GOOG - Construction Chemicals Market Worldwide Industry Analysis
Global construction chemicals market is projected to reach $80,025.4 million by 2023, the market growth is driven by growing urbanization and increasing demand for aesthetically appealing residential and commercial infrastructures. the construction chemicals market is categorized into concrete admixtures, adhesives, sealants, protective coatings, asphalt modifiers, and others. Others include flooring chemicals and flame retardants.
The construction chemicals market in Asia-Pacific (APAC) is expected to register a CAGR of 7.1% during the forecast period, in terms of value. The market growth in the region is mainly driven by the growing demand for construction chemicals from countries such as China and India. China is regarded as the construction capital of the world and the scale of construction in the country is gaining momentum at a fast rate.High population growth rate and associated demand of infrastructure development are encouraging private players to invest generously in the industry. For instance, in Mexico, according to Council on Foreign Relations, due to the investment by private sector in commercial and residential building projects, the growth of construction activities increased by 2.0% in 2016 from the 2015 growth rate. Hence, private investment in the construction industry is expected to provide lucrative growth opportunities to the construction chemicals market.
Green building materials have an emission reduction potential, due to which, the market of green buildings is growing, in turn driving the construction chemicals market. Construction chemicals improve the overall durability buildings, along with providing protection against environmental hazards. Along with that, awareness about energy conservation has also been increasing globally, owing to which manufacturers dealing in the construction sector are adopting environment friendly construction chemicals.
Some of the major players operating in the global construction chemicals market are Ashland Global Holdings Inc., Fosroc International Ltd., BASF SE, Arkema Group, Sika AG, W. R. Grace & Co., Mapei S.p.A, Pidilite Industries Limited, SOPREMA Group, Asia Mortar, Dayton Superior Corporation, Dahsin Waterproofing Co. Ltd., Bostik SA, Saint-Gobain S.A., SKK (S) Pte. Ltd., DowDuPont Inc., and H.B. Fuller Company.
Source : P&S Intelligence