The global construction chemicals market has been gaining a steady momentum in recent years due to the growing construction and building activity. Construction chemicals or specialty chemicals are used for giving the buildings an additional layer of protection from changing climatic conditions and weathering. The demand for construction chemicals has been high in recent years as they impart aesthetic as well as functional value to the design of the structure. The various products available in the global construction chemicals market are adhesives, sealants, concrete admixtures, asphalt additives, and protective coatings. In the light of these factors, the global construction chemicals market is projected to reach a valuation of US$37.68 bn by the end of 2020.
BRICS Emerge as Major Consumers of Construction Chemicals with Soaring Investments in Infrastructure
The booming construction industry in the BRICS countries is estimated to be the key growth driver for the global construction chemicals market. The growing number of government initiatives to improve infrastructure and housing has propelled the uptake of construction chemicals. Usage of various types of construction materials has enabled designers and builders to achieve sustainable solutions that match higher standards with minimum hazards to the environment.
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The growing consciousness amongst consumers about green living has also upped the demand for various types of construction chemicals. The increasing awareness about safety regulations have also augmented the uptake of construction chemicals. On the flip side, the global market for construction chemicals is expected to experience a sluggish growth rate in the developed economies as the construction industry has taken a hit due to a mature market.
Out of the various products, the concrete admixture product segment held a share of more than 50% in the global construction chemicals market in 2015. Analysts estimate that this product segment will progress at a CAGR of 7.8% during the forecast period of 2014 and 2020. These admixtures are added to concrete mix as they help in controlling the set time along with various other aspects of fresh concrete. The growing construction activities, especially of new buildings, are expected to generate a huge demand for concrete admixtures in the near future.
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Asphalt Additives Remains Popular due to Rapid Urbanization in Developing Countries
On the other hand, the demand for asphalt additives is expected to be high in developing countries as these are used for making roads, parking lots, and airports among others. The infrastructural developments in the emerging economies, rapid urbanization, and growing demand for better facilities are expected to increase the uptake of asphalt additives in the near future.
China to Lead Global Market are Construction Industry Gathers Pace
From a geographic point of view, Asia Pacific is expected to dominate the global market. China is projected to be the leading consumer of construction chemicals due to the booming construction activities in the region. The increasing investments by the government in building infrastructure are expected to propel the country’s uptake of construction chemical throughout the forecast period. As of 2013, China held a share of 42% in the global market. Europe follows China’s lead closely, but is projected to show a sluggish growth rate due to a high rate of unemployment.
The key players operating in the global constructions chemicals market are BASF SE, W.R. Grace, Sika AG, The Dow Chemical Company, RPM International Inc., and MAPEI S.p.A.