Global Construction Chemicals Market Report, published by Variant Market Research, forecast that the global market is expected to reach $46.6 billion by 2024 from $28.6 billion in 2016; growing at a CAGR of 6.3% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 7.8% and 6.4%, respectively, during the forecast period.Construction chemicals are chemical formulations with concrete, cement, or other construction materials to keep the construction materials collected together. Factors such as increasing adoption of the green building concept & numerous planned smart city projects are driving the growth of the market in coming years.
"Construction Chemicals Market (By Type: Concrete and Mixture,Asphalt Additives, Adhesives and Sealant,Protective Coatings, and Other Types; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Growing economics and quality of construction to drive the global Construction Chemicals Market
Rising economics and quality of construction in countries such as China and India are supporting the growth of the Asia-Pacific construction chemicals market. Rapid urbanization which has led to change in consumer lifestyle coupled with upliftment in quality of construction would boost the global market in the coming five to six years. However, factors such as low consumer responsiveness may hinder the global market. Growing consumer awareness regarding sustainable infrastructure is expected to create numerous growth opportunities for the market in the future years.
Type and geography are the major segments of global construction chemicals market. The type segment is bifurcated into concrete and mixture, asphalt additives, adhesives and sealant, protective coatings, and other types. Based on geography, the global construction chemicals market has been segmented into North America (Canada, U.S., Mexico), Europe (Germany, UK, France Italy, and Rest of Europe.), Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific) and RoW (South America, Middle East, and Africa).
Protective coatingsaccounted for the largest market share in the type segmentin 2016
Global Construction Chemicals Market, By Type
Protective coatings accounted for the largest market share in 2016, and are expected to continue its dominance during the forecast period 2016 – 2024, owing to high market demand for stronger and weather resistant buildings and infrastructure. Plenty of heritage buildings globally would help to drive or facilitate the growth of protective coatings used for restoration and maintenance works.
Asia-Pacific dominated the global market with largest market share over the forecast period
GLOBAL CONSTRUCTION CHEMICALS MARKET SHARE BY GEOGRAPHY, 2016 (%)
Asia-Pacific dominated the global construction chemicals with largest market share of 46.7% in 2016, and expected to continue its dominance during the forecasted period, owing to the heavy urbanization and industrialization that drives the requirement for environmental friendly products and sustainable infrastructure.
The key players operating in the market are RPM International Inc., Ashland Inc., Arkema SA, MAPEI S.p.A., BASF SE, Fosroc International Ltd., Pidilite Industries Limited, The Dow Chemical Company, W. R. Grace & Co., and Sika AG, among others.