coatings, adhesives, and sealants. Among these, concrete admixtures dominate the market and accounted for over 35% of revenue share in 2022. Concrete admixtures are extensively used in cement production to improve concrete’s performance. They improve workability, durability, early strength, and enhance finished appearance of concrete.
PEST Analysis
Political: The growth of the construction industry due to supportive government policies and regulations for infrastructure development is driving the construction chemicals market.
Economic: Growth in developing economies, rise in disposable income, and rapid urbanization are fueling infrastructure investments and housing construction activities, boosting market demand.
Social: Rising standards of living and growing preference for eco-friendly green buildings are propelling the usage of construction chemicals.
Technological: Advancements in adhesive and sealant formulations that reduce VOC emissions and improve durability have enhanced their use in construction applications.
Key Takeaways
The global construction chemicals market size was valued at $49.9 billion in 2022. The market is expected to witness high growth, exhibiting a CAGR of 6% over the forecast period of 2023 to 2032. This can be attributed to rapid infrastructure development projects across emerging nations such as China, India, Indonesia, and Vietnam.
Regionally, the Asia Pacific construction chemicals market accounted for more than 40% of the global revenue share in 2022 led by China, India, and other Southeast Asian countries. The growing construction industry and robust economic development are driving the regional market.
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. Emphasis on product innovation, expansion into new geographies, and mergers & acquisitions are the major strategies adopted by these key players to gain a competitive edge in the industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
