The global Construction Chemicals market is driven by an increase in demand for infrastructure development, rise in the need for new and improved infrastructure, like highways, bridges, airports, and buildings.
PORTLAND, Ore., May 11, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Construction Chemicals Market by Type (Concrete Admixtures, Water Proofing and Roofing, Repair and Rehabilitation, Industrial Flooring, Sealants and Adhesives, Cement Grinding Aids, and Others), By End-use Industry (Residential, Industrial/Commercial, Infrastructure, and Repair): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the construction chemicals Market valued at $49.9 billion in 2022 and is estimated to reach $88.1 billion by 2032, exhibiting a CAGR of 6.0% from 2023 to 2032.
Prime determinants of growth
The global Construction Chemicals market is driven by factors such as an increase in demand for infrastructure development, rise in the need for new and improved infrastructure like highways, bridges, airports, and buildings. However, changes in the regulatory environment and low consumer awareness inhibit the development owing to the price-sensitive nature of this market. Furthermore, surge in demand from emerging economies is expected to offer remunerative opportunities for expansion of the construction chemicals market during the forecast period.
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Report Coverage & Details:
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Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
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Base Year |
2022 |
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Market Size in 2022 |
$49.9 billion |
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Market Size in 2032 |
$88.1 billion |
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CAGR |
6.0 % |
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No. of Pages in Report |
250 |
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Segments covered |
Type, End-use Industry, and Region. |
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Drivers |
Rise in global construction industry |
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Growth in conformity with latest manufacturing standards |
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Surging need for new and improved infrastructure, such as highways, bridges, airports, and buildings |
|
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Opportunities |
Increase in demand from emerging economies |
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Restraints |
Government regulations over VOC emissions in the construction industry |
Covid-19 Scenario
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The COVID-19 outbreak had a significant impact on the Construction Chemicals market. The pandemic disrupted supply chains, slowed down construction activities, and led to a decline in demand for construction chemicals.
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The pandemic caused delays in construction projects due to lockdowns, social distancing measures, and labor shortages. This resulted in a decrease in demand for construction chemicals.
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The COVID-19 outbreak led to a shift toward more eco-friendly construction chemicals. The pandemic highlighted the importance of sustainability, and there is surge in demand for chemicals that are less harmful to the environment and human health.
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However, as the world recovers from the pandemic and construction activities resume, the demand for construction chemicals is expected to rebound. In addition, the pandemic has highlighted the need for greater sustainability in the construction industry, which could lead to opportunities for manufacturers of eco-friendly chemicals.
The concrete admixtures segment to maintain its lead position during the forecast period.
Based on type, the concrete admixtures segment accounted for the largest share in 2022, contributing to more than two-fifths of the global Construction Chemicals market revenue, and is estimated to maintain its leadership status throughout the forecast period. The Same segment is projected to register the highest CAGR of 6.3% during the forecast period. The development of new and advanced concrete admixtures with improved properties has increased their demand in the construction industry. These new admixtures offer benefits like higher strength, faster setting times, improved workability, and reduced water requirements.
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The industrial/commercial segment to maintain its lead position during the forecast period.
Based on the end-use industry, the industrial/ commercial segment accounted for the largest share in 2022, contributing to nearly two-fifths of the global Construction Chemicals market revenue and is projected to maintain its lead position during the forecast period. The growth is attributed to rapid developments in developing countries and utilization of innovative products & materials in construction activities have fueled the growth of the market. However, infrastructure is anticipated to register the highest CAGR of 6.4% during the forecast period.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global Construction Chemicals market and is projected to maintain its lead position during the forecast period. Also the same region is projected to register the highest CAGR of 6.2% during the forecast period. This is attributed to numerous factors such as the flourishing construction industry, consistently developing economic status, and strengthening industrialization linked, which drive the growth of the Asia-Pacific market.
Leading Market Players: –
The report provides a detailed analysis of these key players in the global construction chemicals market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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