The global construction chemicals market is expected to reach $67.61 billion by 2024, according to a new report by Grand View Research.
Upcoming projects such as Panama Canal expansion is expected to foster the market growth over the forecast period the report, Construction Chemicals Market Analysis By Product (Concrete Admixtures, Concrete Adhesives, Concrete Sealants, Protective Coatings), By End-use (Residential, Non-Residential & Infrastructure) And Segment Forecasts To 2024, says.
The global market was valued at $39.16 billion in 2015 and is projected to witness growth over the forecast period on account of rising residential and infrastructure activities in rapidly developing economies of Asia Pacific.
Government initiatives in emerging economies such as India are also expected to fuel market growth.
- The global construction chemicals market demand was 33,309.2 kilotonnes in 2015 and is projected to grow at a CAGR of 5.2% over the forecast period.
- The market for concrete admixtures was estimated at $17.35 billion in 2015. Admixtures are mixed with cement, sand and water to impart specific properties to the base material such as durability. Most of the admixtures are available in a ready-to-use form and are added to the mortar at the construction site.
- Demand in Asia Pacific was 17,119.6 kilo tons in 2015 and is projected to witness tremendous growth on account of increased government spending on the infrastructure sector and rising opportunities for FDI in China and India. Increasing demand for industrial, transportation and commercial facilities is expected to drive growth.
- MEA is also projected to be a key market for construction chemicals over the forecast period. Infrastructure projects worth $172 billion have been planned in 2015 by various national governments in the region.
- Key industry players include BASF SE, Pidilite Industries, FOSROC Chemicals India, Sika, W.R. Grace & Company, Dow Chemical Company, RPM International, Arkema and Mapei. These companies focus on R&D for product development to enhance their portfolio.