Rapidly escalating infrastructure spending across BRICS countries will be an important factor that will catalyze the global construction chemicals market in the coming years. China construction industry was valued at USD 1.7 trillion for 2015 with extremely strong growth prospects.
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Other countries of the region with high growth prospects include India and Japan with more than USD 1 billion collective revenue. Growing population and government initiatives to provide low cost homes and develop infrastructure will further augment the construction chemicals market in next eight years.
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Construction Chemicals Market size will likely cross USD 50 billion by 2024, according to a new research report.
According to the European Commission, buildings account for up to 40% of the total energy consumption and produce more than 33% of the overall greenhouse emissions in the region. The product ability to enhance the natural properties of the construction materials while reducing the overall carbon footprint provides them a competitive advantage.
With various state and central level governments focusing on environment friendly, safer, and greener buildings, the construction chemicals market will witness a notable progress in the coming years. Protective coatings demand in commercial as well as residential complexes, in order to add fire resistant features to the building will grow significantly owing to increasing safety awareness.
Slow growth rate of the construction industry in the developed countries of Western Europe may pose a threat to the overall construction chemicals market in the coming years. Moreover, the European construction industry has been hit hard because of the financial and economic crisis in the union.
Most West European countries exhibited a GDP growth rate below 2% in 2015 except Spain with 3.2%, and UK with 2.3%. Construction industry maturity in the countries, resulting into the sluggish growth rate, will restrain the construction chemicals market growth throughout the forecast span.
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Concrete admixtures find application across commercial and residential buildings as well as infrastructures, such as bridges, roads, flyovers, etc. In 2015, the segment accounted for above 50% of the overall construction chemicals market size and will witness a significant growth owing to its contribution to cement quality.
Admixtures can be broadly classified into mineral and chemical concrete admixtures. Mineral include fly ash, rice husk ash, silica fume, and granulated blast furnace slag.
Chemical admixtures include superplasticizers, normal plasticizers, waterproofing admixtures, air-entraining agents, accelerating agents, and retarding agents.
Asphalt modifiers find extensive application in the construction of roads and highways accounted for less than a tenth of the overall construction chemicals market, but with growing demand for good quality roads and increasing road development activities in the developing countries will likely notably enhance the product demand in the forecast span.
Increasing amount of restoration activities of historical buildings owing to developing global tourism will likely enhance the global constructional adhesives and sealants market in the upcoming years. In 2015, APAC construction chemicals market recorded a revenue over USD 14 billion and will witness growth at a CAGR above 9% in the upcoming years.
Presence of large scale manufacturers characterizes the global construction chemicals market competitive scenario, which is consolidated in nature. Principal product manufacturers include Sika Group, BASF SE, Arkema, W.
R. Grace & Company, Dow Chemical, Ashland, Pidlite Industries, RPM International, 3M Company, Fosroc, Henkel AG, Evonik Industries, Tremco Group, Knopp GmbH, Tata Chemicals, Albemarle, MAPEI, AkzoNobel Chemicals, Huntsman Corporation, and Gujarat Alkalies And Chemicals.
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