Research Offers 6-Year Forecast on Construction Chemicals Market
Growing urbanization is setting construction industry at pace, thereby giving rise to raw material industry such as construction chemicals market. In general construction chemical is one of the chemical compounds in specialty chemicals segment of the chemical industry. Construction chemicals are widely used in construction of residential, non- residential as well as non-buildinginfrastructural activities such as roads, highways and expressways. With the diverse set of applications across the construction industry, the construction chemical become an imperative material in today’s infrastructural environment. The main use of construction chemical is to strengthen the structure with enhanced durability. The manufacturers of construction chemicals might pose a 3% to 4% rise in current prices due to change in raw material prices and increased demand of new construction chemicals. However, as quality is prime concern for construction industry, the use of construction chemicals offering is long lasting and has crucial benefits with assured quality, the demand is expected to be unaffected of price rise. For instance Middle East is a remarkable region in the construction chemicals industry as it possesses the world’s finest and most famous constructions.
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The global construction chemicals market is growing significantly in terms of volume demand and revenue. The global construction chemical market is segmented on the basis of geography and product type. The global construction chemical market is geographically segmented into seven key regions which are North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan and Middle East & Africa. Asia Pacific construction chemical market dominates in the global construction chemical market geographic segments followed by Europe, Americas and Middle East respectively. In terms of growth rate the Asia Pacific construction chemical market is expected to exhibit double digit CAGR, higher than that of other geographic segments of global construction chemical market for the forecast period. Whilst the developed countries in Americas and Europe is projected to grow with stagnant growth rate for the forecast period due to maturing market and slower growth in infrastructural development. The growth in Asia Pacific segment of global construction chemical market is spurred by growing urbanization which is fuelling the growth of infrastructure projects, thereby leading to the consumption of 65% of the world’s cement production. China standouts to be leader in Asia Pacific region of global construction chemical market whilst the India has miniscule market share, however the demand of construction chemical is gaining momentum in global construction chemical market in India due to rising awareness of benefits of construction chemicals. Other countries such as Russia, Australia and Brazil are expected to have high growth rates in their respective regions of global construction chemical market segment.
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The global construction chemicals market canbe broadly classified into concrete admixtures, water proofing chemicals, flooring compounds, repair & rehabilitation and others. Concrete admixtures chemicals are used for better mixing of materials used in cement to make concrete, which holds the majority in global construction chemical market. Concrete admixtures construction chemical market can be further divided into plasticizers, super-plasticizers, hyper-plasticizers, accelerators, retarders, air entrainments and corrosion inhibitors. Water proofing construction chemicals are used to avoid water infiltration and prove to be essential on the exteriors of buildings. Flooring compounds are used to resist abrasion, corrosion, slipping, chemical attack and most importantly to give the floor an aesthetic appearance. Repair and rehabilitation construction chemicals are basically used in the repairing systems, wear and tear of the construction structures. Other construction chemicals segment of global construction chemical market includes sealants, grouts, tile adhesives and protective coating and resins. Admixtures, flooring and water proofing construction chemicals have the highest share in the global construction chemicals marketas a result of their numerous end use applications.
The growth of global construction chemicals market is proportional to the growth in construction industry. The world is moving towards continuous innovation and development. Infrastructural development is one of the important elements in this process which is spurring the demand of construction chemicals in global construction chemical market. Industrialization and urbanization are an impetus to the growth of global construction chemicals market. There has been a constant product improvement in the global construction chemicals market due to adoption of up graded technologies and exploring research and development activities by key players of global construction chemicals market.
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The global construction chemicals market is consolidated in terms of revenue share, however on application and product type level the market is consolidated by supply majorly catered by domestic players in region such as Greater China.The key players in global construction chemicals market are Akzo Nobel Chemicals AG, Antas Chemical Company Limited, Ashland Inc., BASF SE and Bostik Inc. The potential of medium-sized unorganized and regional players is high and are expected to gain significant market shares by 2020.
Construction chemicals market is expected to witness growth and novel opportunities due to the evident growth in construction and manufacturing sectors. There is a shift in demand for better performance construction chemicals. The industry is likely to unfold substantial avenues due to the attractive housing sector, rising awareness and increased penetration of construction chemicals, favorable regulations and improving manufacturing standards and practices.