According to a recent industry analysis by Future Market Insights, the construction chemicals market is expected to be worth US$ 54.85 billion in 2022. (FMI). Over the projection period, demand is expected to increase at a CAGR of 6.7%.
Major players in the construction chemical industry are focusing on environmentally friendly and sustainable products for cool roof treatments, thermal insulation, overall building protection, polycarboxylate ether-based green admixtures, and underground structure protection.
Demand for construction chemicals is boosted by rising living standards and per capita disposable income. There is probably more residential and non-residential construction to accommodate the growing demand brought on by urbanization. However, government regulations forbid the excessive use of construction chemicals, as VOC emissions prevent the construction chemicals market for these materials from growing.
In order to emphasize multifunctional properties and significantly support unique materials with a variety of uses, the building chemicals industry is generating a wide range of solutions, such as small changes of conventional materials and the development of new material assemblages.
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Applications of construction chemicals are essential for maintenance tasks. The importance of maintaining, repairing, and enhancing existing structures, particularly for residential and infrastructural developments, is what drives demand for construction chemicals.
Numerous government initiatives to promote infrastructure development, together with the rising residential sector, have significantly supported the market expansion in the area over the predicted period.
Key Takeaways
The construction chemicals market is likely to have a CAGR of 6.7% during the forecast period.
According to the application, the resident segment holds the largest share during the forecast period for the construction chemicals market.
North America holds a significant share in the global construction chemicals market.
Based on type, concrete admixture accounted for the 36% construction chemicals market share in 2021.
During the forecast period, Asia Pacific is expected to dominate the construction chemicals market.
The value of the construction chemicals market is expected to be US$ 104.92 billion by 2032.
Competitive Landscape:
To meet changing consumer demand, manufacturers of construction chemicals prioritize increasing production capacity. Construction chemical market trends are predicted to be influenced by portfolio expansion and divestment plans over the anticipated time period.
To boost their market share in the construction chemicals industry, the leading companies in this space mostly employ acquisition and growth strategies.
The DOW Chemical Co., RPM International Inc, Ashland Inc., MAPEI, Akzo Nobel NV, Arkema SA, Fosroc, Pidilite Industries, Covestro AG, Henkel AG & Co. KGaA, HB Fuller Company, Lanxess AG, The 3M Company, Wacker Chemie AG, Huntsman Corporation, Momentive Performance Materials, Guangzhou Jointas Chemical Co. Ltd are some major key players in the construction chemicals market.
Recent Developments
In July 2021, Saint-Gobain and Chryso, a major player in the worldwide construction chemicals market, entered into a purchase agreement. The purchase of Chryso matches Saint-strategic Gobain's ambition of being the global leader in sustainable construction. With combined sales of more than €3 billion across 66 countries, it further increased the Group's footprint in the developing construction chemicals sector.
With the debut of a distinct green product line in the category, JSW Cement, India's top green cement business, entered the construction chemical market in June 2021. JSW Cement now has new chances to connect innovation in concrete mix products with ethical construction thanks to the Construction Chemical category. The business of the corporation grew as a result of this development.
Construction Chemicals Market Key segments
By Product Type:
Waterproofing Chemicals
Protective Coating
Concrete Admixture
Adhesives & Sealants
Asphalt Additives
By Application:
Residential
Commercial & Industrial
Infrastructure
By Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific