Construction chemicals market growth is projected to be worth USD 37.55 billion by 2030, registering a CAGR of 8.60% during the forecast period (2022 - 2030).
The growth of the global demand for building chemicals is powered mainly by growing investment in infrastructure development and residential construction activities worldwide. These chemicals are rapidly being used to enhance concrete performance, along with growing industry knowledge of the consistency of concrete, cement, asphalt, and other building materials. Growing urbanization and rapid population development worldwide push the development of residential projects and houses, and construction activity in both new construction and renovation and refurbishment is projected to increase over the forecast period. This, in fact, is expected to raise demand for building chemicals over the projected period.
Development is also driven by expanded spending in the Sector of Infrastructure. In addition, the government is spending heavily in infrastructure construction across the developed world to accelerate economic growth. The growing adoption of ready-mix concrete is expected to further propel the demand for construction chemicals, especially in the commercial and infrastructure sectors.
The absence of customer knowledge of chemical and building aids and lower profit margins are the factors that are projected to hinder the development of the global chemical construction market growth.
The global construction chemicals market growth, by product type, has been segmented into concrete admixtures, waterproof chemicals, flooring compounds, adhesives and sealants, and others.
By end-use, the global demand for building chemicals was segmented into domestic, commercial, manufacturing, and utilities. Owing to the growing population and urbanization, infrastructure will be the first choice for potential applicants, which would fuel the need for sustainable infrastructure and environmentally friendly goods. The residential sector is the second most lucrative category for new entrants in the demand for construction chemicals. In 2021, this sector was the biggest sales producer, representing almost half of the global industry. Leading to the rising in demand for houses and residences in urban areas, construction chemicals are commonly used in residential infrastructure.
Asia-Pacific is projected to be the region's biggest and most profitable building chemicals market. Growing developments in urban construction accelerated industrialization and the rising amount of new residential building ventures are due to the fast growth of the regional sector. China is projected to be Asia-Pacific's largest market while India, led by ASEAN countries, is projected to be the fastest-growing market over the forecast period. To satisfy the rising demand for building chemicals in the country, the leading players are investing in rising their production capacity in the country.
Another prominent market for construction chemicals is expected to be in North America. Growth in the region is supported by the rebuilding of the US construction industry. As rapidly increasing urbanization needs the development of residential towers, North America has an enormous capacity for construction products, and buildings are in high demand in response to perennial urbanization worldwide. In order to offer increased structural stability and durability, building companies undertake relatively greater numbers of residential developments using high-grade construction materials.
During the review period, the European market is expected to see steady expansion. Due to economic growth and increased spending in infrastructure production, Latin America and the Near East & Africa are projected to have substantial demand for construction chemicals during the forecast period.
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Some of the eminent players operating in the global construction chemicals market growth are LATICRETE International, Inc (US), BASF SE (Germany), Pidilite Industries Ltd (India), Tata Chemicals (India), Sika AG (Switzerland), Fosroc, Inc. (India), Henkel AG (Germany), Apple Chemie India Pvt. Ltd (India), Croda International Plc (UK), W. R. Grace & Company (US), RPM International, Inc (US), Evonik Industries AG (Germany), Huntsman International LLC (US), Dow (US), and Chemax Chemical (India).
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